The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Sep. 17, 2013
Filed:
Aug. 24, 2006
Clifton J. Lancaster, Avon, CT (US);
Clifton J. Lancaster, Avon, CT (US);
The Hartford Steam Boiler Inspection and Insurance Co., Hartford, CT (US);
Abstract
A method is disclosed for determining the prior net benefit of obtaining data relating to an individual risk in an insurance portfolio, via a survey or similar procedure. A risk model is developed at the individual risk level for mathematically estimating the probability of expected loss given a set of information about the risk. The risk model is incorporated into a profitability model. A probability distribution relating to the type of survey information to be obtained is developed, which is used for determining the gross value of obtaining the information. The method produces as an output a quantitative estimation (e.g., dollar value) of the net benefit of obtaining survey data for the risk, calculated as the gross value of the survey less the survey's cost, where the benefit of the survey relates to a quantitative increase in predictive accuracy resulting from incorporating the survey data into the predictive model.