Jason A Jump

US Patent:

20230034892, Feb 2, 2023

Filed:

Oct 10, 2022

Appl. No.:

17/962675

Inventors:

- Columbus OH, US
David A. Moore - Westerville OH, US
Jason A. Jump - Columbus OH, US
Erin R. McClintock - Gahanna OH, US
Shannon Terry - Upper Arlington OH, US
Prashanti Ghale - Columbus OH, US

International Classification:

G06Q 40/08
G06N 20/00

Abstract:

A predictive insurance underwriting system. An electronic life insurance policy application processing apparatus accepts data describing a consumer. An underwriting desktop processing apparatus receives the data. An underwriting rules processing apparatus determines, based on the data describing the consumer, whether the consumer is eligible for expedited underwriting of a life insurance policy covering the consumer. If it is determined that the consumer is eligible for expedited underwriting, a tele-interview processing apparatus collects first additional data relating to the consumer during a telephonic interview and, in response to a request from a processing unit, one or more third party databases transmit second additional data relating to the consumer. The processing unit is configured to: process the data collected via the electronic life insurance policy application, and the first additional data, using a predictive model that employs machine learning algorithms and generate a first score; process the second additional data to generate a mortality risk score; if the first score at least meets a first threshold score, and the mortality risk score meets at least a second threshold score, and at least certain business rules are met, generate data describing terms of a life insurance policy. A policy issuance system offers the terms of the life insurance policy to the consumer.