Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Insurance
Reexamination Certificate
2003-04-30
2010-10-12
Kyle, Charles R (Department: 3695)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Insurance
Reexamination Certificate
active
07813945
ABSTRACT:
A method and system for automating the decision-making process used in underwriting of insurance applications is described. While this approach is demonstrated for insurance underwriting, it is broadly applicable to diverse decision-making applications in business, commercial, and manufacturing processes. A structured methodology is used based on a multi-model parallel network of multivariate adaptive regression splines (“MARS”) models to identify the relevant set of variables and their parameters, and build a framework capable of providing automated decisions. The parameters of the MARS-based decision system are estimated from a database consisting of a set of applications with reference decisions against each. Cross-validation and development/hold-out combined with re-sampling techniques are used to build a robust set of models that minimize the error between the automated system's decision and the expert human underwriter. Furthermore, this model building methodology can be used periodically to update and maintain the family of models if required to assure currency.
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Bonissone Piero Patrone
Chakraborty Anindya
Messmer Richard Paul
Subbu Rajesh Venkat
Yan Weizhong
Genworth Financial Inc.
Hunton & Williams
Kyle Charles R
Wood David L
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