Systems And Methods For Grid-Based Insurance Rating

Abstract

A computer-implemented method for providing an insurance rate associated with a particular location may include: storing insurance-related data associated with each of a plurality of geographic areas, determining a particular geographic area corresponding with the particular location, retrieving from storage insurance-related data associated with a subset of the geographic areas, calculating a credibility factor based on the quantity of the retrieved insurance-related data, determining that the credibility factor is below a target credibility threshold, and, in response to determining that the credibility factor is below the target credibility threshold, increasing the subset of geographic areas, retrieving from storage insurance-related data for the increased subset of geographic areas, calculating an updated credibility factor that meets or exceeds the target credibility threshold, calculating an insurance rate based at least on the retrieved insurance-related data associated with the increased subset of geographic areas, and communicating the calculated insurance rate to a user.

1 - 13 . (canceled) 
     
     
         14 . A method for providing an insurance rate using a programmed computer system including a processor and a non-transitory, tangible computer readable medium communicatively coupled to the processor and storing instructions executable by the processor to per-form the method comprising:
 storing, in a database, insurance-related data associated with each of a plurality of geographic areas,   the processor calculating an insurance rate associated with a particular location, including:
 (a) the processor determining a particular geographic area corresponding with the particular location; 
 (b) the processor retrieving from the database insurance-related data associated with a subset of the plurality of geographic areas; 
 (c) the processor calculating a credibility factor based on the quantity of the retrieved insurance-related data associated with the subset of geographic areas; 
 (d) the processor determining that the credibility factor is below a target credibility threshold; 
 (e) in response to determining that the credibility factor is below the target credibility threshold, the processor increasing the subset of geographic areas and repeating steps (b) through (d), wherein the credibility factor determined for the increased subset of geographic areas meets or exceeds the target credibility threshold; and 
 (f) the processor calculating an insurance rate based at least on the retrieved insurance-related data associated with the increased subset of geographic areas; and 
   the processor communicating the calculated insurance rate to a user.   
     
     
         15 . The method of  claim 14 , wherein the plurality of geographic areas comprise plurality of coordinate grid blocks defined by latitude and longitude values of a coordinate grid system. 
     
     
         16 . The method of  claim 15 , comprising:
 receiving a coordinate pair comprising a longitude and a latitude of the particular location; and   determining the particular geographic area corresponding with the particular location by determining the geographic area that includes the received coordinate pair of the particular location.   
     
     
         17 . The method of  claim 14 , wherein the plurality of geographic areas are the same size. 
     
     
         18 . The method of  claim 14 , wherein the plurality of geographic areas include geographic areas of different sizes. 
     
     
         19 . The method of  claim 14 , wherein the subset of geographic areas comprises at least the particular geographic area. 
     
     
         20 . The method of  claim 14 , wherein:
 the subset of geographic areas comprises a first ring of geographic areas at least partially surrounding the particular geographic area; and   the increased subset of geographic areas comprises a second ring of geographic areas at least partially surrounding the first ring of geographic areas.   
     
     
         21 . The method of  claim 14 , wherein the step of increasing the subset of the plurality of geographic areas and repeating steps (b) through (d) is performed one or more times until the credibility factor determined for the increased subset of geographic areas meets or exceeds the target credibility threshold. 
     
     
         22 . The method of  claim 14 , wherein retrieving from the database insurance-related data associated with the subset of geographic areas comprises filtering the insurance-related data stored in the database according to one or more filtering attributes. 
     
     
         23 . The method of  claim 14 , further comprising the processor calculating the insurance rate associated with the particular location in response to receiving an insurance rate query from the user via a user interface regarding the particular location. 
     
     
         24 . The method of  claim 14 , wherein
 the first subset of geographic areas corresponds with a first index value; and   increasing the subset of geographic areas comprises incrementing the index value and determining an increased subset of geographic areas corresponding to the incremented index value   
     
     
         25 . A computer system for providing an insurance rate, the computer system comprising:
 a processor communicatively coupled to a user interface;   a database communicatively coupled to the processor, the database storing insurance-related data associated with each of a plurality of geographic areas,   a non-transitory computer readable memory communicatively coupled to the processor and storing computer instructions executable by the processor to:
 (a) determine a particular geographic area corresponding with a particular location; 
 (b) retrieve from the database insurance-related data associated with a subset of the plurality of geographic areas; 
 (c) calculate a credibility factor based on the quantity of the retrieved insurance-related data associated with the subset of geographic areas; 
 (d) determine that the credibility factor is below a target credibility threshold; 
 (e) in response to determining that the credibility factor is below the target credibility threshold, increase the subset of geographic areas and repeating steps (b) through (d), wherein the credibility factor determined for the increased subset of geographic areas meets or exceeds the target credibility threshold; 
 (f) calculate an insurance rate based at least on the retrieved insurance-related data associated with the increased subset of geographic areas; and 
 (g) communicating the calculated insurance rate to a user via the user interface. 
   
     
     
         26 . A computer product comprising computer instructions for providing an insurance rate, the computer instructions stored in non-transitory computer readable media and executable by a processor to:
 determine a particular geographic area corresponding with a particular location;   access a database storing insurance-related data associated with each of a plurality of geographic areas;   retrieve from the database insurance-related data associated with a subset of the plurality of geographic areas;   calculate a credibility factor based on the quantity of the retrieved insurance-related data associated with the subset of geographic areas;   determine that the credibility factor is below a target credibility threshold;   in response to determining that the credibility factor is below the target credibility threshold, increase the subset of geographic areas, retrieve from the database insurance-related data associated with the increased subset of geographic areas, and calculate an updated credibility factor based on the retrieved insurance-related data associated with the increased subset of geographic areas, the updated credibility factor meeting or exceeding the target credibility threshold;   calculate an insurance rate based at least on the retrieved insurance-related data associated with the increased subset of geographic areas; and   communicate the calculated insurance rate to a user.