Method for evaluating insurance products

Abstract

A method for evaluating and scoring insurance products by interfacing with illustration engines relating to insurance products. The method includes calculating a series of cash flows for the proposed policy by applying a decrement factor to the set of values; calculating an internal rate of return for the proposed policy from the series of cash flows, and a statistical distribution of a plurality of internal rate of returns of a proposed policy for each of the one or more insurance products; determining a value for a quantitative scoring component for the proposed policy based on a comparison of the internal rate of return for the proposed policy to a quantitative factor; and obtaining an over score for the proposed policy by combining a plurality of values for each of a plurality of scoring components.

1 . (canceled) 
     
     
         2 . A computer implemented method of evaluating an insurance product, comprising:
 selecting for evaluation one or more insurance products stored in a data store;   inputting customer data and proposed policy data via a user interface;   starting an evaluation process of the proposed insurance policy in a computer system; and   receiving an output of an overall score from the computer system;   wherein the evaluation process performed by the computer system comprises:
 interfacing with an illustration engine module stored in a data store for the one or more insurance products, the illustration engine module operates on the inputted customer data and proposed policy data; 
 identifying a set of values for at least one of premium and benefits for each year for a proposed policy; 
 calculating, by the computer system, a series of cash flows for the proposed policy by applying a decrement factor to the set of values; 
 calculating, by the computer system, an internal rate of return for the proposed policy from the series of cash flows, and a statistical distribution of a plurality of internal rate of returns of a proposed policy for each of the one or more insurance products; 
 determining a value for a quantitative scoring component for the proposed policy based on a comparison of the internal rate of return for the proposed policy to a quantitative factor; and 
 obtaining an over score for the proposed policy by combining a plurality of values for each of a plurality of scoring components, the plurality of scoring components including the quantitative scoring component. 
   
     
     
         3 . The computer implemented method of  claim 1 , wherein the quantitative factor is a statistical distribution of the plurality of internal rate of returns of a plurality of proposed policies. 
     
     
         4 . The computer implemented method of  claim 1 , wherein the quantitative factor is data for at least one of the one or more insurance products stored in the data store. 
     
     
         5 . The computer implemented method of  claim 1 , wherein the quantitative factor is a statistical distribution of the internal rate of returns of one or more selected policies. 
     
     
         6 . The computer implemented method of  claim 1 , further comprising:
 adjusting the scoring components;   restarting the evaluation process by the computer system to re-score the proposed policy.   
     
     
         7 . The computer implemented method of  claim 1 , wherein the one or more insurance products is any one of annuities, life, accident, long-term care, disability, health, property and casualty, liability, malpractice, and in-force insurance products. 
     
     
         8 . A computer implemented method of evaluating a plurality of insurance products comprising:
 storing an illustration engine for the plurality of insurance products in a data store, the illustration engine operates on data inputted for a customer and a proposed policy; and   providing access of the illustration engine to a computer system processing an evaluation process;   wherein the computer system evaluation process comprises:
 interfacing with the illustration engine, by the computer system; 
 identifying a set of values for at least one of premium and benefits for each year for the proposed policy; 
 calculating, by the computer system, a series of cash flows for the proposed policy by applying a decrement factor to the set of values; 
 calculating, by the computer system, an internal rate of return for the proposed policy from the series of cash flows, and a statistical distribution of a plurality of internal rate of returns of a proposed policy for each of the plurality of insurance products; 
 determining a value for a quantitative scoring component for the proposed policy based on a comparison of the internal rate of return for the proposed policy to a quantitative factor; and 
 obtaining an overall score for the proposed policy by combining a plurality of values for each of a plurality of scoring components, the plurality of scoring components including the quantitative scoring component. 
   
     
     
         9 . The computer implemented method of  claim 7 , wherein the quantitative factor is a statistical distribution of the plurality of internal rate of returns of a plurality of proposed policies. 
     
     
         10 . The computer implemented method of  claim 7 , wherein the quantitative factor is data for at least one of one or more insurance products stored in the data store. 
     
     
         11 . The computer implemented method of  claim 7 , wherein the quantitative factor is a statistical distribution of the internal rate of returns of one or more selected policies. 
     
     
         12 . The computer implemented method of  claim 7 , further comprising:
 adjusting the scoring components;   restarting the evaluation process by the computer system to re-score the proposed policy.   
     
     
         13 . The computer implemented method of  claim 7 , wherein the plurality of insurance products is any one of annuities, life, accident, long-term care, disability, health, property and casualty, liability, malpractice, and in-force insurance products. 
     
     
         14 . A computer implemented method of evaluating a plurality of insurance products, comprising:
 storing a database of product information for the plurality of insurance products in a data store;   providing access of the database to an evaluation process performed by a computer system;   selecting for evaluation one or more of the plurality of insurance products;
 inputting customer data and proposed policy data via a user interface to be used in the evaluation process to evaluate one or more selected insurance products; 
 starting the evaluation process of the one or more selected insurance products in the computer system; and 
 transmitting an overall score from the evaluation process; 
 wherein the evaluation process comprises:
 interfacing with the database of product information for the one or more selected insurance products, by the computer system; 
 identifying a set of values for at least one of premium and benefits for each year for a proposed policy; 
 calculating, by the computer system, a series of cash flows for the proposed policy by applying a decrement factor to the set of values; 
 calculating, by the computer system, an internal rate of return for the proposed policy from the series of cash flows, and a statistical distribution of a plurality of internal rate of returns of a proposed policy for the one or more selected insurance products; 
 determining a value for a quantitative scoring component for the proposed policy based on a comparison of the internal rate of return for the proposed policy to a quantitative factor; and 
 obtaining an overall score for the proposed policy by combining a plurality of values for each of a plurality of scoring components, the plurality of scoring components including the quantitative scoring component. 
 
   
     
     
         15 . The computer implemented method of  claim 13 , wherein the quantitative factor is a statistical distribution of a plurality of internal rate of returns of a plurality of proposed policies. 
     
     
         16 . The computer implemented method of  claim 13 , wherein the quantitative factor is data for at least one of the plurality of insurance products stored in the database. 
     
     
         17 . The method of  claim 13 , wherein the quantitative factor is a statistical distribution of the internal rate of returns of selected policies. 
     
     
         18 . The computer implemented method of  claim 13 , further comprising:
 adjusting the scoring components;   restarting the evaluation process to re-score the proposed policy.   
     
     
         19 . The computer implemented method of  claim 13 , wherein the plurality of insurance products is any one of annuities, life, accident, long-term care, disability, health, property and casualty, liability, malpractice, and in-force insurance products. 
     
     
         20 . The computer implemented method of  claim 17 , wherein adjusting the scoring components includes weighting each of the plurality of scoring components and combining a plurality of weighted scoring components according to their weights to obtain the overall score.