System and Method for Employing a Predictive Model

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.

1 . (canceled) 
     
     
         2 . A predictive assessment system comprising:
 an application processing apparatus that receives input data describing a consumer, the input data being in a first format;   an electronic device that receives first additional data relating to the consumer, the first additional data being in a second format;   a third party database that transmits, in response to a request from a processing unit, second additional data relating to the consumer if the consumer is eligible for participation in an automated predictive process, the second additional data being in a third format;   the processing unit having program instructions configured to:
 convert the input data from the first format to a fourth format, the first additional data from the second format to the fourth format, and the second additional data from the third format to the fourth format; 
 generate, using a predictive model constructed via machine learning, a risk score associated with the consumer based on one or more of the converted input data and the converted first additional data; 
 generate, using the predictive model, a mortality score associated with the consumer based on the converted second additional data; 
 determine that the risk score exceeds a first threshold score, and the mortality score exceeds a second threshold score; and 
 generate a prediction assessment, in response to the risk score exceeding the first threshold score and the mortality score exceeding the second threshold score, 
 wherein the processing unit utilizes a score-based matrix to determine if the risk score exceeds the first threshold score, and the mortality score exceeds the second threshold score. 
   
     
     
         3 . The system of  claim 2 , wherein the risk score and the mortality score are predictive of a risk associated with the consumer. 
     
     
         4 . The system of  claim 2 , wherein the second threshold score is dependent on the risk score. 
     
     
         5 . The system of  claim 2 , wherein the second additional data includes a social security number of the consumer. 
     
     
         6 . The system of  claim 2 , further comprising if at least certain business rules are not met, generating a request for lab work data associated with the consumer. 
     
     
         7 . The system of  claim 2 , further comprising if the risk score does not at least meet the first threshold score, generating a request for consumer lab work data. 
     
     
         8 . The system of  claim 2 , further comprising if the mortality score does not at least meet the second threshold score, generating a request for consumer lab work data. 
     
     
         9 . The system of  claim 2 , wherein the second threshold score is inversely related to the risk score. 
     
     
         10 . The system of  claim 2  further comprising:
 an issuance system that receives, from the processing unit, the prediction assessment, and automatically generates an automated insurance policy offer based on the prediction assessment, wherein the issuance system causes the automated insurance policy offer to be displayed on a second user interface to indicate completion of the automated underwriting process. 
 
     
     
         11 . The system of  claim 2 , wherein the prediction assessment includes an indication that the consumer is low risk and eligible to receive an automated insurance policy offer via the automated predictive process. 
     
     
         12 . The system of  claim 2 , wherein the application processing apparatus assigns a transaction indicator to the input data and tele-interview electronic device assigns the transaction indicator to the first additional data. 
     
     
         13 . The system of  claim 12 , wherein the processing unit maps the input data to the first additional data and the second additional data based on the transaction indicator. 
     
     
         14 . The system of  claim 2 , wherein the prediction assessment includes an indication that the consumer is low risk and eligible to receive an automated insurance policy offer via the automated predictive process without further action from an underwriter. 
     
     
         15 . The system of  claim 2 , wherein the electronic device is a tele-interview device. 
     
     
         16 . The system of  claim 15 , wherein the application processing apparatus stores the input data in an electronic file storage and the tele-interview device stores the first additional data in the electronic file storage. 
     
     
         17 . The system of  claim 15 , wherein the tele-interview device is configured to generate a scheduler window on a user interface and configured to populate on the scheduler window at least some of the input data and at least some of the first additional data. 
     
     
         18 . The system of  claim 17 , wherein the scheduler window is populated with at least some of the input data and some of the first additional data based on a unique identifier associated with consumer, the unique identifier being received by the tele-interview device. 
     
     
         19 . The system of  claim 2 , wherein the first format, the second format, and the third format are different than the fourth format.