Workers compensation system for determining a cost of insurance based on real-time payroll data

摘要

A system/method implemented at an insurance company estimates a final premium charge and more accurate real time estimate during the lifetime of the policy for workers compensation insurance associated with a risk based on: receiving real-time payroll data associated with the risk; monitoring the received real-time payroll data to identify and record raw data elements that have an identified relationship with any of, or a combination of, the following: the risk's business operation, insurability of the risk, character of the risk, or rating parameters associated with the risk's policy; and determining the final premium charge of workers compensation insurance for the risk based on a premium modification that increases or decreases a premium charge based on an evaluation of the recorded raw data elements.