Automated Insurance Placement System for Submission Accuracy

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Solution Overview

Problem

The current insurance placement process is manual, disjointed, and paper-based, leading to long cycle times, errors, and limited ability to approach multiple insurance providers for quotes, making it inefficient and prone to errors.

Innovation Solution

An automated system and method for managing the submission, quote, proposal, and binding stages of the insurance placement process, allowing brokers to create and deliver digital submissions and quotes directly to underwriters, eliminating manual data entry and improving tracking and response times.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If manual paper-based processes are used for creating and delivering submissions to insurance providers, then brokers can approach multiple insurance providers for quotes, but the cycle time is long and errors are frequent

Engineering Contradiction:

Improveaccuracy of submission processVSAvoidcycle time for placement process

Core Design Contradiction:

ReliabilityVSLoss of time

Solution Approach 1:

The patent replaces manual paper-based mechanical processes with an automated electronic system. The system automatically creates submissions, attaches relevant documents, and delivers them to multiple insurance providers through electronic communication channels, eliminating manual data entry and paper handling while reducing errors and cycle time

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The system creates electronic copies of submission data and documents that can be automatically distributed to multiple insurance providers. Instead of manually recreating submissions for each provider, the system generates and sends identical or customized electronic copies through automated processes

Inventive Principle:

Principle #26Copying

2Adaptability or versatility

If multiple copies of submissions are prepared manually from scratch for each insurance provider, then submissions can be tailored for each provider, but the process is time-consuming and limits the number of providers approached

Engineering Contradiction:

Improveability to tailor submissions for each providerVSAvoidnumber of providers approached per unit time

Core Design Contradiction:

Adaptability or versatilityVSProductivity

Solution Approach 1:

The system provides a universal platform that can handle multiple insurance providers simultaneously through automated processes. A single submission template can be electronically customized and distributed to numerous providers without requiring manual recreation, enabling the broker to approach many more providers with the same underlying submission data

Inventive Principle:

Principle #6Universality (Multi-functionality)

Solution Approach 2:

The system performs preliminary actions by pre-configuring submission templates and documents that can be automatically populated and customized for each provider. The automated system prepares and tailors submissions in advance before delivery, reducing the time required for manual customization

Inventive Principle:

Principle #10Preliminary action

3Reliability

If paper-based transactions are used, then physical records are maintained, but the process is prone to errors and requires extensive manual handling

Engineering Contradiction:

Improveaccuracy of data handlingVSAvoidease of managing placement process

Core Design Contradiction:

ReliabilityVSEase of operation

Solution Approach 1:

The patent replaces manual paper-based operations with automated electronic systems that handle data entry, document management, and communication. The electronic system automatically processes submissions, tracks delivery status, and manages quotes, eliminating manual handling errors while improving ease of operation through centralized digital control

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Data Source

PatentUS11282144B2Automated systems and methods for managing the placement process for securing insurance coverage

Publication Date: 2022.03.22 AON GLOBAL OPERATIONS LTD (SINGAPORE BRANCH)

AI summary

Automated systems and methods for implementing and managing the submission, quote, proposal and binding stages (i.e., placement process) for securing insurance coverage.