Automated Transactional Data Reconciliation Across Carrier and Banking Data

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Solution Overview

Problem

Insurance brokers face challenges in manually collecting and processing large volumes of transactional and commission data from multiple carriers and financial institutions, leading to data entry errors and scalability issues as they grow through acquisitions.

Innovation Solution

A transactional data reconciliation device that automates the retrieval and reconciliation of commission, carrier, and banking data from various carriers and financial institutions, using machine learning and AI to optimize data collection and enhance data quality.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If manual collection of data transactions is used, then flexibility in data processing is maintained, but data entry errors increase and productivity decreases

Engineering Contradiction:

Improvedata accuracyVSAvoiddata collection efficiency

Core Design Contradiction:

ReliabilityVSProductivity

Solution Approach 1:

The patent replaces manual mechanical data collection processes with an automated computer system that retrieves data transactions from carrier websites and financial institutions automatically. The system uses web scraping techniques and automated data extraction to eliminate human error in data entry while maintaining high processing throughput.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The system enables self-service data collection by automatically retrieving transactions from multiple carriers and financial institutions without requiring manual intervention. The automated retrieval process continuously monitors and collects data from various sources independently, freeing processing teams from repetitive manual tasks.

Inventive Principle:

Principle #25Self-service

2Adaptability or versatility

If manual data collection process is used, then system complexity remains low, but scalability becomes prohibitive as business grows

Engineering Contradiction:

ImprovescalabilityVSAvoidsystem complexity

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The patent creates a universal data collection system that can retrieve transactions from multiple carriers and financial institutions through a single integrated platform. The system handles diverse data formats and sources uniformly, enabling the broker to scale operations across numerous entities without proportionally increasing operational complexity.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Solution Approach 2:

The system segments the data collection process into modular components that can independently handle different carriers and data types. This segmentation allows the system to scale by adding new carriers or data sources without requiring complete system redesign, as each module can be independently configured and maintained.

Inventive Principle:

Principle #1Segmentation

3Productivity

If manual processing teams collect all data transactions, then complete data coverage is achieved, but time consumption increases and backlog accumulates

Engineering Contradiction:

Improvedata processing speedVSAvoiddata collection time

Core Design Contradiction:

ProductivityVSLoss of time

Solution Approach 1:

The patent implements continuous automated data retrieval that operates without interruption across multiple carriers and financial institutions. The system maintains constant connection to data sources, continuously collecting transactions as they become available, eliminating the start-stop nature of manual processing and preventing backlog accumulation.

Inventive Principle:

Principle #20Continuity of useful action

Solution Approach 2:

The system performs preliminary data retrieval and preliminary processing actions automatically, collecting and pre-processing data transactions before they are needed for final accounting. This advance preparation eliminates the need for manual teams to spend time on routine data collection tasks, freeing them for higher-value analysis and reconciliation work.

Inventive Principle:

Principle #10Preliminary action

Data Source

PatentUS20250259182A1Systems and Methods to Optimize and Reconcile Data Transactions

Publication Date: 2025.08.14 CONFIE HLDG II CO

AI summary

Systems and methods for retrieving data transactions with a transactional data reconciliation device. The device may be triggered to retrieve the data transactions from data files associated with various carriers and financial institutions and available for processing. The data transactions may be associated with any commission, carrier, and banking data transactions. The retrieved data transactions may be used to generate transactional data files particular to the respective carriers and financial institutions. The generated files may be utilized to reconcile received carrier commissions against expected carrier commissions and reconcile such commissions against deposited transactions from the financial institutions. Furthermore, the generated files may be utilized to reconcile any carrier data transactions against any transactions from stored records of the carriers. Finally, the generated files may also be utilized to reconcile any deposited amounts retrieved from the banking data transactions against any commission amounts retrieved from the commission data transactions.