Central-Hub Device Discovery for Dynamic Insurance Quotes
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Solution Overview
Problem
Traditional methods for obtaining insurance for network-connected devices require significant user involvement, including manual identification and registration of each device, making the process laborious and inefficient.
Innovation Solution
A system comprising a central connection hub, automated discovery tool, global device repository, and machine learning-based determination module to automatically identify and assess network-connected devices for eligibility in a circle of protection insurance plan, generating quotes, and updating insurance plans dynamically.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional manual methods are used for identifying and registering each device, then insurance coverage can be obtained, but the process becomes laborious and time-consuming
Solution Approach 1:
The system enables self-service by allowing the insurance system to automatically discover devices through the central connection hub, retrieve device information from the global device repository, and generate quotes without requiring manual user intervention for each device
Solution Approach 2:
The system performs preliminary actions by pre-populating device information in the global device repository and establishing connectivity rules in advance, so that when a device connects to the hub, the eligibility determination and quote generation can proceed immediately without manual data collection
2Adaptability or versatility
If manual identification and registration of each device is performed, then individual insurance quotes can be obtained, but user involvement and complexity increase
Solution Approach 1:
The system merges multiple individual device registration processes into a single automated operation by discovering all devices connected to the hub simultaneously and generating quotes for eligible devices in one batch process, while still maintaining individual device coverage through the circle of protection plan
Solution Approach 2:
The system implements universality by creating a circle of protection plan that provides insurance coverage for multiple different types of network-connected devices under a single policy, eliminating the need for separate individual registration processes for each device type
3Extent of automation
If automated discovery and machine learning-based determination are implemented, then user involvement is reduced, but system complexity increases
Solution Approach 1:
The system uses the central connection hub as an intermediary to automatically discover devices and retrieve their information, eliminating the need for users to manually identify and register each device while managing the complexity of device discovery and data collection
4Measurement precision
If dynamic updating of insurance plans is implemented, then coverage accuracy is improved, but processing requirements increase
Solution Approach 1:
The system implements feedback by continuously monitoring the network environment through the central connection hub, detecting when new devices are added or removed, and automatically triggering quote regeneration and plan updates to maintain accurate coverage without requiring continuous high-level processing
Data Source
AI summary
Systems and methods for automatically generating quotes for a circle of protection insurance plan include identifying a type of device of network-connected device connected to a central connection hub based on information from a global device repository communicatively coupled to the central connection hub, determining, using a machine learning-based determination module and one or more connectivity rules, whether the network-connected device is eligible for the circle of protection insurance plan and generating, using an underwriting module and based on a determination that the network-connected device is eligible for the circle of protection insurance plan, a quote to update the circle of protection plan to include the network-connected device.