Composite Coverage Structure for Dynamic Insurance Policy Tracking
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Solution Overview
Problem
The complex process of managing and placing multiple insurance policies or risk transfer instruments is hindered by the lack of efficient tools for real-time tracking and dynamic reconfiguration, leading to increased manual processing efforts and constraints on evaluating alternative strategies in the global marketplace.
Innovation Solution
A system and method for building a composite coverage structure using database objects and a visual interface, allowing for the representation, tracking, and updating of insurance policies or risk transfer instruments, enabling real-time progress reporting and dynamic reconfiguration through a graphical user interface.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual processing methods are used to manage and track insurance policies, then operational flexibility is maintained, but processing efficiency and real-time tracking capability deteriorate
Solution Approach 1:
The patent replaces manual mechanical processing with an automated computer-based system that uses electronic databases and visual interfaces to track and manage insurance policies, thereby improving processing efficiency while maintaining manageable system complexity through user-friendly design
Solution Approach 2:
The patent introduces a computer system as an intermediary between users and insurance policy data, providing automated tracking and visualization capabilities that enhance productivity without requiring users to directly manage complex underlying systems
2Loss of information
If traditional database systems are used without visual interfaces, then data storage capability is sufficient, but real-time progress tracking and dynamic reconfiguration capability deteriorate
Solution Approach 1:
The patent creates visual representations (copies) of database objects that display progress and status information in an intuitive graphical format, enabling accurate real-time tracking while maintaining ease of operation through familiar visual metaphors
Solution Approach 2:
The patent adds a visual dimension to traditional database systems by displaying database objects as graphical representations with multiple levels of detail, allowing users to track progress and reconfigure policies visually without complicating the underlying data structure
3Adaptability or versatility
If static coverage structures are used, then system stability is maintained, but adaptability to evaluate alternative strategies deteriorates
Solution Approach 1:
The patent implements dynamic coverage structures where database objects can be easily reconfigured, added, or removed through the visual interface, allowing flexible evaluation of alternative strategies while maintaining system stability through controlled database transactions and validation rules
Data Source
AI summary
The technology disclosed relates to manipulating and visualizing database objects that represent layers and parts of layers in an insurance or other risk transfer program. In particular, a special purpose database system replaces manual use of spreadsheets and supports data visualization. The technology disclosed provides systems and methods for processing and displaying database objects that build a composite coverage structure capable of representing a complex program of multiple insurance policies or other risk transfer instruments during planning and placement. Reporting from the database of progress against the composite coverage structure and updating objects using a visual interface are described.