Dynamic Deposit-Statement Matching for Insurance Reconciliation
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Solution Overview
Problem
Insurance brokerage accounting is complex due to the siloed nature of deposits and production data, which are often stored in separate software applications without cross-referencing, leading to difficulties in accurately matching and reconciling funds between brokers and carriers, especially when dealing with numerous policy-level transactions and varying accounting systems.
Innovation Solution
A software application that creates dynamic, interactive data objects that interface with the system of record, allowing users to manipulate and modify relationships between deposit and production data objects, providing real-time status updates and automatic matching capabilities.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If deposits and production data are stored in separate software applications without cross-referencing, then data storage is simple and isolated, but accurate matching and reconciliation of funds becomes difficult and time-consuming
Solution Approach 1:
The patent combines previously separate deposits and production data into a unified data structure within a single insurance brokerage accounting system. This unification enables automatic cross-referencing and matching between deposits and production data through shared identifiers, eliminating the need for manual reconciliation across multiple applications and significantly improving both accuracy and efficiency.
Solution Approach 2:
The patent introduces a matching mechanism that acts as an intermediary between deposits and production data. This matching system uses common identifiers to automatically associate deposit records with corresponding production records, facilitating accurate fund tracking and reconciliation without requiring direct manual intervention between the two data types.
2Productivity
If manual matching and reconciliation processes are used, then system complexity is low, but productivity and efficiency of accounting operations decrease
Solution Approach 1:
The patent implements automatic matching functionality that performs reconciliation operations without requiring manual intervention. The system pre-establishes data structures with matching identifiers and automatically executes matching algorithms, thereby improving productivity while the increase in system complexity is offset by the elimination of manual processing steps.
3Ease of operation
If multiple user interfaces and manual adjustments are required, then system adaptability to different accounting systems is high, but ease of operation and user experience deteriorate
Solution Approach 1:
The patent creates a universal data structure and matching mechanism that can accommodate multiple accounting systems and data formats. The system maintains adaptability to various external accounting systems while providing a simplified, unified interface for deposit and production data reconciliation, thereby improving ease of operation without sacrificing system versatility.
Data Source
AI summary
In one embodiment, a method includes displaying, on a user interface of an insurance brokerage accounting system, a first dedicated portion identifying one or more deposit data objects in the system; displaying, on the user interface, a second dedicated portion identifying, for each of the deposit data objects identified in the first dedicated portion, zero or more statement data objects that are associated in the system with the respective deposit data object; updating, by the system, an association between (1) a first deposit data object of the one or more deposit data objects and (2) a first statement data object; and updating, by the system and in real time and based on the updated association between the first deposit data object and the first statement data object, the second dedicated portion of the user interface corresponding to the first deposit data object to identify the associated statement data object.