Digital Asset Insurance System for Data Recovery and Reimbursement

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Solution Overview

Problem

There is no insurance product available that directly provides coverage for digital assets, such as textual content, images, and multimedia, leaving users without protection if their digital assets are lost or corrupted, forcing them to contact the source for replacement.

Innovation Solution

An insurance system that allows users to insure digital assets by providing a premium quote based on documentation, offering monetary reimbursement or replacement, and providing backup services to retrieve the digital assets in case of loss, using an institution system with a user interface module, insurance engine, and data source access engine.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If traditional insurance products are used, then physical assets are protected, but digital assets have no coverage

Engineering Contradiction:

Improvecoverage scopeVSAvoidprotection availability

Core Design Contradiction:

Adaptability or versatilityVSReliability

Solution Approach 1:

The patent extends insurance coverage from physical assets to digital assets by changing the parameter of asset type covered. The system accepts digital asset identifiers, generates coverage specific to digital assets, and provides reimbursement for digital asset loss, thereby adapting traditional insurance to protect intangible digital property.

Inventive Principle:

Principle #35Parameter changes

2Loss of time

If digital assets are lost or corrupted, then user data is lost, but users must contact sources for replacement which is time-consuming

Engineering Contradiction:

Improvereplacement timeVSAvoidasset recovery

Core Design Contradiction:

Loss of timeVSReliability

Solution Approach 1:

The system performs preliminary actions by automatically detecting digital asset purchases through integration with purchase platforms, generating insurance coverage proactively, and maintaining ready-to-execute reimbursement processes. When loss occurs, the pre-established coverage enables immediate reimbursement without requiring users to contact original sources for replacement.

Inventive Principle:

Principle #10Preliminary action

3Adaptability or versatility

If insurance coverage is provided for digital assets, then users gain protection, but a new insurance product category must be created

Engineering Contradiction:

Improveproduct coverageVSAvoidsystem structure

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The patent creates a universal insurance platform that handles multiple asset types through a single system architecture. The institution system accepts various digital asset identifiers, processes different types of digital asset loss claims, and provides unified reimbursement coverage, making the insurance product versatile across diverse digital asset categories without requiring separate specialized systems.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS8126745B1Digital asset insurance

Publication Date: 2012.02.28 UNITED SERVICES AUTOMOBILE ASSOCIATION (USAA)

AI summary

Digital assets may be insured against loss. The digital assets may comprise commercial products and/or user-generated data. An insurance product may provide either for monetary reimbursement or replacement (e.g., repurchase) of the digital assets and/or for backup services to backup insured digital assets so that the insured digital assets may be retrieved if the original user copies are lost.