Digital Insurance Shortcut for Real-Time Underinsured Risk Scoring
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Solution Overview
Problem
Existing systems fail to provide users with a seamless and dynamic method to assess their under-insured status and facilitate insurance coverage adjustments based on real-time user data inputs, leading to potential financial risks from unforeseen insurance events.
Innovation Solution
A system and method that generates a digital shortcut allowing users to input personal, financial, and vehicle data, calculates a risk score, and offers selectable protection packages to reduce expected loss, updating the user account with a protection score indicative of the reduction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If users manually assess their insurance coverage status through traditional methods, then they can identify potential gaps in coverage, but the process is time-consuming and lacks real-time updates
Solution Approach 1:
The system pre-calculates and stores risk scores based on user data before insurance events occur. By continuously monitoring user inputs and updating risk assessments in advance, the system eliminates the need for manual, time-consuming assessments while providing reliable, real-time coverage status information.
Solution Approach 2:
The system implements continuous feedback loops where user data inputs trigger automatic recalculation of risk scores and coverage status. This real-time feedback mechanism ensures that users always have accurate, up-to-date information about their insurance coverage gaps without manual intervention, resolving both the time and reliability contradictions.
2Measurement precision
If the system calculates detailed risk scores based on multiple user data parameters, then the accuracy of under-insured status determination improves, but the system complexity increases
Solution Approach 1:
The system segments the complex risk assessment into modular components: data collection modules, risk calculation modules, and coverage analysis modules. Each module handles specific data types and calculations independently, allowing high precision through detailed parameter analysis while managing system complexity through modular architecture. This segmentation enables the system to process multiple user data parameters without becoming unmanageably complex.
3Reliability
If the system provides comprehensive insurance coverage options, then users can reduce expected financial loss, but the number of selectable protection packages increases complexity
Solution Approach 1:
The system applies local quality by tailoring protection packages to each user's specific risk profile and coverage gaps. Rather than offering a uniform set of comprehensive packages to all users, the system customizes the available protection options based on individual under-insured status determinations. This approach provides targeted financial protection for each user's specific needs while reducing the effective complexity by filtering out irrelevant package options.
Data Source
AI summary
A method of generating a digital shortcut according to an embodiment includes receiving first user data inputted by a user, generating a first risk score range based on the inputted first user data, the first risk score range indicating an under-insured status relative to a predetermined threshold for at least one of a plurality of future insurance events, the under-insured status indicative of an expected loss, receiving second user data inputted by the user different from the first user data, refining the first risk score range to generate a second risk score range based on the inputted second user data, the second risk score range being a subset of the first score range, generating a digital shortcut selectable by the user and based on the second risk score range, updating a user account with a reduction in the expected loss, and displaying a protection score indicative of the reduction.