Dynamic Risk Index Dashboard for Adaptive Insurance Assessment

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Solution Overview

Problem

Conventional insurance policies fail to effectively account for customer behaviors, environmental conditions, and biometric information, making it difficult to identify and present user risks in an understandable and interactive format.

Innovation Solution

A system that uses machine learning models to determine risk indices by collecting data from various sources, generating an interactive risk index dashboard with impact scores and probabilities, and providing risk reduction recommendations, allowing users to interact with the dashboard for additional information and updates.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If conventional term-based insurance policies are used, then coverage is provided for a fixed term regardless of factors, but the policies fail to account for customer behaviors, environmental conditions, and biometric information

Engineering Contradiction:

Improvepolicy adaptabilityVSAvoidrisk information

Core Design Contradiction:

Adaptability or versatilityVSLoss of information

Solution Approach 1:

The patent implements dynamic risk indices that continuously update based on real-time data from multiple sources including customer behavior, environmental conditions, and biometric information. The risk dashboard dynamically adjusts coverage recommendations and pricing based on changing risk factors, transforming static term-based policies into adaptive coverage models that respond to current risk states.

Inventive Principle:

Principle #15Dynamics

Solution Approach 2:

The system integrates multiple data sources and risk assessment functions into a single comprehensive risk index dashboard. This multi-functional platform evaluates diverse risk factors (behavioral, environmental, biometric) and provides unified risk assessment, coverage recommendations, and pricing adjustments across different insurance product types.

Inventive Principle:

Principle #6Universality (Multi-functionality)

2Measurement precision

If comprehensive risk data is collected from multiple sources, then risk assessment accuracy improves, but the complexity of collecting and processing information increases

Engineering Contradiction:

Improverisk assessment accuracyVSAvoiddata collection system

Core Design Contradiction:

Measurement precisionVSDevice complexity

Solution Approach 1:

The patent introduces a centralized risk index dashboard as an intermediary system that aggregates, standardizes, and processes data from multiple diverse sources. This dashboard serves as a mediator between various data collection points (behavioral sensors, environmental monitors, biometric devices) and the insurance decision-making process, simplifying the integration complexity while maintaining comprehensive data collection.

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The system segments risk assessment into multiple independent risk indices (behavioral risk, environmental risk, biometric risk) that can be calculated and updated separately. Each risk component is evaluated independently using specific data sources and algorithms, then aggregated into an overall risk profile, reducing the computational complexity of processing all data simultaneously.

Inventive Principle:

Principle #1Segmentation

3Adaptability or versatility

If risk indices are dynamically calculated using machine learning models, then personalized risk assessment is achieved, but computational resources and processing time increase

Engineering Contradiction:

Improvepersonalized assessmentVSAvoidprocessing time

Core Design Contradiction:

Adaptability or versatilityVSLoss of time

Solution Approach 1:

The system pre-calculates and stores baseline risk profiles and machine learning model parameters during off-peak periods. When real-time risk assessment is needed, the dashboard retrieves pre-computed models and applies them to current data, significantly reducing processing time while maintaining personalized assessment accuracy.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The risk index dashboard continuously updates risk assessments in near-real-time using streamlined machine learning inference processes. Rather than performing full model training and computation for each assessment, the system maintains continuous risk monitoring with incremental updates, ensuring personalized assessment availability without excessive processing delays.

Inventive Principle:

Principle #20Continuity of useful action

Data Source

PatentUS20230252573A1Data processing systems with machine learning engines for dynamically generating risk index dashboards

Publication Date: 2023.08.10 ALLSTATE INSURANCE COMPANY

AI summary

Methods, computer-readable media, software, and apparatuses include receiving, from a plurality of risk information sources, risk information associated with a user account, wherein the risk information includes a plurality of risk components, determining, for each of the plurality of risk components, an impact score and a risk probability by applying a machine learning model to risk information associated with the user account, generating an interactive risk index dashboard including a plurality of interactive risk index elements, wherein each of the plurality of interactive risk index elements is associated with a risk component of the plurality of risk components, and displaying, on the display of the apparatus, the interactive risk index dashboard, wherein each of the plurality of interactive risk index elements is displayed in a portion of the interactive risk index dashboard in accordance with a respective determined impact score and risk probability.