Automated Insurance Customization via Data Homogeneity

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Solution Overview

Problem

Insurance providers face difficulties in accurately recommending appropriate insurance policies and determining premium values for potential customers due to the complexity of commercial insurance coverages and the limitations of relying on manual investigations and professional experience, which can lead to missed opportunities for risk reduction and protection.

Innovation Solution

A system and method that analyze data from multiple sources to identify similar potential insurance customers, automatically determine customized insurance parameters, and create tailored insurance products with premium values, enabling efficient and accurate customization of insurance offerings.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Measurement precision

If manual investigation and professional experience are used to recommend insurance policies, then the quality of recommendation may be based on expert knowledge, but the lag time for generating recommendations makes the approach impractical and reduces productivity

Engineering Contradiction:

Improverecommendation qualityVSAvoidrecommendation generation speed

Core Design Contradiction:

Measurement precisionVSProductivity

Solution Approach 1:

The patent replaces the manual mechanical process of investigation and analysis with an automated computer-based system. The system automatically collects data from multiple sources, analyzes it using algorithms, and generates insurance recommendations without human intervention, thereby eliminating the time lag while maintaining or improving recommendation quality through comprehensive data processing.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The system enables self-service by automatically generating insurance recommendations without requiring manual investigation. The computer system independently collects data, performs analysis, and produces recommendations, freeing agents from time-consuming manual tasks while providing timely suggestions to customers.

Inventive Principle:

Principle #25Self-service

2Measurement precision

If comprehensive data analysis is performed to accurately determine customized insurance parameters, then the accuracy of insurance recommendations is improved, but the complexity of the system increases

Engineering Contradiction:

Improveinsurance parameter accuracyVSAvoidsystem complexity

Core Design Contradiction:

Measurement precisionVSDevice complexity

Solution Approach 1:

The patent segments the complex data analysis process into distinct functional modules: data collection from multiple sources, data processing and cleaning, analysis algorithms for determining insurance parameters, and recommendation generation. This modular segmentation manages system complexity by organizing the comprehensive analysis into manageable, independent components that can be developed and maintained separately.

Inventive Principle:

Principle #1Segmentation

3Adaptability or versatility

If manual compilation of business information is performed to provide appropriate insurance recommendations, then customized recommendations can be generated, but the lag time and manual effort make the approach impractical for substantial numbers of potential customers

Engineering Contradiction:

Improvecustomization capabilityVSAvoidprocessing volume

Core Design Contradiction:

Adaptability or versatilityVSProductivity

Solution Approach 1:

The patent replaces manual information compilation with automated computer-based data collection and processing. The system automatically gathers business information from multiple sources, processes it using algorithms, and generates customized insurance recommendations at scale, enabling both high customization and high productivity simultaneously.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The system achieves universality by designing a multi-functional platform that can handle diverse data sources, multiple types of insurance products, and various customer profiles through a single integrated system. This allows the system to provide customized recommendations across substantial numbers of potential customers without requiring separate manual processes for each case.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS10699345B2System for dynamically customizing product configurations

Publication Date: 2020.06.30 HARTFORD FIRE INSURANCE CO

AI summary

According to some embodiments, data associated with a plurality of potential insurance customers may be received and analyzed to identify a set of similar potential insurance customers. For the set of similar potential insurance customers, at least one customized insurance parameter may be automatically determined and a customized insurance product, including a customized insurance premium value, may be created based on the customized insurance parameter. It may then be arranged for each of the similar potential insurance customers to receive an indication of the customized insurance product.