Insurance Product Model Editor with Operational Data Feedback
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Solution Overview
Problem
Insurance software lacks intelligence in providing useful information to help users make decisions when editing insurance product models, as it typically has limited capabilities in managing and presenting operational data related to insurance products.
Innovation Solution
A computer system and process that integrates a product designer module to present an insurance product model alongside operational data, using a graph structure and user interface that allows filtering and visualization of data to aid in editing and decision-making, incorporating analytics to provide real-time feedback and insights.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If insurance software uses a product model to organize insurance related data, then data management capability is improved, but the software lacks intelligence in providing useful information to help users make decisions
Solution Approach 1:
The system implements feedback by capturing operational data from the insurance system and presenting it back to users through the product model interface. This feedback loop provides users with actionable insights about how their product model configurations are performing in real operations, enabling data-driven decision-making for editing and optimizing insurance products.
Solution Approach 2:
The patent introduces an intermediary layer between the product model and operational data. This intermediary (the software module) translates and presents operational data in a format that is meaningful to the product model, bridging the gap between raw operational data and product configuration decisions.
2Ease of operation
If specialized software is used to view, create, and make changes to an insurance product model, then product model management is improved, but the software has limited intelligence in providing decision support
Solution Approach 1:
The system merges the product model management interface with operational data presentation capabilities. By combining these previously separate functions into a unified interface, users can simultaneously manage product models and access actionable operational insights without switching between different systems or tools.
Solution Approach 2:
The software module performs multiple functions: it maintains the product model, captures operational data, analyzes the data, and presents actionable insights. This multi-functional approach eliminates the need for separate specialized tools for each task, providing comprehensive decision support within a single platform.
3Quantity of substance
If insurance software manages large amounts of insurance related data, then data storage capability is improved, but the ability to provide actionable insights is limited
Solution Approach 1:
The system extracts actionable insights from the large volume of operational data by identifying and presenting only the most relevant information for product model decision-making. This extraction process filters out unnecessary data noise and focuses on metrics and patterns that directly inform product configuration decisions.
Solution Approach 2:
The system transforms raw operational data into meaningful parameters and metrics that are relevant to product model management. By changing the parameters from raw operational figures to business-intelligent metrics, the system makes large volumes of data actionable and interpretable for decision-makers.
Data Source
AI summary
A system for presenting operational data is disclosed. The system includes a storage element to store a plurality of insurance policies and a product designer module to: maintain an insurance product model that specifies possible configurations of insurance policy products associated with the plurality of insurance policies; obtain operational data pertaining to a set of existing insurance transactional data associated with the insurance policies; and present to be displayed: at least a portion of the insurance product model comprising a set of insurance product model elements and at least some of the operational data corresponding to the set of insurance product model elements.