Insurance Product Component Deployment via Segmentation
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Solution Overview
Problem
The insurance industry lacks a flexible architecture that allows business users to develop and test insurance products and offerings using reusable components, and existing systems are difficult to integrate with other applications, making it challenging to customize business processes and access third-party data and systems.
Innovation Solution
A network-based system that deploys insurance product offerings using reusable components stored in a component library, utilizing a configurable engine server to execute insurance product components, merge runtime variables and profile information, and access third-party data and systems, allowing for flexible configuration and integration with other applications.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If a flexible architecture with reusable components is implemented, then business users can efficiently develop and deploy insurance products, but the system integration complexity increases
Solution Approach 1:
The patent segments the insurance product into reusable components that can be independently developed, configured, and deployed. Business users can assemble these pre-built components to create new insurance products without integrating entire legacy systems, thereby improving productivity while managing integration complexity through modular architecture.
Solution Approach 2:
The patent introduces an intermediary layer (the reusable component architecture) between business users and legacy systems. This intermediary enables business users to develop and deploy insurance products using standardized components without directly integrating with complex legacy systems, thus improving productivity while isolating integration complexity.
2Adaptability or versatility
If extensive integration with other applications is performed, then customization of business processes is enabled, but the integration becomes difficult to change
Solution Approach 1:
The patent divides business processes into discrete, configurable components that can be independently customized. Instead of extensive monolithic integration, business users can selectively configure and customize specific components to adapt business processes without affecting the entire integrated system, enabling flexibility while reducing integration rigidity.
Solution Approach 2:
The patent implements a dynamic component architecture where insurance product components can be configured, assembled, and reconfigured at runtime. This dynamic approach allows business processes to be customized and adapted without permanent integration changes, enabling versatility while maintaining ease of modification.
3Adaptability or versatility
If reusable components are used to develop insurance products, then product deployment flexibility is improved, but the initial system setup complexity increases
Solution Approach 1:
The patent applies preliminary action by pre-building and pre-configuring reusable insurance product components before they are needed for deployment. These components are prepared in advance with standardized interfaces and configurations, so when business users need to deploy new products, they can simply assemble pre-prepared components rather than building from scratch, improving deployment flexibility while amortizing setup complexity over time.
Data Source
AI summary
A system and operations include software, servers, templates, databases, and user interfaces for initializing and deploying insurance products and offerings into test runtime environments, modeling runtime environments, and commercial product runtime environments. The system may process an insurance product offering having insurance product components based on a package manifest. The package manifest provides executables and information that enables execution of the insurance product components in conjunction with third party engine servers to access third party and/or legacy insurance related data and systems.