Insurance Quote Estimation Using Non-Personal Data Extraction
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Solution Overview
Problem
Consumers face a time-consuming and tedious process when obtaining insurance quotes, requiring detailed personal information, which raises privacy concerns and accuracy versus speed tensions, leading to inaccurate estimates and decreased customer satisfaction.
Innovation Solution
A system that provides a quick insurance estimate using a minimum of non-personal identifying information, allowing users to self-declare general characteristics through a user-friendly web-based application, analyzing a rate model with historical data to determine insurance risks and select coverage options, without requiring personally identifying details.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If detailed personal information is collected to obtain an accurate insurance quote, then measurement precision is improved, but loss of time increases and ease of operation deteriorates
Solution Approach 1:
The patent extracts only the essential non-personal identifying information needed for pricing (such as vehicle characteristics, coverage types, and basic demographic categories) while excluding personally identifying information (PII) like names, addresses, and social security numbers. This extraction allows accurate quoting without requiring consumers to provide extensive personal details, thereby reducing the time and effort needed to obtain a quote while maintaining pricing accuracy.
Solution Approach 2:
The patent introduces an intermediary system that uses non-personal identifying information as a mediator between the consumer and the insurance pricing algorithm. This intermediary approach allows the system to process and analyze data without directly handling or storing PII, enabling accurate quotes to be generated through aggregated and anonymized data while protecting consumer privacy and reducing the burden on consumers to provide detailed personal information.
2Measurement precision
If detailed personal information is collected to obtain an accurate insurance quote, then measurement precision is improved, but ease of operation deteriorates
Solution Approach 1:
The patent extracts only the essential non-personal identifying information needed for pricing (such as vehicle characteristics, coverage types, and basic demographic categories) while excluding personally identifying information (PII) like names, addresses, and social security numbers. This extraction allows accurate quoting without requiring consumers to provide extensive personal details, thereby reducing the time and effort needed to obtain a quote while maintaining pricing accuracy.
Solution Approach 2:
The patent changes the parameters of information collection from detailed PII to aggregated non-personal identifying information. By transforming the data collection approach to use categories and ranges rather than specific personal details (e.g., asking for age groups rather than exact birth dates), the system maintains the necessary precision for accurate pricing while significantly improving ease of operation and user friendliness.
3Ease of operation
If minimal information is collected for a quick estimate, then ease of operation is improved, but measurement precision deteriorates
Solution Approach 1:
The patent applies universality by designing a system that can process multiple types of non-personal identifying information (vehicle data, coverage options, demographic categories, location information) through a unified pricing algorithm. This multi-functional approach allows the system to generate accurate quotes by综合分析 various data sources without requiring any single piece of detailed personal information, thereby maintaining both ease of operation and measurement precision.
Solution Approach 2:
The patent changes the parameters of information collection from detailed PII to aggregated non-personal identifying information. By transforming the data collection approach to use categories and ranges rather than specific personal details (e.g., asking for age groups rather than exact birth dates), the system maintains the necessary precision for accurate pricing while significantly improving ease of operation and user friendliness.
4Measurement precision
If extensive personal information is required, then measurement precision is improved, but device complexity increases
Solution Approach 1:
The patent extracts only the essential non-personal identifying information needed for pricing (such as vehicle characteristics, coverage types, and basic demographic categories) while excluding personally identifying information (PII) like names, addresses, and social security numbers. This extraction allows accurate quoting without requiring consumers to provide extensive personal details, thereby reducing the time and effort needed to obtain a quote while maintaining pricing accuracy.
Solution Approach 2:
The patent segments the information collection process into distinct, manageable categories (vehicle information, coverage options, driver characteristics, location data) that can be collected independently and processed separately. This segmentation reduces the overall complexity by organizing the data collection into modular sections rather than requiring a single complex form, making the process more manageable for both consumers and the system.
Data Source
AI summary
Methods and systems for providing estimated insurance quotes/premiums are described herein. After analyzing rate factors, a subset of rate factors are selected that yield a fairly accurate estimated insurance premium from a minimum amount of information easily obtainable from a user. The user inputs a value from a predetermined set of allowable inputs (value input filter). After receiving and analyzing the user inputs, the system generates one or more estimates and displays the one or more estimates to the user, e.g., via a web page. When multiple estimates are provided, the multiple estimates may differ based on the level of coverage, add-on features, or both. Readily known non-personal identifying information is preferably requested and used, thereby alleviating privacy concerns while still being able to provide an estimate to the user very quickly, e.g., under 30 seconds, once all the requested information is obtained.