Unified Insurance Quoting System for Multi-Product Comparison
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Solution Overview
Problem
Customers face difficulties in obtaining accurate quotes for multiple homeowner insurance products as each product requires different information, leading to a cumbersome quoting process that must be repeated for each product.
Innovation Solution
A system and method that allow customers to receive and compare quotes for multiple homeowner insurance products online or through mobile devices, enabling side-by-side comparison of coverage options and prices, and facilitating the purchase of either policy based on their needs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If the quoting process is customized for each different insurance product to ensure accuracy, then the precision of the quote is improved, but the complexity of the process increases and must be repeated for each product
Solution Approach 1:
The patent implements a universal quoting system that can handle multiple different homeowner insurance products through a single integrated process. The system uses a common data structure and questionnaire framework that adapts to different product types, allowing one process to serve multiple functions while maintaining product-specific accuracy requirements
2Measurement precision
If the quoting process is customized for each different insurance product to ensure accuracy, then the precision of the quote is improved, but the time required increases significantly
Solution Approach 1:
The system performs preliminary actions by collecting and storing customer demographic information and property information in a reusable data structure during the first product quote. This pre-collected data can then be automatically retrieved and applied to subsequent product quotes, eliminating the need to repeat data collection while maintaining accuracy for each product
Solution Approach 2:
The patent implements a copying mechanism where the standardized data structure and questionnaire responses created for one product can be copied and reused for other products. The system maintains copies of the customer's property and demographic data that can be efficiently replicated across multiple product quotations without re-collecting information
3Reliability
If multiple insurance products are quoted through separate processes to ensure product-specific accuracy, then the reliability of each individual quote is improved, but the ease of operation decreases
Solution Approach 1:
The patent merges multiple separate quoting processes into a single integrated system. By combining the data collection, storage, and retrieval functions into one unified process, the system maintains the reliability of product-specific quotes while significantly improving ease of operation. Customers interact with one system rather than multiple separate processes
4Ease of operation
If a standardized quoting process is used for multiple insurance products to simplify the process, then the ease of operation is improved, but the precision of product-specific quotes may deteriorate
Solution Approach 1:
The patent applies local quality by having a standardized overall process structure with product-specific customization capabilities. The system uses a common framework for data collection and processing but allows for product-specific parameters, requirements, and calculation methods to be applied locally to each insurance product type, ensuring both ease of operation and product-specific accuracy
Data Source
AI summary
Methods and systems for creating and presenting multiple insurance product offerings are provided. According to certain aspects, an insurance provider may receive data including customer demographic information and property information, and determine two or more insurance product offerings with quotes based upon the received data or upon a single request for an insurance product offering. The provider may then send, via a computer network, data to enable a client computing device to display, in a single graphic representation, the two or more insurance product offerings and/or summaries of each. The insurance product offerings may relate to homeowners insurance, and the summary of each insurance product offering may include a premium, discount, and an icon that allows customization. Each summary may also include coverage amounts, liability coverage, personal belonging coverage, and/or additional coverage options. A side-by-side comparison of the insurance products offered may facilitate efficient and informed review by a customer.