Insurance Policy Rate Routine Configuration via Direct Data Access
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Solution Overview
Problem
Current insurance policy rating systems lack direct access to policy data, requiring cumbersome coordination and management to incorporate changes, as they operate separately from policy transaction systems, leading to inefficiencies in updating configuration modifications.
Innovation Solution
A computer-based system that allows direct access to insurance policy data, enabling the configuration of insurance policy rate routines by processing user inputs to map operands within the context of the rate routine, presenting appropriate configuration options based on the accessed information, and dynamically updating rate routines with changes in policy data.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Weight of moving object
If rating systems operate separately from policy systems, then system independence and modularity are improved, but coordination complexity and update burden increase
Solution Approach 1:
The patent introduces an intermediary mechanism where the rating system can access policy data through a standardized interface or data exchange protocol. This mediator layer enables independent systems to communicate efficiently, reducing coordination complexity while maintaining system independence. The rating system queries policy data through this intermediary rather than requiring direct integration or manual coordination.
2Reliability
If rating systems lack direct access to policy data, then data security and system separation are improved, but data access efficiency and update timeliness deteriorate
Solution Approach 1:
The patent extracts the necessary policy data elements that the rating system needs and makes them available through a controlled interface. Rather than granting direct access to the entire policy system, only the specific data required for rating calculations is extracted and provided to the rating system. This maintains security boundaries while improving access efficiency for the specific data needed.
3Stability of the object's composition
If manual coordination is used to synchronize changes between systems, then system stability is improved, but time consumption and operational burden increase
Solution Approach 1:
The patent implements a feedback mechanism where the rating system automatically detects when policy data changes occur and retrieves updated data accordingly. This feedback loop replaces manual coordination, allowing the system to maintain stability through automated monitoring and updates. The rating system receives notifications or queries for changes and automatically synchronizes with the policy system, reducing time consumption while maintaining stability.
Data Source
AI summary
A technique of configuring insurance policy rate routines includes accessing information representing an insurance product or information representing an insurance policy transaction. It further includes receiving a user input from a user indicating that a rate routine operand is to map to a portion of the information representing the insurance product or a portion of the information representing the insurance policy transaction. It further includes processing the information representing the insurance product or the information representing the insurance policy transaction to obtain one or more appropriate configuration options for the rate routine operand, based at least in part on a context of the rate routine operand. It further includes presenting the one or more appropriate configuration options to the user.