Intelligent Scoring System for Automated Business Performance Evaluation
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Solution Overview
Problem
Insurance companies and other businesses face challenges in efficiently evaluating and improving the performance of their various business units, as current methods are time-consuming and lack effective strategies for tracking improvement.
Innovation Solution
An intelligent scoring system that utilizes a scorecard tool with a neural network model to automatically assess business unit performance by receiving parameter ratings, associating weightings, and generating outcome scores and recommendations for improvement.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If automated scoring systems are implemented, then productivity and speed of evaluation improve, but device complexity increases
Solution Approach 1:
The patent introduces an intermediary automated scoring system that acts as a mediator between manual evaluation processes and performance assessment outcomes. The system includes automated data collection modules, scoring algorithms, and reporting mechanisms that bridge the gap between raw business unit data and actionable performance insights, thereby improving productivity while managing complexity through modular design.
Solution Approach 2:
The patent replaces manual mechanical evaluation processes with automated electronic systems. The scoring system uses computer algorithms, automated data processing, and electronic reporting to substitute human-performed evaluation tasks, significantly increasing productivity and speed while reducing the operational complexity of manual coordination and data collection.
2Measurement precision
If comprehensive performance parameters are measured, then measurement precision improves, but loss of time increases
Solution Approach 1:
The patent implements preliminary action by pre-configuring the scoring system with established performance parameters, weighting schemes, and evaluation criteria before actual assessments begin. The system pre-processes data collection protocols and prepares scoring algorithms in advance, allowing comprehensive multi-parameter measurement to be executed rapidly without time loss during the actual evaluation process.
Solution Approach 2:
The patent enables continuous useful action by implementing automated data collection and processing that operates continuously without interruption. The system continuously gathers performance data, applies scoring algorithms, and generates reports in an unbroken workflow, eliminating the time losses associated with manual data gathering, calculation, and compilation while maintaining comprehensive measurement precision.
Data Source
AI summary
An intelligent scoring system includes a scorecard tool, a user input device, a memory component, a processor; and machine-readable instructions. The scorecard tool includes a scorecard and a neural network model. The machine-readable instructions stored in the memory component cause the intelligent scoring system to: receive a parameter rating for the scorecard for a first portion of a plurality of business performance parameters; automatically input the parameter rating for the scorecard for a second portion of the plurality of business performance parameters; associate a weighting with each parameter rating; estimate a parameter outcome score for each of the first portion and the second portion of the plurality of business performance parameters based on each parameter rating and weighting; automatically estimate an overall outcome score; and automatically generate a recommendation for improving the level of performance of the business unit.