Loss Data Visualization via Confidence Level Segmentation
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Solution Overview
Problem
Existing data simulation and visualization systems fail to provide an adequate visual analysis tool for comprehensively understanding insurance loss data, making it difficult for individuals and businesses to determine appropriate insurance coverage levels and manage risks effectively.
Innovation Solution
A computer-implemented method that simulates and visualizes loss effects on entities using animated graphical objects, presenting loss data as a function of confidence levels rather than time, allowing users to intuitively understand probabilistic coverage, loss frequency, and cost, and enabling visualization of insurance coverage depletion and entity sustained costs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If traditional data simulation and visualization systems are used, then comprehensive visual analysis of loss data can be achieved, but the system complexity and difficulty of understanding increase significantly
Solution Approach 1:
The patent segments the loss data visualization into discrete confidence interval levels (e.g., 90%, 95%, 99%), where each segment represents a specific probability threshold. This segmentation allows users to navigate complex loss data through manageable, standardized visual layers rather than facing a monolithic complex system.
Solution Approach 2:
The patent transforms the traditional time-based loss visualization into a confidence interval-based dimension. Instead of showing losses over time on a single axis, the system creates multiple visual dimensions representing different confidence levels, enabling comprehensive analysis while organizing complexity into structured spatial relationships.
2Loss of information
If loss data is presented in traditional formats, then comprehensive information is available, but ease of understanding and operation deteriorates
Solution Approach 1:
The patent employs color-coded visual elements to represent different confidence intervals and loss categories. By assigning distinct colors to different confidence levels (e.g., lighter shades for lower confidence, darker shades for higher confidence), the system maintains information completeness while enabling rapid intuitive understanding through color perception rather than requiring detailed numerical analysis.
Solution Approach 2:
The patent creates simplified visual copies or representations of loss data that preserve essential information characteristics but present them in an accessible format. These visual copies translate complex probabilistic loss scenarios into intuitive graphical models that maintain information fidelity while dramatically improving ease of understanding for untrained users.
3Measurement precision
If detailed loss data analysis is provided, then accuracy and precision improve, but the time required for analysis increases
Solution Approach 1:
The patent performs preliminary organization of loss data into confidence interval categories before presentation to the user. By pre-sorting and pre-visualizing data according to probability thresholds, the system enables users to access precise analysis results immediately without requiring time-consuming sorting or filtering operations during actual analysis.
Solution Approach 2:
The patent implements dynamic visualizations that can adapt to user interactions, allowing users to drill down into specific confidence intervals or loss types as needed. The system dynamically adjusts the level of detail and data granularity based on user requests, providing precise analysis only when and where needed rather than presenting all detailed data simultaneously.
Data Source
AI summary
A system (100) includes one or more processors (113), one or more memory devices (114) operable with the one or more processors, and a communication device (1105) in communication with at least one terminal device (102,103,104,105) having a user interface (112). The one or more processors causing display of a visual simulation (123) in the user interface of one or more loss graphical objects (501) interacting with one or both of an entity type graphical object (601) or one or more loss mitigator graphical objects (602,603,604) as a function of a confidence level defined by a loss probability and a loss magnitude.