Insurance Placement Object Trees for Real-Time Coverage Structuring
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Solution Overview
Problem
Existing systems lack effective graphical tools for managing complex insurance and reinsurance placements, which involve numerous terms and conditions, limits, and sublimits, leading to comprehension limitations and inefficient manual processing, especially in international or high-value risk scenarios.
Innovation Solution
A graphical user interface (GUI) system that allows for the creation and manipulation of nested tower structures, enabling the assembly and iteration of coverage layers, supports time-based coverages, and integrates with catastrophe modeling data for automated structuring and pricing, facilitating real-time tracking and dynamic re-structuring of placements.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual processing methods are used for managing complex insurance placements, then flexibility in handling varying terms and conditions is maintained, but processing efficiency and real-time tracking capability deteriorate
Solution Approach 1:
The patent segments complex insurance placement management into distinct functional modules including tower structure creation, coverage assembly, terms and conditions management, and real-time tracking components. Each module handles specific aspects of the placement process, enabling efficient processing while maintaining manageability through modular architecture.
Solution Approach 2:
The patent introduces a database system as an intermediary between users and the complex insurance placement data. This database system automatically structures and stores coverage, expected losses, and premiums information, mediating between manual input and complex analysis requirements, thereby improving processing efficiency without requiring users to directly manage system complexity.
2Speed
If automated structuring tools are implemented for coverage, expected losses and premiums, then processing speed and real-time tracking improve, but the complexity of the system increases
Solution Approach 1:
The patent implements preliminary action by pre-structuring database schemas and templates for coverage, expected losses, and premiums before actual placement data is entered. This preliminary structuring enables automated processing and real-time tracking to occur rapidly once data is input, improving processing speed while containing system complexity through standardized pre-configured frameworks.
3Measurement precision
If comprehensive tracking of numerous policies with varying terms is implemented, then placement management accuracy improves, but manual processing burden increases
Solution Approach 1:
The patent enables self-service through automated database operations that automatically structure, store, and retrieve placement data without requiring manual intervention for each policy. The system autonomously handles tracking of numerous policies with varying terms and conditions, improving tracking accuracy while eliminating the time consumption associated with manual data management.
Data Source
AI summary
The technology disclosed relates to manipulating and visualizing database objects that represent layers and parts of layers in insurance or other risk transfer programs. Disclosed is graphically creating placement objects, maintaining a database of objects that can be linked in trees, with policy objects linked to respective proposal objects, and coverage objects linked to the proposal objects and the policy objects. A GUI represents a placement using objects, with metadata that describes objects' statuses, with groups of objects properly nested and linked in the database of objects. User selection of a displayed first object and mode control initiates creation of second objects linked to the first object and, opening of a panel that scales the selected first object to fit the panel and allows the user to add nested second objects, by drawing an added object or entering metadata for the added object, with consistent metadata constrained with the nesting.