Portfolio Database Integration via Intermediary Layer
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Commercial insurance portfolio management is hindered by the inability to integrate and analyze information from disparate databases, leading to incomplete and inaccurate advice due to different data storage schemes and standards, limiting the ability to provide comprehensive analysis across diverse customer portfolios.
Innovation Solution
A computer-implemented method for populating a portfolio management database by extracting and standardizing data records from multiple sources, filtering, and linking them based on geographic location identifiers and business rules, enabling comprehensive data consolidation and analysis.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If data is stored in separate functional databases with different schemes and standards, then each database can be managed independently, but the ability to integrate and analyze information across databases is hindered
Solution Approach 1:
The patent implements an intermediary layer (portfolio management database and integration system) that sits between the separate functional databases (claims, pricing, risk engineering). This intermediary standardizes data access and enables cross-database analysis without requiring changes to the underlying separate database structures, thus resolving the contradiction between data integration capability and system complexity.
2Reliability
If portfolio managers access information within functional siloes, then data management within each silo is simplified, but the completeness and accuracy of advice is limited
Solution Approach 1:
The portfolio management database is designed as a universal system that can access and integrate information from multiple functional databases (claims, pricing, risk engineering, portfolio). This multi-functional database enables portfolio managers to retrieve comprehensive information from all relevant sources through a single access point, improving advice accuracy while managing information access complexity through standardized interfaces.
3Ease of operation
If different databases use different data storage schemes and standards, then each database can be optimized for its specific function, but the ability to easily identify and access relevant information is reduced
Solution Approach 1:
The system applies parameter changes by implementing data standardization transformations when integrating information from different databases. The portfolio management database converts and harmonizes data from various sources (claims, pricing, risk engineering) into standardized formats and schemas, enabling easy identification and access of relevant information while preserving the optimized storage structures of the source databases.
Data Source
AI summary
A method for populating a portfolio management database with one or more data records from at least one database. The populating the portfolio management database may include altering at least a portion of the data records and selecting a portion of the data records based on rules for the portfolio management database. A search string associated with a search of the portfolio database management database is received and a search of the portfolio database based on the search string is conducted. The results of the searching are output to a user interface.