Proactive Underwriting System Using Social Media Data

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Solution Overview

Problem

Current advertising technologies cannot provide proactive insurance offers based on underwriting analysis using social and other data sources, limiting the ability to present relevant insurance options to consumers or businesses without a specific request.

Innovation Solution

A computer-implemented processing method and system for proactive underwriting that identifies trigger rules in social and other data sources, collects required data using predefined templates, and performs underwriting analysis to offer insurance policies unsolicited or in response to requests, leveraging data from various sources including social media, demographic data, and user interactions.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If traditional advertising technologies are used to target consumers, then relevant ads can be provided based on interests and demographics, but proactive insurance offers based on underwriting analysis cannot be provided

Engineering Contradiction:

Improveability to provide proactive insurance offersVSAvoidcomplexity of underwriting analysis system

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The system segments the underwriting process into distinct modular components: social media data collection module, traditional data collection module, underwriting analysis module, and offer generation module. Each module handles specific tasks independently, allowing the complex underwriting system to be managed through discrete, manageable segments that can be developed and maintained separately.

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The system creates a universal platform that performs multiple functions: it collects data from diverse sources (social media, traditional sources), performs underwriting analysis across different insurance products, and generates various types of insurance offers. This multi-functional approach allows a single system to handle the complexity of proactive underwriting across multiple domains rather than requiring separate systems for each function.

Inventive Principle:

Principle #6Universality (Multi-functionality)

2Productivity

If proactive underwriting offers are provided based on social media data, then insurance offers can be presented without specific requests, but extensive application data from entities is reduced

Engineering Contradiction:

Improvespeed of offering insurance policiesVSAvoidaccuracy of underwriting analysis

Core Design Contradiction:

ProductivityVSReliability

Solution Approach 1:

The system merges data from two previously separate sources: social media data and traditional application data. By combining these data streams into a unified underwriting analysis framework, the system achieves both speed (through pre-collected social media data) and reliability (through comprehensive data including traditional sources), resolving the contradiction between productivity and accuracy.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The system performs preliminary data collection and analysis by gathering social media data before a specific insurance request is made. This preliminary action allows the system to pre-process and evaluate potential candidates, enabling faster offer generation when requests are received while maintaining reliability through subsequent verification with traditional data sources.

Inventive Principle:

Principle #10Preliminary action

3Ease of operation

If targeted advertising is used to provide relevant ads, then consumers receive personalized content, but underwriting analysis for insurance offers is not performed

Engineering Contradiction:

Improveease of receiving insurance offersVSAvoidloss of underwriting data

Core Design Contradiction:

Ease of operationVSLoss of information

Solution Approach 1:

The system introduces an intermediary underwriting analysis layer between data collection and offer generation. This intermediary processes and validates information from social media sources, ensuring that no critical underwriting data is lost while still enabling personalized, easy-to-receive insurance offers. The intermediary acts as a gatekeeper that maintains data integrity throughout the process.

Inventive Principle:

Principle #24Intermediary (Mediator)

Data Source

PatentUS11508012B2System and method for generating proactive underwriting offers using social media data

Publication Date: 2022.11.22 HARTFORD FIRE INSURANCE CO

AI summary

Pursuant to some embodiments, systems, methods, apparatus and computer program code for proactive underwriting are provided. Pursuant to some embodiments, a computer implemented processing method is provided which includes identifying, by an insurance processing platform, an action by an entity that matches at least a first trigger rule. A proactive underwriting template is selected based on the at least first trigger rule, where the proactive underwriting template defines a number of data items required to complete the proactive underwriting template. The insurance processing platform is operated to automatically collect data associated with the plurality of required data items, and to perform a proactive underwriting analysis using the collected data. An underwriting determination is then rendered based on the proactive underwriting analysis.