Quote-to-issue digital transaction system for insurance binding
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Solution Overview
Problem
Current systems lack the ability to electronically complete policy issuance and compare multicarrier quotes without live agent intervention, leading to subjective assessments and varying rates, coverage levels, and terms from different insurers.
Innovation Solution
A computer system with a progressive graphical user interface and microservices event-based architecture that guides users through a series of steps to bind insurance policies efficiently, interacting with multiple third-party vendors and validating user input to streamline the quote-to-issue process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If a semi-automated or automated system is implemented to bind insurance products after user acceptance of quoted policy, then productivity and efficiency are improved, but device complexity increases
Solution Approach 1:
The system is divided into multiple microservices including quote service, binding service, policy issuance service, and user interface service. Each microservice handles a specific function independently, allowing the system to achieve high automation while managing complexity through modular architecture. The quote service receives user information and generates quotes from multiple carriers, the binding service processes user acceptance, and the policy issuance service completes the binding - this segmentation enables automated policy issuance without requiring a monolithic complex system.
Solution Approach 2:
The patent introduces an intermediary binding service that acts as a mediator between the quote service and the policy issuance service. This intermediary receives quote acceptance from users, validates the information, and triggers the appropriate policy issuance process. The intermediary layer simplifies the overall system architecture by centralizing the coordination logic, allowing automated binding while reducing the complexity that would otherwise be distributed across all services.
2Adaptability or versatility
If multiple third-party vendor integrations are implemented to provide multicarrier quotes, then adaptability and versatility are improved, but device complexity increases
Solution Approach 1:
The quote service is designed with universal functionality to interface with multiple different insurance carriers through a standardized API framework. The service can generate quotes from various carriers using a common processing architecture, allowing the system to support multiple vendors without requiring separate integration logic for each carrier. This multi-functionality approach enables the system to adapt to different carriers while maintaining a consistent, manageable codebase.
3Reliability
If comprehensive user input validation is implemented to reduce errors, then reliability is improved, but ease of operation decreases
Solution Approach 1:
The system performs preliminary validation of user input at multiple stages before final processing. When users provide information for quoting, the binding service validates the data format, completeness, and consistency before initiating the quote process. Similarly, when users accept a quote, the system validates the acceptance information before triggering policy issuance. This preliminary validation ensures data accuracy while presenting a simple interface to users, as validation occurs in the background without requiring users to manually check or format their inputs.
Solution Approach 2:
The system implements feedback mechanisms that provide real-time validation responses to users. When users input information, the system immediately validates the input and provides feedback on any errors or missing information, guiding users to correct their input. This feedback loop ensures high data reliability while maintaining ease of operation, as users receive clear guidance on what corrections are needed without having to understand the underlying validation rules.
Data Source
AI summary
Methods and systems herein are provided for processing a digital transaction to bind and to issue an insurance policy. A confirmation page is displayed on a graphical user interface for a user to confirm or edit coverage details. Upon receiving confirmation of the coverage details, the insurance quote is recalculated, via an application programming interface (API), based on the confirmed coverage details and the mortgage information. A payment screen is displayed for the user to select a payment method. Upon selection of a payment method, generating a payment token based on the entered payment details. The recalculated quote is sent, via the API, for binding the insurance policy. A policy number is received from an insurance provider system and stored in a database. Customer relationship management (CRM) data with the policy information, such as property, driver, vehicle details, the policy number, and the bound status of the insurance policy.