Automated Risk Description Categorization for Insurance Quote Intake
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Businesses face difficulties in directly interacting with insurers to provide accurate industry codes and other information for insurance quotes, leading to a confusing and time-consuming process.
Innovation Solution
A system and method that facilitates direct exchange of risk relationship information between users and enterprises through a back-end application computer server, utilizing a description data store and categorization data store to automatically determine industry codes, assign categories, and calculate insurance premiums, with interactive user interface displays.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If a business interacts directly with an insurer to provide information for insurance quotes, then the process becomes more efficient and accurate, but the complexity of providing correct industry codes and information increases
Solution Approach 1:
The patent introduces an intermediary system (the insurance quote system with industry code lookup tables) that mediates between the business and the insurer. The system automatically translates business descriptions into correct industry codes through predefined mappings, eliminating the complexity of direct code assignment while maintaining efficient information exchange.
Solution Approach 2:
The system enables self-service by automatically determining industry codes and calculating insurance quotes without requiring business expertise. The lookup tables and automated processing allow businesses to independently provide information and receive accurate quotes, eliminating the need for complex manual classification.
2Measurement precision
If an insurance agent manually collects business information, then accuracy is maintained, but the process becomes time-consuming
Solution Approach 1:
The patent replaces the mechanical manual collection process with an automated electronic system. Industry code lookup tables and automated processing algorithms substitute for the time-consuming manual information gathering and classification that insurance agents traditionally perform, while maintaining high accuracy through predefined code mappings.
Solution Approach 2:
The system performs preliminary action by pre-establishing industry code lookup tables and classification rules before the actual quote process. This preliminary preparation allows the system to automatically and quickly determine correct industry codes without requiring time-consuming manual analysis during the quote generation process.
3Productivity
If automated systems are introduced to facilitate direct user-enterprise exchange, then efficiency and accuracy improve, but the system complexity increases
Solution Approach 1:
The patent applies segmentation by dividing the automated system into distinct functional modules: industry code lookup tables, dynamic information exchange components, categorization modules, and quote calculation systems. This segmentation manages complexity by organizing functionality into separate, manageable units that can be independently developed and maintained while working together to enable efficient automated exchange.
Data Source
AI summary
A back-end application computer server may receive a request along with a descriptive term. A look-up process may be performed based on the descriptive term (and hidden terms) may establish a set of potential pre-determined descriptions. The user may select one of the potential descriptions, and a user identifier may be associated with the request. A series of dynamic information exchanges may then help assign a category to the user identifier. A partial set of initial request details may be received from a third-party device and the user may adjust and/or add details to create a complete set. A potential value may then be calculated for the request. An indication of the potential value may be transmitted to the user, and information about the user identifier may be transmitted to a user response terminal to facilitate communication between the user response terminal and the user.