Signals-Based Data Syndication for Secure Carrier Collaboration
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Solution Overview
Problem
Insurance carriers face challenges in data sharing due to security concerns, resource intensity, and the inefficiency of adapting analytics across non-standardized data sets, which can lead to anti-competitive collusion.
Innovation Solution
A system for signals-based data syndication and collaboration that aggregates data from multiple carriers into a unified operational data store, performs analytics across the multi-carrier data set, and facilitates controlled data sharing and collaboration among carriers to identify patterns indicative of activities like fraud, while protecting proprietary information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If insurance carriers share data to improve fraud detection capabilities, then pattern identification accuracy improves, but security risks and loss of proprietary information increase
Solution Approach 1:
The patent introduces a centralized data syndication platform as an intermediary that receives, standardizes, and analyzes data from multiple carriers. This mediator enables collaborative fraud detection without requiring direct carrier-to-carrier data sharing, thus maintaining security while improving pattern identification through aggregated multi-carrier data analysis.
Solution Approach 2:
The system creates standardized copies of carrier data in a unified format at the syndication platform. These copies enable cross-carrier analytics and pattern recognition without exposing original proprietary data, allowing accurate fraud detection while preserving data security and carrier ownership.
2Adaptability or versatility
If carriers standardize their data formats to enable collaboration, then analytics consistency improves, but implementation complexity and resource requirements increase
Solution Approach 1:
The patent implements a universal data standardization layer at the syndication platform that can process and normalize data from multiple carriers with different formats. This universal interface enables consistent analytics across all participants without requiring each carrier to fundamentally change their internal data structures, thus improving analytics consistency while minimizing implementation complexity.
3Reliability
If carriers perform analytics on their own data sets, then data security is maintained, but collaboration efficiency and fraud detection capability deteriorate
Solution Approach 1:
The syndication platform serves as a secure intermediary that enables collaborative analytics by aggregating standardized data from multiple carriers. This mediator allows carriers to benefit from combined data insights while maintaining control over their proprietary information, thus improving collaboration efficiency without compromising data security.
Data Source
AI summary
Signals-based data syndication and collaboration is disclosed. A data store of insurance related data collected from a plurality of carriers is accessed. A pattern is identified based at least in part on data stored in the data store. The pattern is associated with a first set of insurance related data belonging to a first carrier and with a second set of insurance related data belonging to a second carrier. First and second users associated with the first and second carriers are notified, respectively, of the identified pattern. Consent from the first user to share at least a portion of the first set of insurance related data and consent from the second user to share at least a portion of the second set of insurance related data are obtained. At least a portion of the second set of insurance related data that the second user has consented to share is caused to be presented to the first user. At least a portion of the first set of insurance related data that the first user has consented to share is caused to be presented to the second user.