Virtual Home Platform for Automated Insurance Policy Contextualization
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Solution Overview
Problem
It is challenging for insured parties to understand how different characteristics of their homeowner's insurance policies apply to their specific situations, and for insurers to predict and address policyholders' questions in an automated, efficient, and accurate manner.
Innovation Solution
A virtual home platform that associates insured parties with virtual home information and insurance policy details, allowing for automated rendering of virtual home displays and transmission of supplemental insurance information based on selected elements, facilitating secure and efficient information exchange between insurers and insured parties.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If traditional insurance policy information delivery methods are used, then insurers can provide policy details to insured parties, but insured parties have difficulty understanding how policy characteristics apply to their specific situations
Solution Approach 1:
The patent creates a virtual home that is a digital copy or representation of the insured party's actual home. This virtual model allows policy information to be displayed in the context of familiar home elements, making it easier for insured parties to understand how their policy applies to their specific situation without needing to interpret abstract policy language.
Solution Approach 2:
The virtual home acts as an intermediary between the insurance policy information and the insured party. Instead of directly presenting raw policy data, the system uses the virtual home environment as a mediator to translate and contextualize policy coverage, making the information more comprehensible and relevant to the insured party's specific home.
2Reliability
If insurers manually address policyholder questions, then accurate information can be provided, but the process is not automated and efficient
Solution Approach 1:
The virtual home system enables self-service by allowing insured parties to interact with policy information autonomously. Users can select specific home elements in their virtual home and automatically receive relevant policy information without requiring manual intervention from insurance agents, thus achieving both accuracy and automation.
Solution Approach 2:
The system incorporates feedback mechanisms where the virtual home platform tracks user interactions, selections, and questions. This feedback loop allows the system to learn from user behavior and automatically provide more accurate and relevant policy information, reducing the need for manual processing while maintaining reliability.
3Loss of information
If comprehensive insurance policy information is provided, then complete coverage details are available, but the information becomes difficult to navigate and understand
Solution Approach 1:
The patent segments comprehensive policy information into smaller, manageable portions based on specific home elements. Instead of presenting all policy details at once, the system divides information into discrete categories associated with different virtual home components (e.g., roofing, plumbing, electrical systems), allowing users to navigate only the relevant sections for their interests or concerns.
Solution Approach 2:
The virtual home implementation applies local quality by providing different levels of information detail for different home elements. Each selected element receives customized policy information relevant to that specific component, rather than presenting uniform comprehensive data for all home aspects, thereby reducing overall complexity while maintaining completeness.
Data Source
AI summary
According to some embodiments, a first insured party may be automatically associated with first virtual home information including real world elements of a virtual home. The first virtual home information may also be automatically associated with first insurance policy information of the first insured party. A virtual home display request may be received from a remote insured party device associated with the first insured party. Responsive to the received virtual home display request, a rendering of at least a portion of the virtual home may be automatically facilitated based on the first virtual home information, including at least some of the real world elements, and the first insurance policy information. A selection of one of the real world elements may be received from the remote insured party device, and, responsive to the selected real world element, supplemental insurance information may be transmitted to the remote insured party device.