INSURANCE SYSTEM FOR POLICY COMPARISON

TECHNICAL FIELD

The invention relates to an insurance system for policy comparison, wherein the analysis of insurance policies is performed through multiple modeling.

BACKGROUND OF THE INVENTION

In the literature, it is difficult for non-insurance professionals to read and understand insurance policies. The main reason for this is that these documents are quite lengthy and contain many terminological words. When looking at customers' purchasing habits, it is observed that they tend to prefer the most affordable policy rather than the one that is most suitable for them. In the literature, when a customer considers buying an insurance policy and wants to obtain detailed information, this process is quite slow. Agents can provide feedback to customers for the proposal after reading and reviewing the policies by the relevant personnel. Instead, there is a need for a system that combines artificial intelligence and enables the customer to access compared insurance policies within minutes, and if desired, receive the closest offer to the uploaded products.

US2021150629 invention relates to permanent life insurance policy systems and methods for side-by-side comparison and automatic underwriting. The invention includes normalizing user data into a uniform standard format with a normalizer; creating a comparison of two or more permanent life insurance policies by a database controller; receiving an application for one or more of the created two or more permanent life insurance policies by an application controller; determining the status of the application based on an automatic commitment by the application controller; and transmitting the determined status of the application to a user device for a user by the application controller.

BRIEF DESCRIPTION OF THE INVENTION

The object of the invention is to develop an insurance system that allows the comparison of uploaded policy documents in terms of coverage, coverage limit amounts, and deductible conditions, provides a summary output to the user, and enables the customer to receive a quote for the closest product to the uploaded policies in a short time if desired. To achieve the mentioned objective, the invention describes an insurance system for policy comparison that comprises one or more insurance policy documents providing financial protection in accordance with the conditions of an insurance contract; an upload area connected to a database, where a customer who wants to purchase an insurance policy document uploads their pre-determined insurance policy document using an electronic device; and a policy analysis unit that compares the uploaded insurance policy document with other insurance policy documents in the database. The invention includes a conversion intermediate unit that visualizes one or more pages of the uploaded insurance policy document in the upload area in a separated manner; a modeling intermediate unit connected to the conversion intermediate unit that performs comparative analysis between the uploaded insurance policy document in the upload area and visualized insurance policy documents containing different insurance contract conditions in the database within the policy analysis unit; and a display intermediate unit that provides a comparison table for the comparative analysis of the insurance policy documents in the modeling intermediate unit. This allows policies to be compared in terms of price/performance using models based on artificial intelligence architecture. Although most policies are standard, some customers may request more personalized products. In this context, a better customer experience is one of the main benefits. Furthermore, it is an unlikely scenario even for someone knowledgeable in insurance to read each line of dozens of pages of policies filled with legal obligations, extract differences in coverage, limits, and deductibles, and choose the most suitable option for their needs. In scenarios where customers receive support from an insurance agency that provides the policy, the time from the initial contact to receiving a quote can take days. The biggest gain provided by the insurance system is time, along with promoting transparency and more informed policy selection for customers.

A preferred embodiment of the invention is configured such that the modeling intermediate unit includes at least one model from an object detection model and a natural language processing model. This allows for policy analysis models based on artificial intelligence architecture. In this context, the models interact with each other and perform operations according to pre-determined algorithms.

A preferred embodiment of the invention is configured such that the object detection model is adjusted to perform visual analysis on the visualized insurance policy document pages. This enables object detection in the images of insurance policy pages. Furthermore, the visualization of policy pages allows for the identification of coverages included based on rulebased inferences from data such as tables and lists. A preferred embodiment of the invention is configured such that the natural language processing model is adjusted to perform text-based analysis on the insurance policy document. This allows for textual perception of policy paragraphs according to artificial intelligence architecture. In the natural language processing model, named-entity recognition enables access to limit and deductible information of the coverages. All the information obtained can be presented to customers in a summary format, such as in PDF format.

A preferred embodiment of the invention is configured such that data augmentations are provided in the models performed in the modeling intermediate unit. This allows for operations such as image rotation, blurring, and cropping.

A preferred embodiment of the invention includes a comparison table displayed in the imaging intermediate unit, which contains one or more contract conditions selected from a group consisting of insurance coverages, comprehensive coverage, partial repair, no-claim protection, and assistance in the insurance policy documents. This allows customers to see a comparative table of the content scope, i.e., the services of the policy contract conditions. In this case, the comparison table showing the cost/performance of the policy or policies closest to the policy uploaded by the customer is presented to the customers.

A preferred embodiment of the invention is configured such that the electronic device is adjusted to access through a network server. This allows the customer to access the insurance system via the internet and perform insurance policy comparisons.

A preferred embodiment of the invention is configured such that the comparison table can be accessed through a chatbot. This allows customers to access the system directly and also to access the insurance policy document provider company through a chatbot channel similar to WhatsApp.

BRIEF DESCRIPTION OF THE FIGURES

Figure 1 is a schematic representation of the insurance system for policy comparison according to the invention.

DETAILED DESCRIPTION OF THE INVENTION

In this detailed description, the subject matter of the invention is explained without any limitation and with references to examples to better understand the subject.

Figure 1 schematically shows the insurance system for policy comparison according to the invention. An insurance policy (10) provides financial security in case of an accident or damage to movable or immovable assets according to the condition of an insurance contract (12). To secure their movable or immovable assets in case of an accident or damage, i.e., to cover the repair cost of the damage in such situations, a customer (16) needs to apply to an agency that provides an insurance policy document (10) either online or in-person. The customer's (16) choice of a policy to provide financial security is usually based on selecting the most suitable one for their budget. Sometimes, the customer (16) wants to benefit from all the services within the scope of the agency and insurance coverage by purchasing the insurance policy document (10). In this case, the customer (16) buys the desired policy (10) by examining long or hard-to-understand insurance policy documents (10) or requesting it from the agency. However, this is a relatively time-consuming and low-efficiency process. The invention's insurance system for policy comparison enables customers (16) to quickly select the desired policy, receive a quote, and make a purchase. First, the customer (16) uploads the predefined insurance policy document (10) to an upload area (22) connected to a database (24) in the insurance system of the invention using an electronic device (18) they own. Here, the electronic device (18) can be, for example, a smartphone. Additionally, the insurance policy can be in formats such as "PDF" or "Word." The predefined or owned reference insurance policy document (10) uploaded to the upload area (22) is compared with at least one insurance policy (10) in the insurance provider agency's database (24) containing the closest price/performance/services in a policy analysis unit (26) within the system of the invention. The policy analysis unit (26) conducts analyses based on object detection and textual perception according to an artificial intelligence architecture. The insurance policy document (10) uploaded to the upload area (22) can consist of multiple pages (14). A conversion intermediate unit (28) provides the visualization of the separated policy pages (14). This visualization can be achieved by converting the document (10) in "PDF" format, for example, to "JPG" or "PNG" format. Thus, with the conversion intermediate unit (28), the policy pages (14) are converted, and a visualized document (30) is obtained.

After the visual format conversion performed in the conversion intermediate unit (28), the visualized document (30) is analyzed by a modeling intermediate unit (32) in the policy analysis unit (26), comparing it with other visualized insurance policy documents (30) in the database (24) containing different insurance contract conditions (12). The modeling intermediate unit (32) includes an object detection model (34) and a natural language processing model (38) operating according to a predefined artificial intelligence architecture. Here, the models (34) (38) perform interconnected operations. The object detection model (34) conducts visual analysis on each page of the visualized insurance policy document pages (14). The detection of coverages provided in data such as tables and lists is ensured by object detection in the images of the insurance policy pages (14) and the visualization of the policy pages (14). Moreover, data augmentations (36) are provided in the object detection model (34) operations performed in the modeling intermediate unit (32). Here, data augmentations (36) can be operations such as rotating the image, applying blurring, and cropping parts. In the natural language processing model (38), text-based analyses are performed on the insurance policy document (10). In the modeling (38) operations performed here, textual perception of policy paragraphs can be achieved according to the artificial intelligence architecture. Additionally, in the natural language processing model (38), named- entity recognition is provided, allowing access to the limits and exemption information of the coverages. All accessible information can be presented to customers (16) in summary format, such as in "PDF" or "DOC" format. The comparative analysis results of the customer's (16) insurance policy document (10) uploaded to the invention's insurance system and the closest insurance policy document/documents (10) in terms of price/performance are displayed to the customer (16) in a comparison table (42) using a display intermediate unit (40). With the invention's insurance system, customers (16) can make a transparent and more informed policy selection in just a few minutes, instead of the days-long process of obtaining a quote that is dependent on the support received from the insurance provider agency, from the initial contact to receiving the quote. In the comparison table (42) displayed in the display intermediate unit (40), the comparison of the insurance policy documents' (10) coverages, comprehensive coverage, partial repair, no-claim protection, and assistance, which are the contract conditions (12) provided within the scope of insurance, is displayed to the customers (16). In this way, the customer (16) can quickly make an insurance policy (10) selection by viewing the price/performance of the policy closest to the uploaded policy in a short time. The customer (16) can access the comparison result in the invention's insurance system through a network server (20) using an electronic device (18), and also access the comparison table (42) via a chatbot (44) installed on their electronic device (18) with internet access. The customer (16) can join the relevant chatbot (44) channel of the insurance agency they wish to purchase insurance from, for example, a WhatsApp chatbot (chatbot) channel, and access the comparison table (42) where the comparison result is provided. The insurance agency's chatbot (44) channel, connected to the invention's insurance system, displays the comparison table (42) to the customer (16).

REFERENCE NUMBERS

10 Insurance policy document 28 Conversion intermediate unit

12 Insurance policy document conditions 30 Visualized document

14 Policy pages 32 Modeling intermediate unit

16 Customer 34 Object detection model Electronic device 36 Data augmentations Network server 38 Natural language processing model Upload area 40 Display intermediate unit Database 42 Comparison table Policy analysis unit 44 Chatbot