“Cross-Functional Portfolio Database Management Systems And Methods” in Patent Application Approval Process (USPTO 20230245235): Zurich Insurance Company Ltd.

2023 AUG 18 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- A patent application by the inventors Ackermann, Stefan (Schlieren, CH); Pankratov, Kirill (Zurich, CH); Rymaszewski, Prezmyslaw (Baar, CH), filed on December 23, 2022, was made available online on August 3, 2023, according to news reporting originating from Washington, D.C., by NewsRx correspondents.

This patent application is assigned to Zurich Insurance Company Ltd. (Zurich, Switzerland).

The following quote was obtained by the news editors from the background information supplied by the inventors: “Historically, commercial insurance portfolio management has focused on analyzing the information within functional siloes. For example, in real estate and property settings, claims information has been analyzed on a standalone basis. That is a portfolio manager may be limited to claims within a specific portfolio, e.g., client. The portfolio manager may not be able to analyze industry or other general topics, outside the specific portfolio for the location at which the claim has occurred. Information required to perform such an analysis may be stored in other systems such as pricing and risk engineering tools and databases. Often, these systems, while associated with an aspect of the insurance industry, store and index data using different types of schemes and standards. As such, a portfolio manager may not be able to easily identify and/or access all the relevant information to provide complete and accurate advice to customers.

“Given that many customers insure a significant number of locations representing a diverse set of industries, e.g., from office buildings to specialized production plants, it would be desirable to integrate the information from various sources to provide a complete picture for analysis.”

In addition to the background information obtained for this patent application, NewsRx journalists also obtained the inventors’ summary information for this patent application: “One exemplary embodiment of the subject disclosure is directed to a computer-implemented method for outputting result data to an output device, the method including: using at least one hardware processor for extracting code for: populating a portfolio management database with one or more data records from at least one database, where populating the portfolio management database includes at least one of: altering at least a portion of the one or more data records, and selecting a portion of the one or more data records based on one or more rules for the portfolio management database. The method includes receiving at least one search string associated with a search of the portfolio database management database. The method also includes searching the portfolio database based on the at least one search string. The method includes generating result data based, at least in part, on the searching and outputting result data to a user interface.

“Another embodiment is directed to the computer-implemented method, where populating the portfolio management database comprises initially populating the portfolio management database.

“Another embodiment is directed to the computer-implemented method, where populating the portfolio management database comprises updating the portfolio management database.

“Another embodiment is directed to computer-implement method, where the one or more data records include property valuations and the method further includes comparing a current property valuation to a historic property valuation; determining that the current property valuation differs from the historic property valuation; and generating a report of a difference in the current property valuation and the historic property valuation.

“Another embodiment is directed to the computer-implemented method, where populating the portfolio management database includes: determining a set of candidate data records from the one or more data records, where the determination of the set of candidate data records is based, at least in part, on a standardization of one or more geographic location identifiers of the one or more data records; filtering the set of candidate data records, where filtering the set of candidate records is based, at least in part, on a set of relevancy rules for the portfolio management database; converting the set of candidate data records, which were filtered, into one or more portfolio data records; and linking one or more portfolio data records based, at least in part, on the converting.

“Another embodiment is directed to the computer-implemented method, where determining the set of candidate data records includes: selecting a first data record from the one or more data records; determining whether a first geographic location identifier in the first data record can be standardized into a format of the portfolio management database; if the first geographic location identifier can be standardized, standardizing the first geographic location identifier according to the format of the portfolio management database; assigning a first quality metric to the first geographic location identifier, which was standardized, identifier based, at least in part, on one or more quality metric rules; and marking the first data record for inclusion in the set of candidate data records.

“Another embodiment is directed to the computer-implemented method, where determining the set of candidate data records includes: if the first geographic location identifier cannot be standardized, determining whether the first geographic location identifier is similar to at least one valid geographic location based on one or more geographic location identifier rules; if the first geographic location identifier is not similar, discarding the first data record; if the first geographic location identifier is similar, maintaining the geographic location identifier for the first data record; and assigning a second quality metric to the first geographic location identifier.

“Another embodiment is directed to the computer-implemented method, where the searching further includes selecting one or more matching candidates from the portfolio management database, based, at least in part, on a set of business rules.

“Another embodiment is directed to the computer-implemented method, where the set of business rules include insurance-specific policy characteristics.

“Another embodiment is directed to the computer-implemented method, where the set of business rules include location characteristics.

“Another embodiment is directed to the computer-implemented method, where the searching includes utilizing a confidence score.

“Another embodiment is directed to the computer-implemented method, where the searching combines complex data and granular data.

“Another embodiment is directed to the computer-implemented method, further including receiving an update to the at least one search string; generating new result data based, at least in part, on the update to the at least one search string; and updating the user interface based on the new result data.

“Another embodiment is directed to a method for consolidating data records from multiple databases, including receiving one or more data records to be transferred from at least one database to a portfolio management database. The method includes determining a set of candidate data records from the one or more data records. The determination of the set of candidate data records is based on at least a standardization of one or more geographic location identifiers of the one or more data records. The method also includes filtering the set of candidate data records. Filtering the set of candidate records is based on a set of relevancy rules for the portfolio management database. Further, the method includes converting the filtered set of candidate data records into one or more portfolio data records. The method includes linking a set of the one or more portfolio data records and outputting the linked sets of portfolio data records to a user device.

“Another embodiment is directed to the method for consolidating data records from multiple databases, where determining the set of candidate data records includes: selecting a first data record from the one or more data records; determining whether a first geographic location identifier in the first data record can be standardized into a format of the portfolio management database; if the first geographic location identifier can be standardized, standardizing the first geographic location identifier according to the format of the portfolio management database; assigning a first quality metric to the first geographic location identifier, which was standardized, based on one or more quality metric rules; and marking the first data record for inclusion in the set of candidate data records.

“Another embodiment is directed to the method for consolidating data records from multiple databases, where the selecting further comprises selecting one or more matching candidates from the portfolio management database, based, at least in part, on a set of business rules.

“Another embodiment is directed to the method for consolidating data records from multiple databases, where determining the set of candidate data records includes: if the first geographic location identifier cannot be standardized, determining whether the first geographic location identifier is similar to at least one valid geographic location based on one or more geographic location identifier rules; if the first geographic location identifier is not similar, discarding the first data record; if the first geographic location identifier is similar, maintaining the geographic location identifier for the first data record; and assigning a second quality metric to the geographic location identifier.

“Another embodiment is directed to a system for consolidating data records, including: one or more memories configured to store representations of data in an electronic form; and one or more processors, operatively coupled to one or more of the memories, the processors configured to access the data and process the data to: select a data record to be transferred from a first database to a portfolio management database; determine whether a geographic location identifier in the data record can be standardized into a format of the portfolio management database; if the geographic location identifier can be standardized, standardizing the geographic location identifier according to the format of the portfolio management database; assign a first quality metric to the geographic location identifier, which was standardized, identifier based on one or more quality metric rules; mark the data record as a candidate data record; and output the marked data record to a user device.

“Another embodiment is directed to the system, where the selecting further includes selecting one or more matching candidates from the portfolio management database, based, at least in part, on a set of business rules.

“Another embodiment is directed to the system, where the set of business rules include insurance-specific policy characteristics.

“Another embodiment is directed to the system, further including: if the geographic location identifier cannot be standardized, determining whether the geographic location identifier is similar to at least one valid geographic location based on one or more geographic location identifier rules; if the geographic location identifier is similar, discarding the data record; and if the geographic location identifier is not similar, maintaining the geographic location identifier for the candidate data record and assigning a second quality metric to the geographic location identifier.

“In accordance with another exemplary embodiment, a portfolio manager may easily identify and access all the relevant information to provide complete and accurate advice to customers as well as manage the portfolio for profitability.”

The claims supplied by the inventors are:

“1. A computer-implemented method for outputting result data to an output device, the method comprising: using at least one hardware processor for extracting code for: populating a portfolio management database with one or more data records from at least one database, wherein populating the portfolio management database comprises at least one of: altering at least a portion of the one or more data records, and selecting a portion of the one or more data records based on one or more rules for the portfolio management database; receiving at least one search string associated with a search of the portfolio database management database; searching the portfolio database based on the at least one search string; generating result data based, at least in part, on the searching; and outputting result data to a user interface.

“2. The computer-implemented method of claim 1, wherein populating the portfolio management database comprises initially populating the portfolio management database or updating the portfolio management database.

“3. The computer-implemented method of claim 1, wherein the one or more data records include property valuations and the method further comprises: comparing a current property valuation to a historic property valuation; determining that the current property valuation differs from the historic property valuation; and generating a report of a difference in the current property valuation and the historic property valuation.

“4. The computer-implemented method of claim 1, wherein populating the portfolio management database comprises: determining a set of candidate data records from the one or more data records, wherein the determination of the set of candidate data records is based, at least in part, on a standardization of one or more geographic location identifiers of the one or more data records; filtering the set of candidate data records, wherein filtering the set of candidate records is based, at least in part, on a set of relevancy rules for the portfolio management database; converting the set of candidate data records, which were filtered, into one or more portfolio data records; and linking one or more portfolio data records based, at least in part, on the converting.

“5. The computer-implemented method of claim 4, wherein determining the set of candidate data records comprises: selecting a first data record from the one or more data records; determining whether a first geographic location identifier in the first data record can be standardized into a format of the portfolio management database; if the first geographic location identifier can be standardized, standardizing the first geographic location identifier according to the format of the portfolio management database; assigning a first quality metric to the first geographic location identifier, which was standardized, identifier based, at least in part, on one or more quality metric rules; and marking the first data record for inclusion in the set of candidate data records.

“6. The computer-implemented method of 5, wherein determining the set of candidate data records comprises: if the first geographic location identifier cannot be standardized, determining whether the first geographic location identifier is similar to at least one valid geographic location based on one or more geographic location identifier rules; if the first geographic location identifier is not similar, discarding the first data record; if the first geographic location identifier is similar, maintaining the geographic location identifier for the first data record; and assigning a second quality metric to the first geographic location identifier.

“7. The computer-implemented method of claim 1, wherein the searching further comprises selecting one or more matching candidates from the portfolio management database, based, at least in part, on a set of business rules.

“8. The computer-implemented method of claim 7, wherein the set of business rules includes insurance-specific policy characteristics.

“9. The computer-implemented method of claim 7, wherein the set of business rules includes location characteristics.

“10. The computer-implemented method of claim 1, wherein the searching includes utilizing a confidence score.

“11. The computer-implemented method of claim 1, wherein the searching combines complex data and granular data.

“12. The computer-implemented method of claim 1, the method further comprising: receiving an update to the at least one search string; generating new result data based, at least in part, on the update to the at least one search string; and updating the user interface based on the new result data.

“13. A method for consolidating data records from multiple databases, comprising: receiving one or more data records to be transferred from at least one database to a portfolio management database; determining a set of candidate data records from the one or more data records, wherein the determination of the set of candidate data records is based on at least a standardization of one or more geographic location identifiers of the one or more data records; filtering the set of candidate data records, wherein filtering the set of candidate records is based on a set of relevancy rules for the portfolio management database; converting the filtered set of candidate data records into one or more portfolio data records; linking a set of the one or more portfolio data records; and outputting the linked sets of portfolio data records to a user device.

“14. The method of claim 13, wherein determining the set of candidate data records comprises: selecting a first data record from the one or more data records; determining whether a first geographic location identifier in the first data record can be standardized into a format of the portfolio management database; if the first geographic location identifier can be standardized, standardizing the first geographic location identifier according to the format of the portfolio management database; assigning a first quality metric to the first geographic location identifier, which was standardized, based on one or more quality metric rules; and marking the first data record for inclusion in the set of candidate data records.

“15. The method of claim 14, wherein the selecting further comprises selecting one or more matching candidates from the portfolio management database, based, at least in part, on a set of business rules.

“16. The method of claim 14, wherein determining the set of candidate data records comprises: if the first geographic location identifier cannot be standardized, determining whether the first geographic location identifier is similar to at least one valid geographic location based on one or more geographic location identifier rules; if the first geographic location identifier is not similar, discarding the first data record; if the first geographic location identifier is similar, maintaining the geographic location identifier for the first data record; and assigning a second quality metric to the geographic location identifier.

“17. A system for consolidating data records, comprising: one or more memories configured to store representations of data in an electronic form; and one or more processors, operatively coupled to one or more of the memories, the processors configured to access the data and process the data to: select a data record to be transferred from a first database to a portfolio management database, determine whether a geographic location identifier in the data record can be standardized into a format of the portfolio management database, if the geographic location identifier can be standardized, standardizing the geographic location identifier according to the format of the portfolio management database, assign a first quality metric to the geographic location identifier, which was standardized, identifier based on one or more quality metric rules, mark the data record as a candidate data record, and output the marked data record to a user device.

“18. The system of claim 17, wherein the selecting further comprises selecting one or more matching candidates from the portfolio management database, based, at least in part, on a set of business rules.

“19. The system of claim 18, wherein the set of business rules includes insurance-specific policy characteristics.

“20. The system of claim 17, further comprising: if the geographic location identifier cannot be standardized, determining whether the geographic location identifier is similar to at least one valid geographic location based on one or more geographic location identifier rules; if the geographic location identifier is similar, discarding the data record; and if the geographic location identifier is not similar, maintaining the geographic location identifier for the candidate data record and assigning a second quality metric to the geographic location identifier.”

URL and more information on this patent application, see: Ackermann, Stefan; Pankratov, Kirill; Rymaszewski, Prezmyslaw. Cross-Functional Portfolio Database Management Systems And Methods. U.S. Patent Application Number 20230245235, filed December 23, 2022 and posted August 3, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(20230245235)&db=US-PGPUB&type=ids

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