17457283. DYNAMIC MICRO-INSURANCE PREMIUM VALUE OPTIMIZATION USING DIGITAL TWIN BASED SIMULATION simplified abstract (INTERNATIONAL BUSINESS MACHINES CORPORATION)
DYNAMIC MICRO-INSURANCE PREMIUM VALUE OPTIMIZATION USING DIGITAL TWIN BASED SIMULATION
Organization Name
INTERNATIONAL BUSINESS MACHINES CORPORATION
Inventor(s)
Craig M. Trim of Ventura CA (US)
Shikhar Kwatra of San Jose CA (US)
DYNAMIC MICRO-INSURANCE PREMIUM VALUE OPTIMIZATION USING DIGITAL TWIN BASED SIMULATION - A simplified explanation of the abstract
This abstract first appeared for US patent application 17457283 titled 'DYNAMIC MICRO-INSURANCE PREMIUM VALUE OPTIMIZATION USING DIGITAL TWIN BASED SIMULATION
Simplified Explanation
The abstract describes a method, computer system, and computer program for determining micro-insurance premium values. Here is a simplified explanation of the abstract:
- The invention involves creating a digital twin of an object identified by a user.
- The digital twin is modified using data received from the actual object.
- The modified digital twin is then simulated in various conditions to assess its performance.
- Based on the simulation results, a micro-insurance premium value is determined for the object.
Potential Applications:
- Insurance industry: This technology can be used by insurance companies to determine premium values for micro-insurance policies covering various objects.
- Risk assessment: The simulation of the digital twin in different conditions can help assess the risk associated with insuring the object.
Problems Solved:
- Complex risk assessment: The invention simplifies the process of determining premium values by using a digital twin and simulations instead of relying solely on manual assessments.
- Lack of data: By modifying the digital twin with real-time data from the object, the invention overcomes the problem of limited or outdated information.
Benefits:
- Accuracy: The use of a digital twin and simulations improves the accuracy of determining premium values by considering various conditions and performance factors.
- Efficiency: The automated process reduces the time and effort required for risk assessment and premium calculation.
- Customization: The technology allows for personalized micro-insurance premium values based on the specific characteristics and performance of the insured object.
Original Abstract Submitted
A method, computer system, and a computer program product for determining micro-insurance premium values is provided. The present invention may include generating a digital twin based on an object identified by a user. The present invention may include modifying the digital twin using data received from the object identified by the user. The present invention may include simulating a performance of the modified digital twin in a plurality of conditions. The present invention may include determining a micro-insurance premium value for the object.
