View source for 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==

[[:Category:INTERNATIONAL BUSINESS MACHINES CORPORATION|INTERNATIONAL BUSINESS MACHINES CORPORATION]]


[[Category:INTERNATIONAL BUSINESS MACHINES CORPORATION]]

==Inventor(s)==

[[:Category:Craig M. Trim of Ventura CA (US)|Craig M. Trim of Ventura CA (US)]][[Category:Craig M. Trim of Ventura CA (US)]]

[[:Category:Shikhar Kwatra of San Jose CA (US)|Shikhar Kwatra of San Jose CA (US)]][[Category:Shikhar Kwatra of San Jose CA (US)]]

[[:Category:Kuntal Dey of Rampurhat (IN)|Kuntal Dey of Rampurhat (IN)]][[Category:Kuntal Dey of Rampurhat (IN)]]

[[:Category:Seema Nagar of Bangalore (IN)|Seema Nagar of Bangalore (IN)]][[Category:Seema Nagar of Bangalore (IN)]]

==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By modifying the digital twin with real-time data from the object, the invention overcomes the problem of limited or outdated information.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.



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