American Family Insurance Group has been granted a patent for a method that utilizes machine learning to process unstructured data for insurance pricing. The system automatically detects and extracts rate factor data from documents, converting it into a structured format, and includes an audit interface for data validation. GlobalData’s report on American Family Insurance Group gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on American Family Insurance Group, was a key innovation area identified from patents. American Family Insurance Group's grant share as of July 2024 was 50%. Grant share is based on the ratio of number of grants to total number of patents.
Automated extraction and structuring of insurance rate factor data
The granted patent US12050635B2 outlines a data processing method and system designed to enhance the extraction and structuring of rate factor data from unstructured documents, particularly in the insurance sector. The method involves receiving a variety of unstructured documents, which may include regulatory filings, and utilizing machine learning algorithms to detect and extract tables containing relevant rate factor data. This extracted data is then transformed into a structured format, allowing for easier analysis and manipulation. An audit interface is provided to facilitate user interaction, enabling the reception of changes to the structured data and ensuring its validation through user inputs. The system also supports the analysis of structured data to assess insurance pricing and can access data via application programming interfaces (APIs).
Additionally, the patent details the capabilities of the machine learning algorithms employed, which can be trained using a reference database of unstructured documents to improve their accuracy in detecting tables and extracting information. The system is designed to handle multiple unstructured documents simultaneously, processing pages in parallel to enhance efficiency. It also includes features for indexing documents and extracting metadata, such as company names and dates, further enriching the structured data. Overall, this patent presents a comprehensive approach to automating the extraction and structuring of insurance-related data, potentially streamlining processes within the industry.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
