Systems and methods for configuring a life insurance system

• US 10,482,538 B1
• Filed: 10/27/2015
• Issued: 11/19/2019
• Est. Priority Date: 10/27/2014
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: White, William S., May, Jeremy S., Kosub, Matthew J., Bell, Sean W., Riedel, Greg A.
• Primary Examiner(s): Hamilton, Lalita M
• Application Number:
  US14/924,382
• Time in Patent Office: 1,484 Days
• Field of Search: 705 4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Methods and systems for configuring non-contemporaneous analytics. An application is received from a consumer for a life insurance policy. An indication is sent to the consumer agreeing to activate the life insurance policy upon receipt of a notification of an activation trigger. An activation trigger is received and the policy is activated.

Claims

1. A method comprising:

receiving, at a computer system with a processor, an application from a consumer for a life insurance policy;

generating, by the computer system with the processor, a self-executing smart contract configured to activate the life insurance policy based on occurrence of an activation trigger, wherein the activation trigger is a predetermined event comprising the consumer turning a threshold age;

receiving, by the computer system with the processor, a notification of the activation trigger; and

based on the receiving the notification of the activation trigger, transmitting, by the computer system with the processor and to a device associated with the consumer, a notification indicative of the life insurance policy.

2. The method of claim 1, further comprising:

allowing the consumer to purchase a right to activate the life insurance policy in the future.

3. The method of claim 1, further comprising:

determining at least one risk factor for the life insurance policy, wherein the risk factor includes at least one of a first risk factor for a first time period, a second risk factor for a second time period, and a third risk factor for a third time period; and

generating at least one policy term based on the risk factor.

4. The method of claim 3, wherein the first time period, the second time period, and the third time period are time ranges greater than two years.

5. The method of claim 3, wherein determining the at least one risk factor is at least partially based on information relating to the consumer.

6. The method of claim 5, wherein determining the at least one risk factor is further at least partially based on an actuarial model.

7. The method of claim 1, wherein the predetermined event comprises a change in the consumer'"'"'s marital status.

8. A non-transitory computer-readable storage medium having computer-readable instructions stored thereon that, when executed by a processor, cause the processor to effectuate operations comprising:

receiving an application from a consumer for a life insurance policy;

generating a self-executing smart contract for the life insurance policy configured to activate the life insurance policy based on occurrence of an activation trigger, wherein the activation trigger comprises a predetermined event;

receiving a notification of the activation trigger; and

based on the receiving the notification of the activation trigger, transmitting, to a device associated with the consumer, a notification indicative of the life insurance policy.

9. The non-transitory computer-readable storage medium of claim 8, the operations further comprising:

allowing the consumer to purchase a right to activate the life insurance policy in the future.

10. The non-transitory computer-readable storage medium of claim 8, the operations further comprising:

determining at least one risk factor for the life insurance policy, wherein the risk factor includes at least one of a first risk factor for a first time period, a second risk factor for a second time period, and a third risk factor for a third time period; and

generating at least one policy term based on the risk factor.

11. The non-transitory computer-readable storage medium of claim 10, wherein the first time period, the second time period, and the third time period are time ranges greater than two years.

12. The non-transitory computer-readable storage medium of claim 10, wherein determining the at least one risk factor is at least partially based on information relating to the consumer.

13. The non-transitory computer-readable storage medium of claim 12, wherein determining the at least one risk factor is further at least partially based on an actuarial model.

14. The non-transitory computer-readable storage medium of claim 8, wherein the predetermined event comprises the consumer turning a threshold age.

15. A system for configuring a life insurance system, the system comprising:

a processor; and

memory communicatively coupled to the processor, the memory storing instructions that cause the processor to effectuate operations comprising;

receiving an application from a consumer for a life insurance policy;

generating a self-executing smart contract configured to activate the life insurance policy based on occurrence of an activation trigger, wherein the activation trigger is a predetermined event;

receiving a notification of the activation trigger; and

based on the receiving the notification of the activation trigger, transmitting, to a device associated with the consumer, a notification indicative of providing the life insurance policy.

16. The system of claim 15, the operations further comprising:

determining at least one risk factor for the life insurance policy, wherein the risk factor includes at least one of a first risk factor for a first time period, a second risk factor for a second time period, and a third risk factor for a third time period; and

generating at least one policy term based on the risk factor.

17. The system of claim 16, wherein the first time period, the second time period, and the third time period are time ranges greater than two years.

18. The system of claim 16, wherein determining the at least one risk factor is at least partially based on information relating to the consumer.

19. The system of claim 17, wherein determining the at least one risk factor is further at least partially based on an actuarial model.

20. The system of claim 15, wherein the predetermined event comprises the consumer turning a threshold age.