System and method for administering a financial program involving the collection of payments

• US 20020169715A1
• Filed: 02/02/2001
• Published: 11/14/2002
• Est. Priority Date: 08/10/2000
• Status: Abandoned Application

• Current Assignee: Genworth Financial Incorporated
• Original Assignee: Genworth Financial Incorporated
• Inventors: Xiao, Jia, Nutt, LaMont, Ruth, Robin, Western, Deborah
• Application Number:
  US09/773,539
• Publication Number:
  US 20020169715A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system for administering a financial program involves the collection of payments. The system includes a debit system for coordinating the administration of the financial program, which, in turn, includes interface logic for allowing a user to interact with the debit system, and batch processing logic for performing batch processing associated with the financial program. The system further includes at least one support system coupled to the debit system for handling an aspect of the administration of the financial program, and for conmmunicating with the debit system. The system further includes a data storage for storing data tables used by the debit system in the administration of the financial program. The data storage also includes a representation of information as maintained by a retired system previously used for administering the financial program. In a preferred embodiment, the financial program is an insurance program with payment due dates occurring weekly or monthly.

Claims

1. A system for administering a financial program involving the collection of payments, comprising:

a debit system for coordinating the administration of the financial program, including;

interface logic for allowing a user to interact with the debit system;

batch processing logic for performing batch processing associated with the financial program;

at least one support system coupled to the debit system for handling an aspect of the administration of the financial program, and for communicating with the debit system; and

a data storage for storing data tables used by the debit system in the administration of the financial program, the data storage also including a representation of information as maintained by a retired system previously used for administering the financial program.

2. The system of claim 1, wherein the interface logic includes at least one of:

interface logic for performing policy maintenance;

interface logic for administering billing and premium payment;

interface logic for performing waiver processing;

interface logic for performing loan processing;

interface logic for performing cash surrender value processing;

interface logic for performing extended value processing;

interface logic for performing system-related maintenance; and

interface logic for accessing the representation of information as maintained by the retired system.

3. The system of claim 1, wherein the batch processing logic includes logic for receiving notification of payments from a finds collector.

4. The system of claim 1, wherein the batch processing logic includes logic for interacting with the at least one support system.

5. The system of claim 1, wherein the at least one support system comprises one of:

a death claims system for handling insurance claims pertaining to deaths;

a matured endowment system for handling matured endowment-related matters; and

a waiver of premium system for handling waiver of premium processing.

6. The system of claim 1, wherein the financial program involves the performance of plural processing routines to handle different aspects of the financial program, and the system includes functionality that facilitates interaction between these different processing routines.

7. The system of claim 2, wherein the interface logic for accessing the representation of information as maintained by the retired system includes logic for retrieving policy information therefrom.

8. The system of claim 1, wherein the financial program is an insurance program.

9. The system of claim 8, wherein the insurance program includes payment due dates occurring weekly or monthly.

10. The system of claim 1, wherein the system is implemented as a server in the context of a client-server architecture.

11. The system of claim 1, wherein the data storage is implemented as a relational database.

13. The method of claim 12, where the interface permits the user to access at least one of the interface functions of:

an interface function for performing policy maintenance;

an interface function for administering billing and premium payment;

an interface function for performing waiver processing;

an interface function for performing loan processing;

an interface function for performing cash surrender value processing;

an interface function for performing extended value processing;

an interface function for performing system-related maintenance.

14. The method of claim 12, wherein the policy obtained from the representation of information as maintained by the retired system pertains to a policy that was not transferred to the debit service upon introduction of the debit service.

15. The method of claim 12, wherein the financial program is an insurance program.

16. The method of claim 15, wherein the insurance program includes payment due dates occurring weekly or monthly.

20. The medium of claim 19, wherein the financial program is an insurance program.

21. The medium of claim 20, wherein the insurance program includes payment due dates occurring weekly or monthly.

12. A method for administering a financial program involving the collection of payments, including:

providing a debit service for coordinating the administration of the financial program, the debit service being coupled to a data storage, the data storage including converted records as well as a representation of information as maintained by a retired system previously used for administering the financial program;

providing an interface for interacting with the debit service;

receiving a request, via the interface, from a user for information regarding a financial policy;

determining whether the policy may be obtained from the converted records stored in the data storage;

retrieving the policy from the converted records if the policy may be obtained therefrom; and

retrieving the policy from the representation of information as maintained by the retired system if the policy cannot be obtained from the converted records.

17. A system for administering a financial program involving the collection of payments, including:

a debit system for coordinating the administration of the financial program, including;

interface logic for allowing a user to interact with the debit system;

batch processing logic for performing batch processing associated with the financial program;

at least one support system coupled to the debit system for handling an aspect of the administration of the financial program, and for communicating with the debit system; and

a data storage for storing data tables used by the debit system in the administration of the financial program,

wherein the interface logic includes;

interface logic for performing basic policy maintenance;

interface logic for administering billing and premium payment;

interface logic for performing waiver processing;

interface logic for performing loan processing;

interface logic for performing cash surrender value processing;

interface logic for performing extended value processing; and

interface logic for performing system-related maintenance.

18. A method for administering a financial program involving the collection of payments, including:

providing a debit service for coordinating the administration of the financial program, the debit service being coupled to a data storage;

providing an interface for interacting with the debit service;

providing a user with an option to select from the functions of;

an interface function for performing basic policy maintenance;

an interface function for administering billing and premium payment;

an interface function for performing waiver processing;

an interface function for performing loan processing;

an interface function for performing cash surrender value processing;

an interface function for performing extended value processing;

an interface function for performing system-related maintenance; and

providing the selected function to the user.

19. A computer-readable medium for administering a financial program involving the collection of payments, when executing by processing logic, including:

interface logic for allowing a user to interact with a debit service;

batch processing logic for performing batch processing associated with the financial program;

wherein the interface logic includes at least one of;

interface logic for performing basic policy maintenance;

interface logic for administering billing and premium payment;

interface logic for performing waiver processing;

interface logic for performing loan processing;

interface logic for performing cash surrender value processing;

interface logic for performing extended value processing;

interface logic for performing system-related maintenance on the debit system; and

interface logic for accessing a representation of information as maintained by a retired system, wherein the retired system was previously used for administering the financial program.