METHOD AND SYSTEM FOR CALCULATING THE PREMIUMS AND BENEFITS OF LIFE INSURANCE AND RELATED RISK PRODUCTS BASED ON PARTICIPATION IN A WELLNESS PROGRAM

• US 20090150192A1
• Filed: 12/12/2008
• Published: 06/11/2009
• Est. Priority Date: 03/10/1998
• Status: Abandoned Application

• Current Assignee: Vitality Group International, Inc. (Discovery Limited)
• Original Assignee: Discovery Holdings Limited (Prudential PLC)
• Inventors: GORE, Adrian, POLLARD, Alan, CARLOS, Arthur C., MILLARD, Francois, NOSSEL, Craig
• Application Number:
  US12/333,465
• Publication Number:
  US 20090150192A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G16H 20/00 ICT specially adapted for therapies or health-improving plans, e.g. for handling prescriptions, for steering therapy or for monitoring patient compliance

Abstract

A method, information processing system, and computer program storage product dynamically manage risk coverage premiums. A given time period is determined to have expired. A risk coverage premium associated with a policy holder is retrieved. A wellness program status level is determined to be associated with the policy holder. A current risk coverage premium is dynamically adjusted based on the current wellness program status level.

Claims

1. A method, with an information processing system, for dynamically managing risk coverage premiums, the method comprising:

determining that a given time period has expired;

retrieving a risk coverage premium associated with a policy holder;

determining a wellness program level associated with the policy holder;

dynamically adjusting a current risk coverage premium based on the current wellness program level.

2. The method of claim 1, further comprising:

monitoring the policy holder'"'"'s usage of at least one health related facility and/or service;

allocating a given number of points to the policy holder based on the policy holder'"'"'s usage of the at least one health related facility and/or service; and

associating the wellness program status level with the policy holder based on the given number of points allocated to the policy holder.

3. The method of claim 1, wherein dynamically adjusting the current risk coverage premium further comprises:

dynamically increasing the risk coverage premium in response to the wellness program status level indicating that the policy holder is failing to maintain a healthy lifestyle.

4. The method of claim 1, wherein dynamically adjusting the current risk coverage premium further comprises:

dynamically decreasing the risk coverage premium in response to the wellness program status level indicating that the policy holder is maintaining a healthy lifestyle.

5. The method of claim 1, wherein determining a wellness program status level associated with the policy holder further comprises:

retrieving the wellness program status level from a third party.

6. The method of claim 1, wherein the wellness program status level is based on health related facility and/or service participation information associated with the policy holder.

7. The method of claim 6, wherein a risk coverage provider providing a risk coverage policy to the policy holder that is associated with risk coverage premium determines which health related facility and/or service the policy holder can participate in.

8. An information processing system dynamically managing risk coverage premiums, the information processing system comprising:

a memory;

a processor communicatively coupled to the memory; and

a premium calculator communicatively coupled to the processor and the memory, wherein the premium calculator is adapted to;

determine that a given time period has expired;

retrieve a risk coverage premium associated with a policy holder;

determine a wellness program status level associated with the policy holder;

dynamically adjust a current risk coverage premium based on the current wellness program status level.

9. The information processing system of claim 8, wherein the premium calculator is further adapted to:

monitor the policy holder'"'"'s usage of at least one health related facility and/or service;

allocate a given number of points to the policy holder based on the policy holder'"'"'s usage of the at least one health related facility and/or service; and

associate the wellness program status level with the policy holder based on the given number of points allocated to the policy holder.

10. The information processing system of claim 8, wherein the premium calculator is further adapted to dynamically adjust the current risk coverage premium by:

dynamically increasing the risk coverage premium in response to the wellness program status level indicating that the policy holder is failing to maintain a healthy lifestyle.

11. The information processing system of claim 8, wherein the premium calculator is further adapted to dynamically adjust the current risk coverage premium by:

dynamically decreasing the risk coverage premium in response to the wellness program status level indicating that the policy holder is maintaining a healthy lifestyle.

12. The information processing system of claim 8, wherein the premium calculator is further adapted to determine a wellness program status level associated with the policy holder by:

retrieving the wellness program status level from a third party.

13. The information processing system of claim 8, wherein the wellness program status level is based on health related facility and/or service participation information associated with the policy holder.

14. The information processing system of claim 13, wherein a risk coverage provider providing a risk coverage policy to the policy holder that is associated with risk coverage premium determines which health related facility and/or service the policy holder can participate in.

15. A computer program storage product for dynamically managing risk coverage premiums, the computer program storage product comprising instructions for:

determining that a given time period has expired;

retrieving a risk coverage premium associated with a policy holder;

determining a wellness program status level associated with the policy holder;

dynamically adjusting a current risk coverage premium based on the current wellness program status level.

16. The computer program storage product of claim 15, further comprising instructions for:

monitoring the policy holder'"'"'s usage of at least one health related facility and/or service;

allocating a given number of points to the policy holder based on the policy holder'"'"'s usage of the at least one health related facility and/or service; and

associating the wellness program status level with the policy holder based on the given number of points allocated to the policy holder.

17. The computer program storage product of claim 15, wherein the instructions for dynamically adjusting the current risk coverage premium further comprise instructions for:

dynamically increasing the risk coverage premium in response to the wellness program status level indicating that the policy holder is failing to maintain a healthy lifestyle.

18. The computer program storage product of claim 15, wherein the instructions for dynamically adjusting the current risk coverage premium further comprise instructions for:

dynamically decreasing the risk coverage premium in response to the wellness program status level indicating that the policy holder is maintaining a healthy lifestyle.

19. The computer program storage product of claim 15, wherein the wellness program status level is based on health related facility and/or service participation information associated with the policy holder.

20. The computer program storage product of claim 19, wherein a risk coverage provider providing a risk coverage policy to the policy holder that is associated with risk coverage premium determines which health related facility and/or service the policy holder can participate in.