SYSTEM AND METHOD OF MANAGING AN INSURANCE SCHEME

• US 20100023354A1
• Filed: 05/23/2007
• Published: 01/28/2010
• Est. Priority Date: 06/07/2006
• Status: Active Grant

• Current Assignee: Discovery Limited
• Original Assignee: Discovery Limited
• Inventors: Rabson, Kenneth Steven, Gore, Adrian, Mayers, Herschel Phillip
• Granted Patent: US 8,768,732 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method of managing an insurance scheme includes defining a plurality of categories of living expenses. Defining a plurality of life changing events. On the occurrence of a life changing event for an insured person of the scheme, at least partially subsidising expenses in the category of living expenses for the insured person or a nominated beneficiary of the insured person.

Claims

1. A method of managing an insurance scheme, the method including:

defining a plurality of categories of living expenses;

defining a plurality of life changing events;

on the occurrence of a life changing event for an insured person of the scheme, at least partially subsidising expenses in the category of living expenses for the insured person or a nominated beneficiary of the insured person.

2. A method according to claim 1 wherein the plurality of living expenses includes at least one of the group consisting of food, clothing, transport, utilities, communication and accommodation expenses.

3. A method according to claim 1 or claim 2 wherein the subsidy is a predetermined percentage of the expenses incurred in the defined category of living expenses or is a defined amount of the expenses incurred in the defined category of living expenses.

4. A method according to any preceding claim wherein the plurality of life changing events includes disability, contracting a dread disease or dying.

5. A method according to any preceding claim wherein the at least partial subsidising of expenses occurs for a predetermined period.

6. A method according to claim 5 wherein the period is 12 months.

7. A method according to any preceding claim wherein the at least partial subsidising is effected by reimbursing the insured person or their nominated beneficiary for expenses incurred in the defined category of living expenses.

8. A method according to any of claims 1 to 7 wherein the at least partial subsidising is effected by paying third parties for expenses incurred in the defined category of living expenses on behalf of the insured person or their nominated beneficiary.

9. A method according to any of claims 1 to 7 wherein the at least partial subsidising is effected by calculating the spending of the insured person in the various categories of living expenses for a time period prior to the life changing event and then paying this amount or a percentage of this amount to the insured person or their nominated beneficiary.

10. A method according to any preceding claim wherein the at least partial subsidy has a maximum amount applicable calculated by determining the spending of the insured person in the various categories of living expenses for a time period prior to the life changing event.

11. A method according to claim 10 wherein the time period is six months.

12. A method according to any preceding claim wherein the method is linked to a credit card of the insured life whereby the at least partial subsidising is implemented by paying at least a portion of the amount spent on the credit card on behalf of the insured person or the nominated beneficiary.

13. A method according to claim 12 wherein the amount of spending in any of the categories of living expenses is determined by checking historical spending on the credit card.

14. An electronic system for managing insurance scheme, the system including:

a living expenses module to define a plurality of categories of living expenses;

a life changing events module to define a plurality of life changing events; and

a calculation module to, on the occurrence of a life changing event for an insured person of the scheme, calculate an at least partial subsidy of expenses in the category of living expenses for the insured person or a nominated beneficiary of the insured person.

15. A system according to claim 14 wherein the calculation module calculates the plurality of living expenses that includes at least one of the group consisting of food, clothing, transport, utilities, communication and accommodation expenses.

16. A system according to claim 14 or claim 15 wherein the calculation module calculates the at least partial subsidy as a predetermined percentage of the expenses incurred in the defined category of living expenses or is a defined amount of the expenses incurred in the defined category of living expenses.

17. A system according to any one of claim 14 to 16 wherein the plurality of life changing events defined by the life changing events module includes disability, contracting a dread disease or dying.

18. A system according to any one of claims 14 to 17 wherein the calculation module calculates the at least partial subsidising of expenses for a predetermined period.

19. A system according to claim 18 wherein the period is 12 months.

20. A system according to any one of claims 14 to 19 further including a payment module to effect a payment of the at least partial subsidy.

21. A system according to claim 20 wherein the payment module effects the payment by reimbursing the insured person or their nominated beneficiary for expenses incurred in the defined category of living expenses.

22. A system according to any of claims 20 or 21 wherein the at least partial subsidising is effected by the payment module paying third parties for expenses incurred in the defined category of living expenses on behalf of the insured person or their nominated beneficiary.

23. A system according to any of claims 20 to 22 wherein the at least partial subsidising is effected by the calculation module calculating the spending of the insured person in the various categories of living expenses for a time period prior to the life changing event and then the payment module paying this amount or a percentage of this amount to the insured person or their nominated beneficiary.

24. A system according to any of claims 20 to 23 wherein the at least partial subsidy has a maximum amount applicable calculated by the calculation module determining the spending of the insured person in the various categories of living expenses for a time period prior to the life changing event.

25. A system according to claim 24 wherein the time period is six months.

26. A system according to any one of claims 20 to 25 wherein the method is linked to a credit card of the insured life whereby the at least partial subsidy is implemented by the payment module paying at least a portion of the amount spent on the credit card on behalf of the insured person or the nominated beneficiary.

27. A system according to claim 26 wherein the amount of spending in any of the categories of living expenses is determined by the calculation module by checking historical spending on the credit card.

28. A machine-readable medium embodying instructions which, when executed by a machine, cause the machine to perform a method including:

defining a plurality of categories of living expenses;

defining a plurality of life changing events;

on the occurrence of a life changing event for an insured person of the scheme, at least partially subsidising expenses in the category of living expenses for the insured person or a nominated beneficiary of the insured person.