Goal Insurance

• US 20100332243A1
• Filed: 06/30/2009
• Published: 12/30/2010
• Est. Priority Date: 06/30/2009
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Alexander, Melanie Lynn, Weigman, Scott A., Worrall, Todd J., Wire, Deborah F., Gormley, Georgiana L., Govindan, Manoj, Bendel, Timothy J.
• Granted Patent: US 8,577,764 B2
• Time in Patent Office: Days
• US Class Current: 705/1.1
• CPC Class Codes: G06Q 10/06375 Prediction of business process outcome or impact based on a proposed change
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/01 Social networking
• CPC Class Codes: G06Q 90/00 Systems or methods specially adapted for administrative, commercial, financial, managerial or supervisory purposes, not involving significant data processing

Abstract

Goal insurance is provided as a purchasable option to users who wish to have a goal tracking system monitor and enforce their goals. The user may define the goal, a reward to be given upon successful completion of the goal and penalties to be applied if the goal is not met. To avoid penalties, the user may purchase goal insurance that may be used or apply under specified circumstances. Such circumstances may include death, illness, unemployment or the like. Goal information and progress may be monitored by the goal tracking system and may further be published to one or more sites. Other users may contribute to the user'"'"'s reward or send encouraging remarks. If the user does not purchase goal insurance, the predefined penalties may be applied upon expiration of a goal time period if the user has not achieved their goal.

Claims

1. A method comprising:

receiving, at a computing device, data relating to a user defined goal, wherein the user defined goal includes a penalty that is applied if the user does not meet the goal and a reward that is given if the user meets the goal;

determining, by the computing device, whether the user defined goal has been met based on the received data;

in response to determining that the user defined goal has not been met, determining whether a user corresponding to the goal purchased goal insurance; and

in response to determining that the user purchased goal insurance, determining whether one or more insurance qualification parameters have been met; and

in response to determining that the one or more insurance qualification parameters have been met, preventing the penalty from being applied.

2. The method of claim 1, wherein the reward and the penalty are monetary.

3. The method of claim 1, further comprising receiving contributions to the reward from one or more other users.

4. The method of claim 1, further comprising distributing the reward to the user in response to determining that the user defined goal has been met.

5. The method of claim 1, further comprising applying the penalty in response to determining that the user has not purchased goal insurance and that the user defined goal has not been met.

6. The method of claim 1, wherein the reward includes giving an amount of money to a first recipient and the penalty includes giving the amount of money to a second recipient.

7. The method of claim 6, wherein the first recipient is the user and the second recipient is an entity other than the user.

8. The method of claim 6, wherein at least a portion of the amount of money is provided by the user and wherein preventing the penalty from being applied includes returning the portion of the amount of money to the user.

9. A method comprising:

receiving, at a computing device of a financial institution, data defining a goal to be achieved, a monetary reward for achieving the goal and a penalty for failing to meet the goal;

identifying a funding source for at least a portion of the monetary reward;

withdrawing the at least a portion of the monetary reward from the funding source;

determining whether a user defining the goal wishes to purchase goal insurance; and

in response to determining that the user wishes to purchase goal insurance, storing the data along with a goal insurance indicator.

11. The method of claim 9, further comprising tracking user progress toward the goal on a specified schedule.

12. The method of claim 11, wherein tracking the user progress includes requesting progress information from the user.

13. The method of claim 9, wherein goal insurance includes one or more circumstances under which goal insurance is applicable.

14. The method of claim 9, wherein determining whether the user wishes to purchase goal insurance includes receiving a selection of one or more circumstances under which the goal insurance is to be applicable.

15. The method of claim 14, further comprising determining a cost of the goal insurance based on the selection of the one or more circumstances.

10. The method of 9, further comprising publishing, by the computing device of the financial institution, the goal on an on-line social networking site.

16. An apparatus comprising:

a processor; and

memory storing computer readable instructions that, when executed, cause the apparatus to;

receive, at a computing device, data relating to a user defined goal, wherein the user defined goal includes a penalty that is applied if the user does not meet the goal and a reward that is given if the user meets the goal;

determine, by the computing device, whether the user defined goal has been met based on the received data;

in response to determining that the user defined goal has not been met, determine whether a user corresponding to the goal purchased goal insurance; and

in response to determining that the user purchased goal insurance, determine whether one or more insurance qualification parameters have been met; and

in response to determining that the one or more insurance qualification parameters have been met, prevent the penalty from being applied.

17. The apparatus of claim 16, wherein the computer readable instructions, when executed, further cause the apparatus to distribute the reward to the user in response to determining that the user defined goal has been met.

18. The apparatus of claim 16, wherein the computer readable instructions, when executed, further cause the apparatus to apply the penalty in response to determining that the user has not purchased goal insurance and that the user defined goal has not been met.

19. The apparatus of claim 16, wherein the reward includes giving an amount of money to a first recipient and the penalty includes giving the amount of money to a second recipient.

20. The apparatus of claim 19, wherein the first recipient is the user and the second recipient is an entity other than the user.

21. An apparatus comprising:

a processor; and

memory storing computer readable instructions that, when executed, cause the apparatus to;

receive data defining a goal to be achieved, a monetary reward for achieving the goal and a penalty for failing to meet the goal;

identify a funding source for at least a portion of the monetary reward;

withdraw the at least a portion of the monetary reward from the funding source;

determine whether a user defining the goal wishes to purchase goal insurance; and

in response to determining that the user wishes to purchase goal insurance, store the data along with a goal insurance indicator.

22. The apparatus of claim 21, wherein goal insurance includes one or more circumstances under which goal insurance is applicable.

23. The apparatus of claim 21, wherein determining whether the user wishes to purchase goal insurance includes receiving a selection of one or more circumstances under which the goal insurance is to be applicable.

24. The apparatus of claim 23, wherein the computer readable instructions, when executed, further cause the apparatus to determine a cost of the goal insurance based on the selection of the one or more circumstances.