System and method for processing data relating to annuities

• US 8,359,258 B2
• Filed: 05/07/2012
• Issued: 01/22/2013
• Est. Priority Date: 05/20/2008
• Status: Expired due to Fees

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Michalowski, Philip W., Golembiewski, Keith E., Weiss, Joseph M.
• Primary Examiner(s): Hamilton, Lalita M
• Application Number:
  US13/465,819
• Publication Number:
  US 20120221487A1
• Time in Patent Office: 260 Days
• Field of Search: 705/4, 705/35, 705/36.R
• US Class Current: 705/36.R
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system for administering an insurance account includes a processor; a memory in communication with the processor; the processor being adapted to: access data indicative of a value of an index calculated based on a formula including as factors prices of individual equity securities; access data indicative of dividend yield; access data indicative of an asset value of an insurance account having a value based on the index; determine an updated asset value of the insurance account based on change in the index and on the dividend amount paid; store the determined updated asset value in the memory; and provide an output signal indicative of the determined updated asset value.

Claims

1. A computer system for processing data relating to an annuity, comprising:

a computer processor;

a data storage device in communication with the computer processor, the data storage device storing data indicative of an asset value of the annuity;

the computer processor being configured to;

access data indicative of a current value of an equity index, the current value being based on weighted values of a plurality of dividend issuing equity securities;

access data indicative of dividend yield on the dividend issuing equity securities;

access the data indicative of an asset value of the annuity;

determine an updated asset value of the annuity based on the data indicative of dividend yield and the data indicative of the current value of the equity index;

store the determined updated asset value in the data storage device;

and provide an output signal having data indicative of the determined updated asset value.

2. The system of claim 1, wherein the computer processor is configured to determine the updated asset value based on a sum of percentage increase in the index value and the dividend yield as a percentage of securities value multiplied by a participation rate.

3. The system of claim 1, wherein the computer processor is further configured to determine the updated asset value based on a periodic point-to-point method for determination of an increase in the equity index, and to determine the dividend yield using data indicative of dividends paid with an ex-date in the period employed in the periodic point-to-point method.

4. The system of claim 3, wherein the period employed in the periodic point-to-point method is an annual period.

5. The system of claim 1, wherein the computer processor is further configured to determine the updated asset value based on a monthly averaging method for determination of an increase in the equity index.

6. The system of claim 1, wherein the data indicative of the current value of an equity index comprises data indicative of a stock index based on a market segment, and the data indicative of dividend yield comprises average dividend data for the market segment.

7. The system of claim 1, wherein the data indicative of the current value of an equity index comprises data indicative of an index of U.S. equity securities.

8. The system of claim 1, further comprising a second computer processor configured to receiving the output signal and to cause a printer to print a report including the determined updated asset value.

9. The system of claim 1, further comprising:

a payment determination system having a computer processor configured to;

receive the output signal, access data indicative of a payor account and a payment method;

store the accessed payor account information and the accessed payment method in a memory device of the payment determination system;

output a digital signal having data indicative of the stored payor account information, the stored payment method, amount information and payee information; and

a payment fulfillment system configured to receive the digital signal from the payment determination system and to fulfill payment in accordance with the data received from the payment determination system.

10. A computer-implemented method for processing data relating to an annuity, comprising:

accessing by a computer processor, via a network, data indicative of a current value of an equity index, the current value being based on weighted values of a plurality of dividend issuing equity securities;

accessing by the computer processor, via the network, data indicative of dividend yield on the dividend issuing equity securities;

accessing by the computer processor from a data storage device in communication with the computer processor, data indicative of an asset value of the annuity;

determining by the computer processor an updated asset value of the annuity based on the data indicative of dividend yield and the data indicative of the current value of the equity index;

storing by the computer processor the determined updated asset value in the data storage device; and

providing by the computer processor output data indicative of the determined updated asset value.

11. The computer-implemented method of claim 10, further comprising:

receiving the output data indicative of the determined updated asset value by a report fulfillment computer processor;

accessing by the report fulfillment computer processor from a database data relating to the annuity, including associated name and address and historical performance information; and

directing by the report fulfillment computer processor printing of a report indicating the determined updated asset value and historical performance information, for delivery to the associated address.

12. The computer-implemented method of claim 10, further comprising determining the updated asset value by comparing a sum of a percentage increase in the index value and the dividend yield as a percentage of securities value to a cap, and updating the asset value, the updating increasing the asset value by not more than the cap.

13. The computer-implemented method of claim 12, wherein the updating increasing the asset value by not more than the cap comprises increasing the asset value by not more than a cap equal to a percentage change in asset value over a time period.

14. The computer-implemented method of claim 10, wherein the accessing the data indicative of dividend yield on the dividend issuing securities system comprises accessing data indicative of total return securities index data.

15. The computer-implemented method of claim 10, wherein the determining the updated asset value comprises employing a periodic point-to-point method for determination of an increase in the equity index, and determining the dividend yield using data indicative of dividends paid with an ex-date in the period employed in the periodic point-to-point method.

16. The computer-implemented method of claim 10, wherein the index is further based on a values of a plurality of securities that do not issue dividends.

17. A non-transitory computer-readable storage medium having a plurality of instructions thereon which, when executed by a computer processor, cause the computer processor to perform the steps of:

accessing via a network data indicative of a current value of an equity index, the current value being based on weighted values of a plurality of equity securities, including one or more dividend issuing equity securities;

accessing via the network data indicative of dividend yield on the one or more dividend issuing equity securities;

accessing data, in a data storage device in communication with the computer processor, indicative of an asset value of the annuity;

determining an updated asset value of the annuity based on the data indicative of dividend yield and the data indicative of the current value of the equity index;

storing the determined updated asset value in the data storage device; and

providing an output signal having data indicative of the determined updated asset value.

18. The non-transitory computer-readable storage medium of claim 17, wherein the instructions, when executed by a computer processor, further cause the computer processor to:

employ a periodic point-to-point method for determination of an increase in the equity index, and determine the dividend yield using data indicative of dividends paid with an ex-date in the period employed in the periodic point-to-point method.

19. The non-transitory computer-readable storage medium of claim 17, wherein the instructions when executed by a computer processor, further cause the computer processor to:

determine the updated asset value by weighting the dividend yields of the one or more equity securities in the same manner as the corresponding equity securities are weighted in calculating a value of the equity index.

20. The non-transitory computer-readable storage medium of claim 17, wherein the output signal is provided to a video driver to cause a display to display the determined updated asset value.