System and method of managing an insurance scheme

• US 8,768,732 B2
• Filed: 05/23/2007
• Issued: 07/01/2014
• Est. Priority Date: 06/07/2006
• Status: Active Grant

• Current Assignee: Discovery Limited
• Original Assignee: Discovery Holdings Limited (Prudential PLC)
• Inventors: Gore, Adrian, Mayers, Herschel Phillip, Rabson, Kenneth Steven
• Primary Examiner(s): PAULS, JOHN A
• Application Number:
  US12/303,399
• Publication Number:
  US 20100023354A1
• Time in Patent Office: 2,596 Days
• Field of Search: 705 2- 4
• 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 for managing an insurance policy contract for which premiums are paid for a defined benefit, comprising:

using at least one computer server, the at least one computer server including software executing from non-transitory media, the software configured to—

access category data defining living expenses subsidised under the insurance policy pertaining to at least one of the categories of food, clothing, transport, utilities, and communications;

access insured event data defining death, disease, or disability insured events covered under the insurance policy; and

on the occurrence of at least one insured event defined within the insured event data, to an insured person of the policy, calculate an at least partial subsidy as a percentage of expenses of the insured or a nominated beneficiary, defined within the at least one category data, as evidenced by historical spending within the at least one category by the insured; and

cause, upon the occurrence of the at least one insured event, the at least partial subsidy to be paid to the insured person or a nominated beneficiary, over a predetermined period of time, as said living expenses are incurred by the insured or the nominated beneficiary.

2. The method according to claim 1 wherein the at least one category further includes non-mortgage related lodging accommodation expenses.

3. The method according to claim 1, wherein the predetermined period of time is 12 months.

4. The method according to claim 1, wherein the at least partial subsidy is caused to be paid as a reimbursement to the insured person or their nominated beneficiary for expenses incurred in the at least one category.

5. The method according to claim 1, wherein the at least partial subsidy is caused to be paid by third parties for expenses incurred in the defined at least one category on behalf of the insured person or their nominated beneficiary.

6. The method according to claim 1, wherein the at least partial subsidy has a maximum amount applicable calculated by determining the spending of the insured person in the at least one category for a predetermined time period prior to the life changing event.

7. The method according to claim 6, wherein the predetermined time period prior to the life changing event is six months.

8. An electronic system for managing an insurance policy contract for which premiums are paid for a defined benefit, comprising:

at least one computer server, the at least one computer server including software executing from non-transitory media, the software configured to—

access category data defining living expenses subsidised under the insurance policy pertaining to at least one of the categories of food, clothing, transport, utilities, and communications;

access insured event data defining death, disease, or disability insured events covered under the insurance policy; and

on the occurrence of at least one insured event defined within the insured event data, to an insured person of the policy, calculate an at least partial subsidy as a percentage of the living expenses of the insured or a nominated beneficiary, defined within the at least one category data, as evidenced by historical spending within the at least one category on one or more credit cards used by the insured; and

cause, upon the occurrence of the at least one insured event, the at least partial subsidy to be paid to the insured person or a nominated beneficiary, over a predetermined period of time, as said living expenses are incurred by the insured or the nominated beneficiary.

9. The system according to claim 8, wherein the at least one category further includes non-mortgage related lodging accommodation expenses.

10. The system according to claim 8, wherein the predetermined period of time is 12 months.

11. The system according to claim 8, wherein the at least partial subsidy is caused to be paid as a reimbursement to the insured person or their nominated beneficiary for expenses incurred in the at least one category.

12. The system according to claim 8, wherein the at least partial subsidy is caused to be paid by third parties for expenses incurred in the at least one category of living expenses on behalf of the insured person or their nominated beneficiary.

13. The system according to claim 8, wherein the at least partial subsidy has a maximum amount applicable calculated by the software based upon the spending of the insured person in the at least one category for a predetermined time period prior to the life changing event.

14. The system according to claim 13 wherein the predetermined time period prior to the life changing event is six months.

15. An electronic system for managing an insurance policy contract for which premiums are paid for a defined benefit, comprising:

at least one computer server, the at least one computer server including software executing from non-transitory media, the software configured to—

access category data defining living expenses subsidised under the insurance policy pertaining to at least one of the categories of food, clothing, transport, utilities, and communications;

access insured event data defining death, disease or disability insured events covered under the insurance policy; and

on the occurrence of at least one insured event defined within the insured event data, to an insured under the policy, calculate an at least partial subsidy as a percentage of the expenses for the insured or a nominated beneficiary, defined within the at least one category data, as evidenced by historical spending within the at least one category by the insured; and

cause, upon the occurrence of the at least one insured event, the at least partial subsidy to be paid to the insured person or a nominated beneficiary, over a predetermined period of time, as said living expenses are incurred by the insured or the nominated beneficiary.

16. A method according to claim 15, wherein the historical spending is evidenced on one or more credit cards used by the insured person or the nominated beneficiary.