SYSTEM AND METHOD OF MANAGING AN INSURANCE SCHEME

• US 20110119093A1
• Filed: 10/26/2010
• Published: 05/19/2011
• Est. Priority Date: 10/26/2009
• Status: Active Grant

• Current Assignee: Discovery Life Limited (Discovery Limited)
• Original Assignee: Discovery Life Limited (Discovery Limited)
• Inventors: RABSON, Kenneth Steven, Gore, Adrian, Mayers, Herschel Phillip
• Granted Patent: US 8,380,546 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method of managing an insurance policy includes defining a plurality of mechanisms to protect an insured person from adverse financial outcomes. A selection of at least one of the plurality of mechanism is received from the insured person and stored the selection in a memory. On the occurrence of an insured event, the stored selection is retrieved and a basic insurance amount to be paid to the insured person based on an insurance policy of the insured person is calculated. The method then includes determining based on the stored selection of mechanisms if the insured person has suffered any adverse financial outcomes since the inception of the policy and if so then calculating a further financial protector amount to be paid to the insured person based on the stored selection of mechanisms. Finally, the basic insurance amount and further financial protector amount are paid to the insured person or their nominated beneficiary.

Claims

1. A method of managing an insurance policy including:

defining a plurality of mechanisms to protect an insured person from adverse financial outcomes;

receiving a selection of at least one of the plurality of mechanism from the insured person and storing the selection in a memory;

on the occurrence of an insured event, retrieving the stored selection;

calculating a basic insurance amount to be paid to the insured person based on an insurance policy of the insured person;

determining based on the stored selection of mechanisms if the insured person has suffered any adverse financial outcomes since the inception of the policy and if so then calculating a further financial protector amount to be paid to the insured person based on the stored selection of mechanisms; and

paying the basic insurance amount and further financial protector amount to the insured person or their nominated beneficiary.

2. A method according to claim 1, wherein the plurality of mechanisms include at least some of an asset protector, a debt installment protector and a currency protector.

3. A method according to claim 1, further including:

monitoring the compliance of the insured person with a wellness program; and

altering the further financial protector amount based on the insured person'"'"'s compliance with the wellness program.

4. A system for managing an insurance policy, the system including:

a memory for storing a policy inception interest rate level which is an interest rate level payable on debt of the insured person;

an interest rate determining module to determine after the policy inception an interest rate level payable on debt of the insured person at that time;

a comparator module to compare the determined interest rate level with the inception interest rate level;

a calculating module to calculate a debt protector amount to be paid to the insured person if the determined interest rate level is higher than the inception interest rate level; and

a payment module to pay the debt protector amount to the insured person or their nominated beneficiary on the occurrence of an insured event.

5. A system according to claim 4, wherein the plurality of mechanisms include at least some of an asset protector, a debt installment protector and a currency protector.

6. A system according to claim 4, further including:

a monitoring module to monitor the compliance of the insured person with a wellness program; and

the calculation module altering the further financial protector amount based on the insured person'"'"'s compliance with the wellness program.