System and method of managing an insurance scheme
First Claim
Patent Images
1. A system for managing an insurance plan, comprising:
- at least one computer server;
software stored on non-transitory storage medium connected to said least one computer and configured, when executed by said at least one computer, toreceive data defining at least one benefit to be paid out on the occurrence of at least one insured event under the insurance plan;
receive data relating to at least one insured event for an insured person;
receive data defining at least one initial benefit amount to be paid out on the occurrence of one of the insured events including data relating to a life impact value associated with a life impact of the insured event on the insured person;
assigning a criteria point value for a life impact of the insured event, wherein the criteria point value is proportionate to an actual impact of the insured event to the individual insured;
determine a duration point value of the insured event that is proportionate to an assessed duration of the impact of the insured event to the individual insured, and if the duration of the insured event is permanent, then the point value is based upon the insured'"'"'s age;
calculate the total life impact score by combining the life impact and duration point values;
calculate an earnings factor based upon an income growth expectation for the individual insured, wherein the earnings factor is greater where the individual insured had a high growth expectation as compared to a lower, or standard growth expectation;
calculate an altered benefit amount by adjusting the initial benefit amount by the total life impact score and the earnings factor; and
cause said at least one altered benefit to be paid to a nominated beneficiary.
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Abstract
A system for managing an insurance scheme includes a benefit module to define at least one insured event for an insured person and to define at least one benefit to be paid out on the occurrence of one of the insured events. A calculation module alters the at least one benefit based on a) a time factor; and b) the life impact of the insured event on the insured person. An awards module, on the occurrence of the at least one insured event, provides the at least one altered benefit to the insured person.
170 Citations
15 Claims
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1. A system for managing an insurance plan, comprising:
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at least one computer server; software stored on non-transitory storage medium connected to said least one computer and configured, when executed by said at least one computer, to receive data defining at least one benefit to be paid out on the occurrence of at least one insured event under the insurance plan; receive data relating to at least one insured event for an insured person; receive data defining at least one initial benefit amount to be paid out on the occurrence of one of the insured events including data relating to a life impact value associated with a life impact of the insured event on the insured person; assigning a criteria point value for a life impact of the insured event, wherein the criteria point value is proportionate to an actual impact of the insured event to the individual insured; determine a duration point value of the insured event that is proportionate to an assessed duration of the impact of the insured event to the individual insured, and if the duration of the insured event is permanent, then the point value is based upon the insured'"'"'s age; calculate the total life impact score by combining the life impact and duration point values; calculate an earnings factor based upon an income growth expectation for the individual insured, wherein the earnings factor is greater where the individual insured had a high growth expectation as compared to a lower, or standard growth expectation; calculate an altered benefit amount by adjusting the initial benefit amount by the total life impact score and the earnings factor; and cause said at least one altered benefit to be paid to a nominated beneficiary. - View Dependent Claims (2)
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3. A system for managing an insurance plan, comprising:
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at least one computer server; software stored on non-transitory storage medium connected to said least one computer and configured, when executed by said at least one computer, to receive data defining at least one benefit to be paid out on the occurrence of at least one insured event under the insurance plan; receive data relating to the age of, projected income of, and an insured event under the insurance plan experienced by, an insured of the insurance plan; allocate a life impact point value to the insured event, based upon the life impact to the insured due to the insured event, wherein the criteria point value is proportionate to an actual impact of the insured event to the individual insured; allocate a duration point value to the insured event, based upon a duration of impact to the insured due to the insured event; combine the life impact point value and the duration point value to calculate a total lifetime impact score; receive data relating to a salary growth expectation of the insured prior to the insured event; calculate an salary growth expectation value based upon an income growth expectation for the individual insured, wherein the salary growth expectation value is greater where the individual insured had a high growth expectation as compared to a lower, or standard growth expectation; calculate an altered benefit by adjusting the at least one benefit using the lifetime impact score and the salary growth expectation value of the insured; cause said at least one altered benefit to be paid to a nominated beneficiary. - View Dependent Claims (4, 5, 6, 7, 8, 9, 10, 11)
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12. A system for managing an insurance plan, comprising:
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at least one computer server; software stored on non-transitory storage medium connected to said least one computer and configured, when executed by said at least one computer, to receive information relating to an insured event of the insured occurring to an individual insured of the insurance plan; obtain an initial benefit amount based upon the insured event; determine a life impact of the insured event by assigning a criteria point value for a life impact of the insured event, wherein the criteria point value is proportionate to an actual impact of the insured event to the individual insured; determine a duration point value of the insured event that is proportionate to an assessed duration of the impact of the insured event to the individual insured, and if the duration of the insured event is permanent, then the point value is based upon the insured'"'"'s age; calculate the total life impact score by combining the life impact and duration point values; calculate an earnings factor based upon an income growth expectation for the individual insured; calculate an adjusted insured event benefit amount by adjusting the initial benefit amount by the total life impact score and the earnings factor, wherein the earnings factor and the adjusted insured event benefit amount is greater where the individual insured had a high growth expectation as compared to a lower, or standard growth expectation; and cause the at least one altered benefit to be paid to a nominated beneficiary. - View Dependent Claims (13, 14, 15)
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Specification