WO2011051873A2 - A system and method of managing an insurance scheme - Google Patents
A system and method of managing an insurance scheme Download PDFInfo
- Publication number
- WO2011051873A2 WO2011051873A2 PCT/IB2010/054820 IB2010054820W WO2011051873A2 WO 2011051873 A2 WO2011051873 A2 WO 2011051873A2 IB 2010054820 W IB2010054820 W IB 2010054820W WO 2011051873 A2 WO2011051873 A2 WO 2011051873A2
- Authority
- WO
- WIPO (PCT)
- Prior art keywords
- interest rate
- rate level
- debt
- insured person
- inception
- Prior art date
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Classifications
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/02—Banking, e.g. interest calculation or account maintenance
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/08—Insurance
Definitions
- the present application relates to a system and method of managing an insurance scheme.
- the present invention may be implemented by a traditional life insurance plan operator for its members or may be implemented by another party.
- insurance policies such as life insurance policies operate on the basis that an insured person, sometimes referred to as an insured life, pays a premium to the life insurer, and the life insurer pays a predetermined sum, referred to as the sum assured, to the insured life or his/her beneficiary on the occurrence of an insured event.
- Typical insured events are the insured life suffering disability, contracting a dread disease or dying.
- the quantum of insurance purchased in the event of any insurable event may be correct at the inception of the policy but may not be sufficient after interest rate increases.
- a method of managing insurance policy includes: storing in a memory a policy inception interest rate level which is an interest rate level payable on debt of the insured person; determining after the policy inception an interest rate level payable on debt of the insured person at that time; comparing the determined interest rate level with the inception interest rate level; if the determined interest rate level is higher than the inception interest rate level then calculating a debt protector amount to be paid to the insured person; and on the occurrence of an insured event paying the debt protector amount to the insured person or their nominated beneficiary.
- the method may further include periodically determining after the policy inception an interest rate level payable on debt of the insured person at that time; comparing the determined interest rate level with the inception interest rate level; if the determined interest rate level is higher than the inception interest rate level then calculating a debt protector amount to be paid to the insured person; -3- adding the calculated debt protector amount to any previous periodically calculated debt protector amounts to arrive at a total debt protector amount; and on the occurrence of an insured event paying the total debt protector amount to the insured person or their nominated beneficiary.
- the debt protector amount or total debt protector amount is paid out to the insured person or their nominated beneficiary.
- the inception interest rate level and the determined interest rate level may be set by one or more financial institutions or by a regional authority.
- a system for managing an insurance policy includes: 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
- the system may further include: the interest rate determining module periodically determining after the policy inception an interest rate level payable on debt of the insured person at that time; the comparator module comparing the determined interest rate level with the inception interest rate level; calculating module calculating 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 adding the calculated debt protector amount to any previous periodically calculated debt protector amounts to arrive at a total debt protector amount; and the payment module on the occurrence of an insured event paying the total debt protector amount to the insured person or their nominated beneficiary.
- the payment module pays the debt protector amount or total- debt protector amount to the insured person or their nominated beneficiary.
- the inception interest rate level and the determined interest rate level may be set by one or more financial institutions or by a regional authority.
- Figure 1 a block diagram illustrating an example system to plement the methodologies described herein;
- Figure 2 is a block diagram illustrating an example method of managing an insurance scheme.
- the systems and methodologies described herein relate to a system and method of managing an insurance scheme such as a life insurance scheme.
- Conventional life insurance schemes operate on the basis that an insured person, referred to as the insured life, pays premiums on a regular basis to the life insurer, specifying a sum assured which is an amount to be paid out on the occurrence of an insured event. For example, on the death of the insured life, a predetermined death benefit is paid to the nominated beneficiaries of the insured life. If the insured life is disabled or suffers a dread disease, a different, lesser amount is paid out.
- system and methodology may be implemented by any relevant person or organisation.
- the system and methodology may be operated by the organisation which operates the life insurance scheme or may be implemented by another associated organisation.
- the system and methodology may be implemented by a financial organisation which issues credit cards to its members.
- a plurality of life changing events are defined.
- the plurality of life changing events in the example includes disability, contracting a dread disease or dying as these are typical of the kind of events which are insured by life insurance schemes.
- these life changing events may be other events such as the birth of a child or changing jobs to name but a few examples.
- the quantum of insurance purchased in the event of any insurable event may be correct at the inception of the policy but may not be sufficient after interest rate increases.
- the system includes a server 12 which includes a number of modules to implement the methodologies described herein.
- the modules described may be implemented by a machine-readable medium embodying instructions which, when executed by a machine, cause the machine to perform any of the methods described above.
- modules illustrated could be located on one or more servers operated by one or more institutions.
- the system implements a method of managing an insurance policy that includes storing in a memory 10 associated with the server 12 a policy inception interest rate level which is an interest rate level payable on debt of the insured person.
- the memory is illustrated as a database 10. It will be appreciated that the memory could take any other suitable form.
- the inception interest rate level can be obtained by determining module 14 accessing an official database or website to obtain this information or by receiving this information via communications network 22.
- the inception interest rate level and the determined interest rate level may be set by one or more financial institutions or may be set by a regional authority such as a government in a country.
- the interest rate level is set by the relevant financial institution but is linked to an interest rate set by the South African Reserve Bank and is usually slightly higher than the interest rate set by the Reserve Bank.
- the method includes determining after the policy inception an interest rate level payable on debt of the insured person at that time. 2010/054820
- the interest rate level can again be obtained by determining module 14 accessing an official database or website to obtain this information or by receiving this information via communications network 22.
- a comparing module 16 compares the determined interest rate level with the inception interest rate level and if the determined interest rate level is higher than the inception interest rate level then a calculating module 18 calculates a debt protector amount to be paid to the insured person.
- a payment module 20 pays the debt protector amount to the insured person or their nominated beneficiary.
- this is implemented by the payment module 20 communicating via a communications network 22 with a server of a financial institution (not shown) and instructing the server of the financial institution to pay the insured person or their nominated beneficiary.
- the methodology will be implemented by periodically determining after the policy inception an interest rate level payable on debt of the insured person at that time.
- an interest rate level payable on debt of the insured person at that time is monthly.
- the determined interest rate level is each time compared with the inception interest rate level and if the determined interest rate level is higher than the inception interest rate level then a debt protector amount to be paid to the insured person is calculated by the calculating module 18.
- the calculating module 18 will also add the calculated debt protector amount to any previous periodically calculated debt protector amounts to arrive at a total debt protector amount
- the total debt protector amount will be paid to the insured person or their nominated beneficiary. ln a further example embodiment, if the insured person reaches a predetermined age the debt protector amount or total debt protector amount as the case may be is paid out to the insured person or their nominated beneficiary.
- An example of the predetermined age may be a retirement age such as 65.
- the benefit described essentially implements a fund that pays out at age 65 or on earlier death of the insured person and the funds build up if there are interest rate increases that could impact on the insured persons' financial wealth.
- the compliance of the insured person with a wellness programme may be monitored and may play a part in the calculating of the debt protector amount.
- members participate in approved related facilities and/or services. For example, members use gymnasiums, Smoke EndersTM and WeighlessTM.
- members are awarded points and depending on the total number of points allocated to a member, they fall within one of five statuses.
- these statuses have been named in ascending order of value, blue, bronze, silver, gold and diamond. All members are placed initially in the blue status. Once a member has accumulated a predetermined number of points, his/her status is upgraded to the next appropriate level.
- the wellness programme could be operated by the insurer or could be operated by a third party that operates the wellness programme and then informs the insurer of the degree of participation of the insured person with the wellness programme.
- the data is received at the at least one server and stored in database 10 associated with the at least one server.
- the data will include at least an identity of the insured person and data identifying the status of the insured person, for example blue, bronze, silver, gold and diamond.
- a monitoring of the compliance of the insured person with the wellness programme includes receiving insured person usage information associated with the insured person's usage of the wellness program and determining, based on the usage information, a status level associated with the insured person for the wellness program, wherein the status level indicates a degree of participation in the wellness program
- the usage information received may include information associated with a plurality of separate and distinct occurrences of wellness program participation by the insured person.
- the method may further include determining a status level associated with the insured person that further includes receiving the usage information from an information processing system and assigning a given point value to each separate and distinct occurrence of wellness program participation.
- a total point value is determined based on an accumulation of each given point value assigned to each separate and distinct occurrence of wellness program participation
- the total point value is then compared to a plurality of point ranges, each point range in the plurality of point ranges being associated with a status level and identifying a point range in the plurality of point ranges corresponding to the total point value.
- a status level is assigned that is associated with the point range that has been identified to the at least one employee.
- This status level is then used to adjust the amount of the debt protector amount.
- the insured person selects between two options.
- the first option is 20% of their basic insured amount and the second option is 40% of the basic insured amount.
- R480 will be the calculated amount payable to the insured person for that month.
- a record of this amount will be stored in the memory 10 and as each month goes by, if the interest rate is higher than the starting interest rate a further amount will be added to this amount and the total will grow.
- the debt protector amount can be linked to the compliance of the insured person with the wellness program described above so that the better the compliance with the wellness program the larger the debt protector amount.
Abstract
Description
Claims
Priority Applications (1)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
SG2012038766A SG181077A1 (en) | 2009-10-26 | 2010-10-25 | A system and method of managing an insurance scheme |
Applications Claiming Priority (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
ZA200907507 | 2009-10-26 | ||
ZA2009/07507 | 2009-10-26 |
Publications (2)
Publication Number | Publication Date |
---|---|
WO2011051873A2 true WO2011051873A2 (en) | 2011-05-05 |
WO2011051873A3 WO2011051873A3 (en) | 2011-11-03 |
Family
ID=43922710
Family Applications (2)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
PCT/IB2010/054823 WO2011051876A2 (en) | 2009-10-26 | 2010-10-25 | A system and method of managing an insurance scheme |
PCT/IB2010/054820 WO2011051873A2 (en) | 2009-10-26 | 2010-10-25 | A system and method of managing an insurance scheme |
Family Applications Before (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
PCT/IB2010/054823 WO2011051876A2 (en) | 2009-10-26 | 2010-10-25 | A system and method of managing an insurance scheme |
Country Status (7)
Country | Link |
---|---|
US (2) | US8380546B2 (en) |
KR (2) | KR20120093316A (en) |
AU (2) | AU2010236023A1 (en) |
MY (1) | MY159868A (en) |
SG (2) | SG181076A1 (en) |
WO (2) | WO2011051876A2 (en) |
ZA (2) | ZA201007641B (en) |
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- 2010-10-25 WO PCT/IB2010/054820 patent/WO2011051873A2/en active Application Filing
- 2010-10-25 MY MYPI2012002347A patent/MY159868A/en unknown
- 2010-10-25 KR KR1020127013926A patent/KR20120088779A/en not_active Application Discontinuation
- 2010-10-25 SG SG2012038766A patent/SG181077A1/en unknown
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- 2010-10-26 ZA ZA2010/07642A patent/ZA201007642B/en unknown
- 2010-10-26 AU AU2010236023A patent/AU2010236023A1/en not_active Abandoned
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US20110112872A1 (en) | 2011-05-12 |
US8380546B2 (en) | 2013-02-19 |
ZA201007641B (en) | 2011-07-27 |
WO2011051876A2 (en) | 2011-05-05 |
ZA201007642B (en) | 2011-07-27 |
KR20120093316A (en) | 2012-08-22 |
AU2010236023A1 (en) | 2011-05-12 |
WO2011051876A3 (en) | 2011-11-17 |
MY159868A (en) | 2017-02-15 |
SG181076A1 (en) | 2012-07-30 |
US20110119093A1 (en) | 2011-05-19 |
SG181077A1 (en) | 2012-07-30 |
KR20120088779A (en) | 2012-08-08 |
WO2011051873A3 (en) | 2011-11-03 |
AU2010236017A1 (en) | 2011-05-12 |
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