WO2018195567A1 - A method for operating an insurance scheme - Google Patents
A method for operating an insurance scheme Download PDFInfo
- Publication number
- WO2018195567A1 WO2018195567A1 PCT/ZA2018/050020 ZA2018050020W WO2018195567A1 WO 2018195567 A1 WO2018195567 A1 WO 2018195567A1 ZA 2018050020 W ZA2018050020 W ZA 2018050020W WO 2018195567 A1 WO2018195567 A1 WO 2018195567A1
- Authority
- WO
- WIPO (PCT)
- Prior art keywords
- person
- insured
- input variables
- likelihood
- age
- Prior art date
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Classifications
-
- G—PHYSICS
- G06—COMPUTING OR CALCULATING; 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
- a method for operating an insurance scheme which includes: - determining input variables for a particular person to be insured; capturing the input variables according to data of the particular person; determining a likelihood of the person living to a specified age, the likelihood being based on the input variables; determining a monthly premium payable by an insured person based on the likelihood; and determining a pay-out amount to be paid to the insured user in the event that the insured person lives to the specified age.
- the input variables may include a choice of the user as to desired pay-out age and to a desired pay-out amount.
- the input variables may be weighted according to their relative influence on the likelihood of the person to be insured to live to the specified age.
- the input variables may further include life expectancy data and/or health data, both of which may correspond to any suitable group and/or population of people.
- the health data may correspond to a family member of the person to be insured or to the person directly.
- the health data of the person to be insured may include any one or more of the group comprising occupation, age, activity data, health history and smoking status.
- the payment of monthly premiums may be tracked and captured until the insured user reaches the specified age so as to ensure that all required payments are made before the insured user is paid the pay-out amount.
- Figure 1 shows a flow chart depicting a general overview of the method of operating an insurance scheme in accordance with the present invention
- Figure 2 shows a hypothetical timeline depicting a portion of the scheme to be carried out once a user is insured; and Figure 3 shows a diagram depicting the various constituents of health data.
- a method for operating an insurance scheme 10 includes determining input variables 12 for a particular person 14 to be insured, capturing the input variables 12 according to data of the particular person 14, determining a likelihood 16 of the person 14 living to a specified age 18, the likelihood 16 being based on the input variables 12, determining a monthly premium 20 payable by an insured person 22 based on the likelihood 16 and determining a pay-out amount 24 to be paid to the insured person 22 in the event that the insured person 22 lives to the specified age 18.
- the input variables 12 include a choice 32 of the person to be insured 14 as to pay-out age 18 and pay-out amount 24.
- the input variables 12 are weighted so as to accommodate the varying extent to which the input variables 12 influence the likelihood 16 of the person to be insured 14 living to the specified age 18.
- the input variables 12 further include life expectancy data 26 and health data 28, both of which correspond to any suitable group of people.
- the health data 28 corresponds to a family member (not shown) of the person to be insured 14 and to the person 14 directly.
- the health data 28 of the person to be insured 14 includes any one or more of the group comprising occupation 34, current age 36, activity data 38, health history 40 and smoking status 42.
- the payment of monthly premiums 20 are tracked and captured until the insured person 22 reaches the specified age 18 so as to ensure that all required payments are made before the insured user 22 is paid the pay-out amount 24. In the event that the insured user 22 does not live to the specified pay-out age 18, the payout amount 24 will not be paid out.
- the specified age to which an insured user is to live in order to be paid the pay-out amount is chosen to be 90 years old.
- Person A is a healthy 25-year-old. Person A does not smoke and maintains a healthy lifestyle which includes regular exercise and a balanced diet.
- Person B is 60 years old and is a smoker. Person B has a history of high blood pressure and does not exercise regularly.
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- Business, Economics & Management (AREA)
- Accounting & Taxation (AREA)
- Finance (AREA)
- Engineering & Computer Science (AREA)
- Development Economics (AREA)
- Economics (AREA)
- Marketing (AREA)
- Strategic Management (AREA)
- Technology Law (AREA)
- Physics & Mathematics (AREA)
- General Business, Economics & Management (AREA)
- General Physics & Mathematics (AREA)
- Theoretical Computer Science (AREA)
- Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
Abstract
Method of operating an insurance scheme (10), which includes determining input variables (12) for a particular person (14) to be insured, capturing the input variables (12) according to data of the particular person (14), determining a likelihood (16) of the person (14) living to a specified age (18), the likelihood (16) being based on the input variables (12), determining a monthly premium (20) payable by the insured person (14) based on the likelihood (16) and determining a pay-out amount (24) to be paid to the insured person (14) in the event that the insured person (14) lives to the specified age (18).
Description
A METHOD FOR OPERATING AN INSURANCE SCHEME
SUMMARY OF THE INVENTION
According to the invention, there is provided a method for operating an insurance scheme which includes: - determining input variables for a particular person to be insured; capturing the input variables according to data of the particular person; determining a likelihood of the person living to a specified age, the likelihood being based on the input variables; determining a monthly premium payable by an insured person based on the likelihood; and determining a pay-out amount to be paid to the insured user in the event that the insured person lives to the specified age.
The input variables may include a choice of the user as to desired pay-out age and to a desired pay-out amount. The input variables may be weighted according to their relative influence on the likelihood of the person to be insured to live to the specified age. The input variables may further include life expectancy data and/or health data, both of which may correspond to any suitable group and/or population of people. The health data may correspond to a family member of the person to be insured or to the person directly. The health data of the person to be insured may include any one or more of the group comprising occupation, age, activity data, health history and smoking status.
The payment of monthly premiums may be tracked and captured until the insured user reaches the specified age so as to ensure that all required payments are made before the insured user is paid the pay-out amount.
BRIEF DESCRIPTION OF THE DRAWINGS
A method for operating an insurance scheme will now be described by way of the following, non-limiting examples with reference to the accompanying drawings.
In the drawings: -
Figure 1 shows a flow chart depicting a general overview of the method of operating an insurance scheme in accordance with the present invention;
Figure 2 shows a hypothetical timeline depicting a portion of the scheme to be carried out once a user is insured; and Figure 3 shows a diagram depicting the various constituents of health data.
DETAILED DESCRIPTION OF THE INVENTION
Referring now to the drawings, a method for operating an insurance scheme 10 includes determining input variables 12 for a particular person 14 to be insured, capturing the input variables 12 according to data of the particular person 14, determining a likelihood 16 of the person 14 living to a specified age 18, the likelihood 16 being based on the input variables 12, determining a monthly premium 20 payable by an insured person 22 based on the likelihood 16 and determining a pay-out amount 24 to be paid to the insured person 22 in the event that the insured person 22 lives to the specified age 18.
The input variables 12 include a choice 32 of the person to be insured 14 as to pay-out age 18 and pay-out amount 24. The input variables 12 are weighted so as to accommodate the varying extent to which the input variables 12 influence the likelihood 16 of the person to be insured 14 living to the specified age 18. The input variables 12 further include life expectancy data 26 and health data 28, both of which correspond to any suitable group of people. The health data 28 corresponds to a family member (not shown) of the person to be insured 14 and to the person 14 directly. The health data 28 of the person to be insured 14 includes any one or more of the group
comprising occupation 34, current age 36, activity data 38, health history 40 and smoking status 42.
The payment of monthly premiums 20 are tracked and captured until the insured person 22 reaches the specified age 18 so as to ensure that all required payments are made before the insured user 22 is paid the pay-out amount 24. In the event that the insured user 22 does not live to the specified pay-out age 18, the payout amount 24 will not be paid out.
The method for operating an insurance scheme will now be described by way of an example. For the sake of the example, the specified age to which an insured user is to live in order to be paid the pay-out amount is chosen to be 90 years old.
Person A is a healthy 25-year-old. Person A does not smoke and maintains a healthy lifestyle which includes regular exercise and a balanced diet.
Person B is 60 years old and is a smoker. Person B has a history of high blood pressure and does not exercise regularly.
Based on statistics, it would appear that person A has an increased likelihood of reaching the specified pay-out age of 90 years old than that of person B. Since person A has a better chance of living to 90, the insurance company is more likely to pay the pay-out amount to person A. Therefore, the insurance company will set a higher monthly premium for person A than for person B.
It follows that any person with an increased likelihood of living to the specified pay-out age will pay a larger monthly premium, compared to a person of similar age with a smaller likelihood of living to the specified pay-out age.
It is, of course, to be appreciated that the method for operating an insurance scheme according to the present invention is not limited to the precise constructional and functional details as hereinbefore described with reference to the accompanying drawings and may be varied as desired.
Claims
1 . A method for operating an insurance scheme which includes: - determining input variables for a particular person to be insured; capturing the input variables according to data of the particular person; determining a likelihood of the person living to a specified age, the likelihood being based on the input variables; determining a monthly premium payable by an insured person based on the likelihood; and determining a pay-out amount to be paid to the insured user in the event that the insured person lives to the specified age.
2. A method as claimed in claim 1 wherein the input variables correspond to any suitable group of people.
3. A method as claimed in any one or more of the preceding claims wherein the input variables include a choice of the user as to desired pay-out age.
4. A method as claimed in any one or more of the preceding claims wherein the input variables include a choice of the user as to a desired pay-out amount.
5. A method as claimed in any one or more of the preceding claims wherein the input variables are weighted according to their relative influence on the likelihood of the person to be insured to live to the specified age.
6. A method as claimed in any one or more of the preceding claims wherein the input variables are one of life expectancy data and health data.
7. A method as claimed in claim 6 wherein the health data corresponds to a family member of the person to be insured.
8. A method as claimed in claim 6 or 7 wherein the health data corresponds directly to the person being insured.
9. A method as claimed in claim 6 to 8 wherein the health data of the person to be insured includes any one or more of the group comprising occupation, age, activity data, health history and smoking status.
10. A method as claimed in any one or more of the preceding claims wherein the payment of monthly premiums is tracked and captured until the insured user reaches the specified age so as to ensure that all required payments are made before the insured user is paid the pay-out amount.
1 1 . A method of operating an insurance scheme, according to the invention, substantially as hereinbefore described or exemplified.
12. A method of operating an insurance scheme, as specifically described with reference to or as illustrated in any one of the accompanying drawings.
13. A method of operating an insurance scheme, including any new or inventive integer or combination of integers, substantially as herein described.
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| ZA2019/07544A ZA201907544B (en) | 2017-04-21 | 2019-11-14 | A method for operating an insurance scheme |
Applications Claiming Priority (2)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| ZA201702805 | 2017-04-21 | ||
| ZAZAP2017/02805 | 2017-04-21 |
Publications (1)
| Publication Number | Publication Date |
|---|---|
| WO2018195567A1 true WO2018195567A1 (en) | 2018-10-25 |
Family
ID=63855404
Family Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| PCT/ZA2018/050020 WO2018195567A1 (en) | 2017-04-21 | 2018-04-23 | A method for operating an insurance scheme |
Country Status (2)
| Country | Link |
|---|---|
| WO (1) | WO2018195567A1 (en) |
| ZA (1) | ZA201907544B (en) |
Citations (3)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| WO2002073360A2 (en) * | 2001-03-13 | 2002-09-19 | M Financial Holdings, Inc., Doing Business As M Financial Group | Life insurance products under a single approved form |
| US20060080155A1 (en) * | 2000-01-03 | 2006-04-13 | Renters Legal Liability, LLC, a limited liability company of the State of Utah | Method and apparatus for insuring multiple unit dwellings |
| EP2431935A1 (en) * | 2005-10-21 | 2012-03-21 | Jonathan Samuels | Life insurance option |
-
2018
- 2018-04-23 WO PCT/ZA2018/050020 patent/WO2018195567A1/en active Application Filing
-
2019
- 2019-11-14 ZA ZA2019/07544A patent/ZA201907544B/en unknown
Patent Citations (3)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| US20060080155A1 (en) * | 2000-01-03 | 2006-04-13 | Renters Legal Liability, LLC, a limited liability company of the State of Utah | Method and apparatus for insuring multiple unit dwellings |
| WO2002073360A2 (en) * | 2001-03-13 | 2002-09-19 | M Financial Holdings, Inc., Doing Business As M Financial Group | Life insurance products under a single approved form |
| EP2431935A1 (en) * | 2005-10-21 | 2012-03-21 | Jonathan Samuels | Life insurance option |
Also Published As
| Publication number | Publication date |
|---|---|
| ZA201907544B (en) | 2022-04-28 |
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