System, method, and computer program product for selecting and presenting financial products and services

Abstract

A method and apparatus are provided for automatically preparing a client communication pertaining to a financial product for a client, wherein the client communication is for combined use with a corresponding host vehicle. The method comprises providing a format for the client communication wherein the communication format includes a variable portion; inputting into a computer-accessible storage medium variable information other than a client identification; inputting into the storage medium decision information; and using the decision information to select a subset of the variable information for inclusion in a variable portion of the client communication corresponding to the variable portion of the client communication format. The apparatus comprises an inputting device for inputting into a computer-accessible storage medium variable information comprising other than a client identification and decision information; a processor operatively coupled to the storage medium for using the decision information to automatically select a subset of the variable information for each of the clients; and an output preparing component in operative communication with the processor for preparing the client communications and for automatically inserting into the client communication the subset of variable information for the corresponding and respective client.

Description

[0001] This is a continuation of pending U.S. patent application Ser. No. 09 / 592,086, filed Jun. 12, 2000, incorporated herein by reference in its entirety, which is a continuation of U.S. patent application Ser. No. 08 / 834,240, filed Apr. 15, 1997, now U.S. Pat. No. 6,076,072, and which is also a continuation-in-part of U.S. patent application Ser. No. 08 / 661,004, filed Jun. 10, 1996, now U.S. Pat. No. 5,987,434.[0002] 1. Field of the Invention[0003] The present invention relates to methods and apparatus for automatically preparing financial product and / or financial service-related communications such as advertisements, marketing solicitations, financial product sales solicitations, notices and the like for dissemination to clients, potential clients, etc. More specifically, it relates to methods and apparatus suitable for preparing such communications in a fully automated or significantly automated manner permitting large volumes of communications to be prepared and delivered quic...

AI Technical Summary

Benefits of technology

[0011] Accordingly, an object of the present invention is to provide a method and apparatus for preparing client communications, which method and apparatus are relatively cost effective compared to prior approaches.

[0013] Another object of the invention is to provide a method and apparatus for preparing client communications, which method and apparatus are capable of preparing large volumes of client communications relatively quickly, efficiently, and cost effectively.

[0017] The method and apparatus according to the invention provide a marked departure from known marketing and financial product communication systems, for example, in that they allow for the virtually complete automation of the tasks traditionally performed by people, agents, salesmen and the like, and at substantially greater effort and expense. Automatically, with little or no human intervention and with essentially no time delays, they can analyze and evaluate client information, incorporate additional information, determine and / or compare client needs with various available financial products to solve needs, select and / or recommend products most appropriate for the individual needs of each prospective client, and prepare personalized and individualized communications specifically tailored for each individual prospect to effectively communicate the information to the client or prospective client that he or she needs to make an informed buying decision, or to enable the client to seek more information which hopefully will lead to such a decision.

Problems solved by technology

A substantial drawback of the direct mail approach has been the relatively significant cost of distributing the communications.

Even this method has been limited, however, in that the expenses still are substantial and the response levels to such solicitations often are quite low.

Even with such targeted distributions, however, response rates in many cases have remained relatively low.

An important drawback of such known approaches is the limited extent to which they personalize or individualize the communication.

These systems have been limited mostly or entirely to term life insurance products.

The extent to which the communications take into account the particular circumstances and needs of the individual prospective client, or provide individualized explanations necessary to make an informed purchasing decision about the highlighted products, or enough interest to make further inquiries which may lead to a sale, has been extremely limited or nonexistent.

These systems also are limited in their ability to process large volumes of client communications quickly and efficiently.

This is attributable in large part to their requirement for human involvement, the required level of interaction as a necessary part of their operation, the sophisticated nature of the financial products in many cases, and because of the relatively unsophisticated nature of the known systems.

All of these methods and systems have been limited in that they require a substantial amount of human involvement.

This necessitates substantial cost for wages, salaries, benefits, etc., and it can increase the likelihood of errors.

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