Gesture-Based Interfaces for Dynamic Life Insurance Benefits
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Traditional life insurance policies with level death benefits fail to adapt to changing insurance needs over time, requiring inefficient and costly processes for coverage adjustments, including re-determination and potential rejection due to health changes.
Innovation Solution
A system and interface that allows users to forecast life insurance needs, creating a customized benefit plan with a scheduled change in coverage, integrating a benefit determination algorithm and policy pricing model for real-time premium quotes, enabling users to simulate and adjust coverage categories for optimized protection and cost.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional level death benefit policies are used, then the policy structure is simple and stable, but the policy cannot adapt to changing insurance needs over time requiring re-determination and potential rejection
Solution Approach 1:
The patent implements a dynamic benefit schedule that automatically adjusts death benefit amounts based on predefined life events (marriage, birth, death of policyholders or beneficiaries). This allows the policy to adapt to changing needs without requiring manual re-determination or underwriting, resolving the contradiction between adaptability and structural simplicity.
Solution Approach 2:
The policy creation process includes a needs analysis phase where users input information about current and future life events. The system pre-calculates and establishes a benefit schedule in advance that anticipates future needs, eliminating the need for subsequent re-determination and reducing the risk of rejection.
2Adaptability or versatility
If coverage adjustments are made after policy issuance, then the policy can adapt to changing needs, but the process is time-consuming and may result in rejection due to health changes
Solution Approach 1:
The system performs a needs analysis during the initial policy application phase, where users provide information about current and anticipated life events. The benefit schedule is pre-established based on this input, eliminating the need for future re-determination and avoiding time loss while maintaining adaptability to changing needs.
Solution Approach 2:
The policy automatically adjusts benefits based on triggered life events without requiring manual intervention or re-underwriting. The system self-updates the benefit schedule according to predefined rules, eliminating the time-consuming re-determination process and health verification steps required for post-issuance adjustments.
3Adaptability or versatility
If customized benefit schedules are implemented, then the policy aligns with individual needs, but the pricing and creation process becomes more complex
Solution Approach 1:
The customized benefit schedule is divided into discrete benefit periods corresponding to specific life events (e.g., initial coverage period, post-marriage period, post-childbirth period). Each segment has predetermined benefits that are independently calculated and priced, simplifying the overall pricing process while maintaining individual customization.
Solution Approach 2:
The system uses parameter-based pricing where the premium is calculated based on changes in key parameters (age, marital status, number of children, etc.) rather than requiring complex actuarial analysis for each custom scenario. This standardizes the pricing process while enabling extensive customization of the benefit schedule.
Data Source
AI summary
This disclosure is directed to systems, methods, apparatuses, and techniques that utilize enhanced gesture-based input mechanisms to facilitate designing custom non-level life insurance benefits policies and supporting customized pricing. These technologies can be specially designed and configured to optimize creation, editing, and/or sharing of life insurance benefits policies. The technologies include multi-gesture functionalities that enable users to view and access various features. Other embodiments are disclosed.