METHODS AND SYSTEMS FOR IMPLEMENTING DYNAMIC BILLING

摘要

Described herein are methods and systems for administering a life insurance policy that provide an alternative to the traditional approach by querying a client for a set of coverage objectives and using a set of algorithms to automatically adjust billed premiums on an ongoing basis to maintain the client-specified coverage objectives—a methodology referred to herein as “dynamic billing.” Dynamic billing enables clients to take corrective action sooner than it would otherwise be taken and/or provides an automated mechanism or prompt for clients to take such action on an ongoing basis. For example, in certain embodiments, the disclosed technology computes adjusted premiums and allows the policy owner to be billed the amount required to keep his/her policy on track with his/her current insurance policy objectives.

主权项

1. A method of implementing dynamic billing for a life insurance policy, the method comprising:
receiving, from an administration system, current policy in-force values associated with the life insurance policy; querying a database for dynamic billing objectives using a unique identifier associated with the life insurance policy, wherein the dynamic billing objectives comprise at least one member selected from the group consisting of: assumptions, actual policy performance, current crediting rates, policy charges, and one or more on-file policy illustration objectives specified by the policy owner; determining a recalculated premium based at least in part on the dynamic billing objectives; and providing, to the administration system, the recalculated premium.