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Patent Issued for Techniques and strategies for assessing safety wants of retirement providers shoppers and decide cross-selling potential of shoppers (USPTO 11127038): Massachusetts Mutual Life Insurance coverage Firm

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By Staff , in Retirement Accounts , at October 13, 2021



2021 OCT 12 (NewsRx) — By a Information Reporter-Employees Information Editor at Insurance coverage Day by day InformationMassachusetts Mutual Life Insurance coverage Firm (Springfield, Massachusetts, United States) has been issued patent quantity 11127038, based on information reporting originating out of Alexandria, Virginia, by NewsRx editors.

The patent’s inventors are Ross, Gareth (Amherst, MA, US), Walker, Tricia (East Hampton, MA, US).

This patent was filed on July 18, 2019 and was printed on-line on September 21, 2021.

From the background info equipped by the inventors, information correspondents obtained the next quote: “Completely different people have totally different monetary objectives for retirement. People typically put together for retirement by first figuring out a desired retirement earnings after which making ready a plan to realize the specified retirement earnings. Sometimes, desired retirement earnings could be anyplace between 40%-80%, or extra, of the pre-retirement earnings for the lifetime of the person. Examples of retirement financial savings autos embody annuities and life insurance coverage merchandise, amongst others.

“Annuities permit buyers to put a sure amount of cash in a tax-deferred account in alternate for earnings sooner or later. People who want extra earnings sources throughout retirement can spend money on annuities. An annuity may also be a gorgeous funding if the shopper is in search of a retirement account with out contribution limits. Moreover, not like some retirement accounts, prospects are usually not required to take a minimal distribution from annuities at retirement age.

“Life insurance coverage gives a profit to a policyholder’s beneficiaries when the insured dies. Life insurance coverage is required by people to pay for almost all of their household bills ought to they die. Life insurance coverage can present a policyholders’ household the power to pay for the policyholder’s funeral bills and keep the household’s way of life. For instance, a policyholder’s household can proceed to make mortgage funds and pay family bills utilizing the proceeds from a life insurance coverage coverage dying profit.

“Planning for retirement is tough because of the many seemingly conflicting objectives and dangers {that a} retiree faces. Retirees could have collected retirement financial savings effectively in extra of what’s wanted to supply for primary spending wants, however could also be overly-cautious about spending it too shortly throughout the early years of retirement. This cautiousness would possibly forestall them from absolutely having fun with touring and different actions which might be sometimes related to the “golden years” of life. Maximizing the profit from a given set of retirement property could be tough, significantly whereas taking into consideration a given retiree’s tolerance for danger. Moreover, the normal retirement planning strategy typically ignores retirement safety typically focusing solely on retirement funding.

“One standard strategy includes the implementation of various instruments by insurance coverage firms with the intention to assess the shopper wants when it comes to safety for retirement providers. A few of these instruments could also be centered on the extent of safety supplied to a buyer’s present monetary state and sometimes addressed with life insurance coverage. Interactive instruments can be utilized for evaluating a buyer’s potential monetary state of affairs throughout retirement and the way life insurance coverage would possibly have an effect on a buyer’s monetary state of affairs. The analysis of a person’s insurance coverage safety relies on whether or not the safety is commensurate with the person’s present monetary alternative worth. Nonetheless, the present or standard approaches and/or instruments associated to supply insurance coverage safety primarily based on buyer wants are usually not efficient or environment friendly sufficient.

“For the aforementioned causes, there’s a want for an improved system and technique to supply the safety wants of retirement providers and to find out the cross-selling product functionality of present insurance coverage prospects.”

Supplementing the background info on this patent, NewsRx reporters additionally obtained the inventors’ abstract info for this patent: “A system and technique for assessing the safety wants for retirement providers and offering cross-selling merchandise are disclosed. In keeping with some embodiments, the current disclosure features a system structure of a retirement safety system, which is used to evaluate the safety wants of a retirement service buyer (at a person, not a work-site stage), and to develop methods to cross-sell life merchandise to these prospects. Extra particularly, the retirement safety system analyzes a pattern of RS (retirement service) prospects saved in a database to find out propensity of shoppers for buying cross-selling merchandise (e.g. of life, incapacity earnings, and annuity merchandise).

“In keeping with an embodiment, the system structure contains totally different elements that dynamically work together with one another by a community connection. The system structure of the retirement safety system contains totally different elements, corresponding to a RS shopper knowledge supply, an inside database, an exterior database, a retirement service system, a advertising and marketing marketing campaign module, an automatic transaction platform, and an ongoing service module.

“In keeping with one other embodiment, the current disclosure refers to a way for assessing safety wants and figuring out cross-selling propensity of RS shoppers. The strategy describes a course of with a number of steps, the place a retirement service system by a software program module obtains a pattern of RS shoppers from the RS shopper knowledge supply. The retirement service system contains totally different instruments or software program modules to find out a correlation between prospects’ wants for annuity/life cross-selling merchandise and the propensity or chance for buying them. Subsequently, the retirement service system makes use of this correlation to establish excessive propensity shoppers for buying annuity/life cross-selling merchandise. Then, the retirement safety system by the advertising and marketing marketing campaign module creates a advertising and marketing marketing campaign which features a advertising and marketing technique for concentrating on excessive propensity teams. The retirement service system additionally contains software program modules for offering ongoing providers to excessive propensity goal teams. The continuing service module contains features corresponding to, for instance, automated reminders to policyholders about funds due, reductions, buyer suggestions assortment, and/or product choices.

“The disclosed retirement safety system and technique are in a position to conduct superior analytics to establish propensity of shoppers which can purchase a mix of annuity and life insurance coverage merchandise. As well as, the disclosed retirement safety system and technique creates the chance to supply totally different providers and/or merchandise by creating a cross-selling technique primarily based on particular person policyholders’ wants. Instruments for cross-selling life and annuity merchandise permits insurers to have a diversified portfolio whereas rising gross sales and creating worth for shoppers.

“In a single embodiment, a computer-implemented technique contains choosing, by a server, a set of policyholder data from a policyholder database; figuring out, by the server, a life insurance coverage and retirement want for every of the policyholders related to the set of policyholder data; figuring out, by the server, a propensity for buying at the least one chosen product that satisfies the life insurance coverage and retirement want for every of the policyholders related to the set of policyholder data and assigning a worth to the decided propensity for every policyholder; choosing, by the server, a subset of the set of policyholders which have the very best correlation between the propensity for buying and the life insurance coverage and retirement want; and robotically producing, by the server, custom-made advertising and marketing correspondence to the subset of the set of policyholders primarily based upon the propensity for buying and the life insurance coverage and retirement want based on a advertising and marketing marketing campaign.”

The claims equipped by the inventors are:

“1. A pc-implemented technique comprising: amassing, by a server, knowledge related to a set of customers by scanning at the least one social networking database and an inside database; figuring out, by the server primarily based on the info collected, a primary worth equivalent to a product want for every consumer throughout the set of customers; producing, by the server, a multi-dimensional matrix equivalent to a propensity for buying at the least one product that satisfies the product want for every consumer throughout the set of customers, whereby the server assigns a second worth to every consumer throughout the set of customers primarily based on every respective consumer’s decided propensity for buying the at the least one chosen product, and whereby every consumer is positioned throughout the multi-dimensional matrix in accordance with every respective consumer’s assigned first and second values; choosing, by the server primarily based on a relative place of every consumer throughout the multi-dimensional matrix, a subset of customers which have a highest worth of correlation between the primary and the second values; robotically producing, by the server, a custom-made electronic message for every consumer throughout the subset of customers, the custom-made electronic message comprising a hyperlink equivalent to an automatic transaction platform web site displaying the at the least one chosen product; and transmitting, by the server, the custom-made electronic message to a computing machine related to every consumer throughout the subset of customers.

“2. The strategy of declare 1, whereby the server determines the primary worth for every consumer throughout the set of customers by executing an analytical laptop mannequin.

“3. The strategy of declare 2, whereby the analytical laptop mannequin is a synthetic intelligence mannequin.

“4. The strategy of declare 2, whereby the analytical laptop mannequin makes use of a k-clustering technique.

“5. The strategy of declare 1, whereby the product corresponds to at the least one in every of a life insurance coverage plan and retirement plan.

“6. The strategy of declare 1, additional comprising: robotically initiating, by the server, a telephone session with at the least one consumer throughout the subset of customers.

“7. The strategy based on declare 1, whereby the primary worth corresponds to an attribute related to at the least one in every of demographics, skilled background, medical historical past, and monetary historical past of every consumer.

“8. The strategy based on declare 5, whereby the info within the inside database contains at the least one in every of earnings, quantity of debt, variety of household dependents, financial savings, and month-to-month household expenditure.

“9. The strategy of declare 1, whereby the second worth corresponds to a predicted life occasion comprising at the least one in every of start of a kid, birthday, marriage, accidents, ailments, and dying of a relative.

“10. The strategy of declare 1, additional comprising monitoring, by the server, customers within the subset of customers which have bought the at the least one chosen product.

“11. A pc system comprising: an entity database configured to retailer knowledge related to a set of customers; a social networking database configured to retailer social networking knowledge related to the set of consumer; and a server in communication with the database, the server configured to: gather, from the database, knowledge related to the set of customers by scanning at the least one social networking database and an entity database; decide, primarily based on the info collected, a primary worth equivalent to a product want for every consumer throughout the set of customers; generate a multi-dimensional matrix equivalent to a propensity for buying at the least one product that satisfies the product want for every consumer throughout the set of customers, whereby the server assigns a second worth to every consumer throughout the set of customers primarily based on every respective consumer’s decided propensity for buying the at the least one chosen product, and whereby every consumer is positioned throughout the multi-dimensional matrix in accordance with every respective consumer’s assigned first and second values; choose, primarily based on a relative place of every consumer throughout the multi-dimensional matrix, a subset of customers which have a highest worth of correlation between the primary and the second values; robotically generate a custom-made electronic message for every consumer throughout the subset of customers, the custom-made electronic message comprising a hyperlink equivalent to an automatic transaction platform web site displaying the at the least one chosen product; and transmit the custom-made electronic message to a computing machine related to every consumer throughout the subset of customers.

“12. The pc system of declare 11, whereby the server determines the primary worth for every consumer throughout the set of customers by executing an analytical laptop mannequin.

“13. The pc system of declare 12, whereby the analytical laptop mannequin is a synthetic intelligence mannequin.

“14. The pc system of declare 12, whereby the analytical laptop mannequin makes use of a k-clustering technique.

“15. The pc system of declare 11, whereby the product corresponds to at the least one in every of a life insurance coverage plan and retirement plan.

“16. The pc system of declare 11, whereby the server is additional configured to: robotically provoke a telephone session with at the least one consumer throughout the subset of customers.

“17. The pc system based on declare 11, whereby the primary worth corresponds to an attribute related to at the least one in every of demographics, skilled background, medical historical past, and monetary historical past of every consumer.

“18. The pc system based on declare 15, whereby the info within the inside database contains at the least one in every of earnings, quantity of debt, variety of household dependents, financial savings, and month-to-month household expenditure.

“19. The pc system of declare 11, whereby the second worth corresponds to a predicted life occasion comprising at the least one in every of start of a kid, birthday, marriage, accidents, ailments, and dying of a relative.

“20. The pc system of declare 11, additional comprising monitoring, by the server, customers within the subset of customers which have bought the at the least one chosen product.”

For the URL and extra info on this patent, see: Ross, Gareth. Techniques and strategies for assessing safety wants of retirement providers shoppers and decide cross-selling potential of shoppers. U.S. Patent Quantity 11127038, filed July 18, 2019, and printed on-line on September 21, 2021. Patent URL: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtmlpercent2FPTOpercent2Fsrchnum.htm&r=1&f=G&l=50&s1=11127038.PN.&OS=PN/11127038RS=PN/11127038

(Our experiences ship fact-based information of analysis and discoveries from around the globe.)





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