WO2020095257A1 - A computer implemented system and method of operating a fund - Google Patents

A computer implemented system and method of operating a fund Download PDF

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Publication number
WO2020095257A1
WO2020095257A1 PCT/IB2019/059603 IB2019059603W WO2020095257A1 WO 2020095257 A1 WO2020095257 A1 WO 2020095257A1 IB 2019059603 W IB2019059603 W IB 2019059603W WO 2020095257 A1 WO2020095257 A1 WO 2020095257A1
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WO
WIPO (PCT)
Prior art keywords
individual
data
compliance
processor
fund
Prior art date
Application number
PCT/IB2019/059603
Other languages
French (fr)
Inventor
Gareth FRIEDLANDER
Hylton KALLNER
Original Assignee
Discovery Limited
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Publication date
Application filed by Discovery Limited filed Critical Discovery Limited
Publication of WO2020095257A1 publication Critical patent/WO2020095257A1/en

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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR 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
    • G06Q40/06—Asset management; Financial planning or analysis

Definitions

  • the present application relates to a system and a method of operating a fund.
  • a computer implemented system for operating a fund including: a non-transitory data-storage device; a communications module for receiving data and storing the received data in the data-storage device, the data including: information relating to a sum assured on a life insurance policy of an individual; and information relating to the compliance of the individual in a wellness programme; and a processor operably coupled to the non-transitory data-storage device and communications module, the processor programmed to access the stored data and process the data to: periodically calculate a percentage of the sum assured, and add the calculated percentage to a fund amount; further adjust the fund amount based on the compliance of the individual with the wellness programme such that the higher the compliance with the wellness programme the higher the adjustment; and when the individual reaches a predetermined age, instruct a payment system to pay the fund amount to the individual.
  • the fund amount may be paid to the individual over a period of time in instalments.
  • the processor further receives a data message that the individual has suffered a temporary disability, and in response thereto instruct a payment system to pay a temporary disability payment to the individual; and deduct the amount of the temporary disability from the fund amount.
  • the adjustment may be a further percentage adjustment.
  • the processor may award points to the individual for their compliance with the wellness programme, wherein the greater the number of points awarded the higher the percentage.
  • a method of operating a fund including: receiving data at a communications module, the data including: information relating to a sum assured on a life insurance policy of an individual; and information relating to the compliance of the individual in a wellness programme; storing the received data in a non-transitory data-storage device; executing instructions at a processor operably coupled to the non- transitory data-storage device and communications module, the processor programmed to access the stored data and process the data to: periodically calculate a percentage of the sum assured, and add the calculated percentage to a fund amount; further adjust the fund amount based on the compliance of the individual with the wellness programme such that the higher the compliance with the wellness programme the higher the adjustment; and when the individual reaches a predetermined age, instruct a payment system to pay the fund amount to the individual.
  • FIG. 1 is a block diagram illustrating an example system to implement the methodologies described herein.
  • the systems and methodology described herein relate to a method of operating a fund.
  • South African patent number 99/1746 describes a wellness programme in terms of which an individual is rewarded for engaging in wellness activities to look after their health.
  • the contents of ZA patent 99/1746 are incorporated herein by reference.
  • the programme is referred to as Vitality Health.
  • the system includes a non-transitory data-storage device 12, typically in the form of a database.
  • a communications module 14 is used for receiving data and storing the received data in the database 12.
  • the data will typically include information relating to the compliance of an individual in a wellness programme.
  • the server also typically includes a display 18 and a user interface 20 by means of which a user can input data to the server 10.
  • a processor 16 is operably coupled to the non-transitory data-storage device 12, communications module 14, display 18 and user interface 20.
  • modules illustrated could be located on one or more servers operated by one or more institutions.
  • modules form a physical apparatus with physical modules specifically for executing the steps of the method described herein.
  • Examples of compliance with a wellness programme might include:
  • individuals are awarded points and depending on the total number of points allocated to an individual, they fall within one of five statuses.
  • these statuses have been named in ascending order of value as Blue, Bronze, Silver, Gold and Diamond.
  • the wellness programme could be operated by the server 10 or could be operated by a third party that operates the wellness programme and then informs the server 10 of the degree of participation of the user with the wellness programme.
  • the data is received at the server 10 via communication module 14 and stored in a database 12.
  • the data will include at least an identity of the user and data identifying the status of the user, for example Blue, Bronze, Silver, Gold and Diamond.
  • the server 10 determines the status by monitoring of the compliance of the individual user with the wellness programme which includes receiving usage information associated with the user’s usage of the wellness programme and determining, based on the usage information, a status level associated with the user for the wellness programme, wherein the status level indicates a degree of participation in the wellness programme.
  • the usage information received may include information associated with a plurality of separate and distinct occurrences of wellness programme participation by the user.
  • a given point value is assigned by the processor 16 to each separate and distinct occurrence of wellness programme participation.
  • a total point value is determined based on an accumulation of each given point value assigned to each separate and distinct occurrence of wellness programme participation
  • the total point value is then compared to a plurality of point ranges, each point range in the plurality of point ranges being associated with a status level and identifying a point range in the plurality of point ranges corresponding to the total point value.
  • a status level is assigned that is associated with the point range that has been identified to the user.
  • data relating to the compliance of the individual with the wellness programme is stored in the database 12.
  • the processor 16 is programmed to periodically access the stored data and process the data to periodically calculate a percentage of the sum assured and to add the calculated percentage to a fund amount stored in the database 12.
  • the period referred to above will be annual, in which case every year the processor 16 will calculate the percentage of the sum assured.
  • the fund starting value will be zero and so in the first year the calculated percentage from the first year will be equal to the total fund amount.
  • the calculated percentage from the second year will be added to the calculated percentage from the first year to arrive at a new total fund amount, and so forth.
  • the processor 16 further adjusts the fund amount based on the compliance of the individual with the wellness programme such that the higher the compliance with the wellness programme the higher the adjustment.
  • the processor 16 awards points to the individual for their compliance with the wellness programme, wherein the greater the number of points awarded the higher the percentage.
  • the processor 16 uses the total number of points allocated to the individual to assign a status to the individual,
  • the processor 16 uses the status to determine a percentage value.
  • a percentage value For example of this might be as follows:
  • these percentages are used together with inflation to determine an adjustment of the fund amount.
  • the fund value is equal to R100,000 and based on the individual’s compliance with the wellness programme they have a Diamond Vitality Status their adjustment factor is equal to 1 %.
  • the processor 16 instructs a payment system to pay the fund amount or a part thereof to the individual.
  • the fund amount or a part thereof is paid to the individual over a period of time in instalments.
  • the instalments are typically annual instalments.
  • the system implements a temporary disability program as follows.
  • the processor 16 receives a data message that the individual has suffered a temporary disability.
  • the temporary disability is typically from a predefined list of temporary disability stored in database 12.
  • the processor 16 instructs a payment system to pay a temporary disability payment to the individual.
  • the processor 16 then deducts the amount of the temporary disability from the fund amount and stores the new reduced fund amount in the database 12.
  • the fund value is equal to R106 000 and the sum assured to be paid on temporary disability is equal to R15 000.
  • the individual suffers a temporary disability and is paid R15 000 from the fund, after which the fund value is equal to R91 000. If the individual does not recover before the next payment for temporary disability needs to be made, the next payment (of R15 000) will be made from the fund. After this the fund value will be equal to R76 000.

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  • Business, Economics & Management (AREA)
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Abstract

A computer implemented system for operating a fund is provided. The system includes a non-transitory data-storage device and a communications module for receiving data and storing the received data in the data-storage device. The data includes information relating to a sum assured on a life insurance policy of an individual and information relating to the compliance of the individual in a wellness programme. A processor is programmed to access the stored data and process the data to periodically calculate a percentage of the sum assured, and add the calculated percentage to a fund amount. The processor further adjusts the fund amount based on the compliance of the individual with the wellness programme such that the higher the compliance with the wellness programme the higher the adjustment. When the individual reaches a predetermined age, instruct a payment system to pay the fund amount to the individual.

Description

A COMPUTER IMPLEMENTED SYSTEM AND METHOD OF
OPERATING A FUND
BACKGROUND OF THE INVENTION
The present application relates to a system and a method of operating a fund.
SUMMARY OF THE INVENTION
According to the present invention there is provided a computer implemented system for operating a fund, the system including: a non-transitory data-storage device; a communications module for receiving data and storing the received data in the data-storage device, the data including: information relating to a sum assured on a life insurance policy of an individual; and information relating to the compliance of the individual in a wellness programme; and a processor operably coupled to the non-transitory data-storage device and communications module, the processor programmed to access the stored data and process the data to: periodically calculate a percentage of the sum assured, and add the calculated percentage to a fund amount; further adjust the fund amount based on the compliance of the individual with the wellness programme such that the higher the compliance with the wellness programme the higher the adjustment; and when the individual reaches a predetermined age, instruct a payment system to pay the fund amount to the individual.
The fund amount may be paid to the individual over a period of time in instalments.
In one example, the processor further receives a data message that the individual has suffered a temporary disability, and in response thereto instruct a payment system to pay a temporary disability payment to the individual; and deduct the amount of the temporary disability from the fund amount.
When the processor adjusts the fund amount based on the compliance of the individual with the wellness programme, the adjustment may be a further percentage adjustment.
The processor may award points to the individual for their compliance with the wellness programme, wherein the greater the number of points awarded the higher the percentage.
Depending on the total number of points allocated to the individual they are assigned a status, wherein the higher their status the higher the percentage.
According to a second example of the present invention there is provided a method of operating a fund, the method including: receiving data at a communications module, the data including: information relating to a sum assured on a life insurance policy of an individual; and information relating to the compliance of the individual in a wellness programme; storing the received data in a non-transitory data-storage device; executing instructions at a processor operably coupled to the non- transitory data-storage device and communications module, the processor programmed to access the stored data and process the data to: periodically calculate a percentage of the sum assured, and add the calculated percentage to a fund amount; further adjust the fund amount based on the compliance of the individual with the wellness programme such that the higher the compliance with the wellness programme the higher the adjustment; and when the individual reaches a predetermined age, instruct a payment system to pay the fund amount to the individual.
BRIEF DESCRIPTION OF THE DRAWINGS
Figure 1 is a block diagram illustrating an example system to implement the methodologies described herein.
DESCRIPTION OF EMBODIMENTS
The systems and methodology described herein relate to a method of operating a fund.
South African patent number 99/1746 describes a wellness programme in terms of which an individual is rewarded for engaging in wellness activities to look after their health. The contents of ZA patent 99/1746 are incorporated herein by reference. The programme is referred to as Vitality Health.
Referring to the accompanying figures, a computer implemented system 10 for operating a fund is shown.
The system includes a non-transitory data-storage device 12, typically in the form of a database.
A communications module 14 is used for receiving data and storing the received data in the database 12.
The data will typically include information relating to the compliance of an individual in a wellness programme.
The server also typically includes a display 18 and a user interface 20 by means of which a user can input data to the server 10.
A processor 16 is operably coupled to the non-transitory data-storage device 12, communications module 14, display 18 and user interface 20.
It will be appreciated that embodiments of the present invention are not limited to such architecture, and could equally well find application in a distributed, or peer-to-peer, architecture system. Thus the modules illustrated could be located on one or more servers operated by one or more institutions.
It will also be appreciated that in any of these cases the modules form a physical apparatus with physical modules specifically for executing the steps of the method described herein.
Referring now to the wellness programme in more detail, in an example wellness programme, individual users participate in approved related facilities and/or services, for example gymnasiums, Smoke Enders™ and Weighless™.
Thus examples of compliance with a wellness programme might include:
• Compliance with a fitness programme;
• Weight loss programme compliance;
• Smoking cessation;
• The purchase of healthy food products; and
• The compliance with drug regimes.
In one example, individuals are awarded points and depending on the total number of points allocated to an individual, they fall within one of five statuses. In the implementation of the wellness programme, these statuses have been named in ascending order of value as Blue, Bronze, Silver, Gold and Diamond.
All individuals are placed initially in the Blue status. Once a user has accumulated a predetermined number of points, his/her status is upgraded to the next appropriate level.
It will be appreciated that for purposes of the present invention the wellness programme could be operated by the server 10 or could be operated by a third party that operates the wellness programme and then informs the server 10 of the degree of participation of the user with the wellness programme.
This could occur by a third party transmitting data to the server 10. The data is received at the server 10 via communication module 14 and stored in a database 12.
In one example the data will include at least an identity of the user and data identifying the status of the user, for example Blue, Bronze, Silver, Gold and Diamond. In another example embodiment, the server 10 determines the status by monitoring of the compliance of the individual user with the wellness programme which includes receiving usage information associated with the user’s usage of the wellness programme and determining, based on the usage information, a status level associated with the user for the wellness programme, wherein the status level indicates a degree of participation in the wellness programme.
The usage information received may include information associated with a plurality of separate and distinct occurrences of wellness programme participation by the user.
A given point value is assigned by the processor 16 to each separate and distinct occurrence of wellness programme participation.
A total point value is determined based on an accumulation of each given point value assigned to each separate and distinct occurrence of wellness programme participation
The total point value is then compared to a plurality of point ranges, each point range in the plurality of point ranges being associated with a status level and identifying a point range in the plurality of point ranges corresponding to the total point value.
Finally, a status level is assigned that is associated with the point range that has been identified to the user.
In any event, data relating to the compliance of the individual with the wellness programme is stored in the database 12.
Also stored in the database 12 is information relating to a sum assured on a life insurance policy of the individual. The processor 16 is programmed to periodically access the stored data and process the data to periodically calculate a percentage of the sum assured and to add the calculated percentage to a fund amount stored in the database 12.
For purposes of illustration, the period referred to above will be annual, in which case every year the processor 16 will calculate the percentage of the sum assured.
It will be appreciated that the fund starting value will be zero and so in the first year the calculated percentage from the first year will be equal to the total fund amount.
In the second year, the calculated percentage from the second year will be added to the calculated percentage from the first year to arrive at a new total fund amount, and so forth.
Next the processor 16 further adjusts the fund amount based on the compliance of the individual with the wellness programme such that the higher the compliance with the wellness programme the higher the adjustment.
It will be appreciated that the exact methodology which the processor 16 uses to adjust the fund amount can differ.
In one example, the processor 16 awards points to the individual for their compliance with the wellness programme, wherein the greater the number of points awarded the higher the percentage.
In another example, the processor 16 uses the total number of points allocated to the individual to assign a status to the individual,
The processor 16 then uses the status to determine a percentage value. An example of this might be as follows:
Figure imgf000010_0001
In one example embodiment, these percentages are used together with inflation to determine an adjustment of the fund amount.
For example, if the fund value is equal to R100,000 and based on the individual’s compliance with the wellness programme they have a Diamond Vitality Status their adjustment factor is equal to 1 %.
If inflation is equal to 5%, the fund value will increase to R106 000 (R100 000 x (1 + 5% + 1 %)).
If in the same example the individual was only on Blue status, the fund value will only increase to R101 000 (R100 000 x (1 + (5% -4 %))).
When the individual reaches a predetermined age, the processor 16 instructs a payment system to pay the fund amount or a part thereof to the individual.
In a preferred example, the fund amount or a part thereof is paid to the individual over a period of time in instalments. The instalments are typically annual instalments.
In addition the above, the system implements a temporary disability program as follows.
The processor 16 receives a data message that the individual has suffered a temporary disability. The temporary disability is typically from a predefined list of temporary disability stored in database 12.
In response thereto, the processor 16 instructs a payment system to pay a temporary disability payment to the individual.
The processor 16 then deducts the amount of the temporary disability from the fund amount and stores the new reduced fund amount in the database 12.
For example, assume the fund value is equal to R106 000 and the sum assured to be paid on temporary disability is equal to R15 000. The individual suffers a temporary disability and is paid R15 000 from the fund, after which the fund value is equal to R91 000. If the individual does not recover before the next payment for temporary disability needs to be made, the next payment (of R15 000) will be made from the fund. After this the fund value will be equal to R76 000.

Claims

CLAIMS:
1 . A computer implemented system for operating a fund, the system including: a non-transitory data-storage device; a communications module for receiving data and storing the received data in the data-storage device, the data including: information relating to a sum assured on a life insurance policy of an individual; and information relating to the compliance of the individual in a wellness programme; and a processor operably coupled to the non-transitory data-storage device and communications module, the processor programmed to access the stored data and process the data to: periodically calculate a percentage of the sum assured, and add the calculated percentage to a fund amount; further adjust the fund amount based on the compliance of the individual with the wellness programme such that the higher the compliance with the wellness programme the higher the adjustment; and when the individual reaches a predetermined age, instruct a payment system to pay the fund amount to the individual.
2. A system according to claim 1 wherein the processor further calculates the fund amount to paid to the individual over a period of time in instalments.
3. A system according to claim 1 or claim 2 wherein the processor further receives a data message that the individual has suffered a temporary disability, and in response thereto: instructs a payment system to pay a temporary disability payment to the individual; and deducts the amount of the temporary disability from the fund amount.
4. A system according to any preceding claim wherein when the processor adjusts the fund amount based on the compliance of the individual with the wellness programme, the adjustment is a further percentage adjustment.
5. A system according to claim 4 wherein the processor awards points to the individual for their compliance with the wellness programme, and wherein the greater the number of points awarded the higher the percentage.
6. A system according to claim 5 wherein depending on the total number of points allocated to the individual they are assigned a status, wherein the higher their status the higher the percentage.
7. A method of operating a fund, the method including: receiving data at a communications module, the data including: information relating to a sum assured on a life insurance policy of an individual; and information relating to the compliance of the individual in a wellness programme; storing the received data in a non-transitory data-storage device; executing instructions at a processor operably coupled to the non- transitory data-storage device and communications module, the processor programmed to access the stored data and process the data to: periodically calculate a percentage of the sum assured, and add the calculated percentage to a fund amount; further adjust the fund amount based on the compliance of the individual with the wellness programme such that the higher the compliance with the wellness programme the higher the adjustment; and when the individual reaches a predetermined age, instruct a payment system to pay the fund amount to the individual.
8. A method according to claim 7 wherein the processor further calculates the fund amount to paid to the individual over a period of time in instalments.
9. A method according to claim 7 or claim 8 wherein the processor further receives a data message that the individual has suffered a temporary disability, and in response thereto: instructs a payment system to pay a temporary disability payment to the individual; and deducts the amount of the temporary disability from the fund amount.
10. A method according to any one of claims 7 to 9 wherein when the processor adjusts the fund amount based on the compliance of the individual with the wellness programme, the adjustment is a further percentage adjustment.
1 1. A method according to claim 10 wherein the processor awards points to the individual for their compliance with the wellness programme, and wherein the greater the number of points awarded the higher the percentage.
12. A method according to claim 1 1 wherein depending on the total number of points allocated to the individual they are assigned a status, wherein the higher their status the higher the percentage.
PCT/IB2019/059603 2018-11-09 2019-11-08 A computer implemented system and method of operating a fund WO2020095257A1 (en)

Applications Claiming Priority (2)

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ZA2018/07531 2018-11-09
ZA201807531 2018-11-09

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Citations (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
ZA991746B (en) 1998-03-10 1999-04-13 Discovery Health Limited Managing use of a medical aid scheme
US20090299775A1 (en) * 2008-06-03 2009-12-03 Discovery Holdings Limited System and method of managing an insurance scheme
US20090299774A1 (en) * 2008-06-03 2009-12-03 Discovery Holdings Limited System and method of managing an insurance scheme
WO2015068091A1 (en) * 2013-11-11 2015-05-14 Discovery Limited A system and method of operating a life insurance plan based on engagement with a wellness programme
WO2017046727A1 (en) * 2015-09-17 2017-03-23 Discovery Limited A system and method of operating an investment plan based on engagement with a wellness programme

Patent Citations (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
ZA991746B (en) 1998-03-10 1999-04-13 Discovery Health Limited Managing use of a medical aid scheme
US20090299775A1 (en) * 2008-06-03 2009-12-03 Discovery Holdings Limited System and method of managing an insurance scheme
US20090299774A1 (en) * 2008-06-03 2009-12-03 Discovery Holdings Limited System and method of managing an insurance scheme
WO2015068091A1 (en) * 2013-11-11 2015-05-14 Discovery Limited A system and method of operating a life insurance plan based on engagement with a wellness programme
WO2017046727A1 (en) * 2015-09-17 2017-03-23 Discovery Limited A system and method of operating an investment plan based on engagement with a wellness programme

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