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US 12,002,099 B1Granted
Systems and methods for developing convertible term products
AssigneeMassachusetts Mutual Life Insurance Company
InventorsGareth Ross, Tricia Walker
Life of this patent
Estimating the term…
Abstract
Methods and systems for developing profitable convertible term products are disclosed. The methods include the disaggregation of the pricing of existing term products and the use of big data analytics to identify opportunities to improve the acceptance of the product within a particular share of the market. Then, a pricing model and a selling model are built to test the product.
Claims18
A computer-implemented method comprising:
- upon displaying a user interface on a computing device associated with a user, receiving, by a server, a plurality of user attributes inputted by the user;
- determining, by the server, the user's needs by using natural language processing based on the plurality of user attributes, the user's needs comprising a set of characteristic values of a term product dataset;
- retrieving, by the server, from a product database, an existing term product dataset sharing at least one characteristic value with the user's needs;
- dividing, by the server, the existing term product dataset into constituent parts, based on a price of each constituent part;
- executing, by the server, a computer-generated model configured to iteratively:
- analyze, using a user selection and a corpora of historical data stored in a database, impact of proposed changes to the constituent parts by comparing the proposed changes to historical data based on the user selection, identifying one or more constituent parts to be deleted or modified to determine any modification of each constituent part to satisfy the user's selection to generate a new term product dataset from the constituent parts with modifications satisfying the user's selection, and assign a new price value to the constituent parts;
- executing, by the server, a simulation protocol to assess product performance for the new term product dataset and determine if the new term product dataset satisfies a market need by assessing product pricing of the new price value to the constituent parts;
- displaying, by the server, the new term product dataset on the user interface of the computing device associated with the user, wherein the user interface is configured to receive the user selection;
- and
- responsive to the new term product dataset satisfying the market need and receiving a confirmation of acceptance of the new term product dataset, updating, by the server, the product database by inserting a record corresponding to the new term product dataset as a new term product.
7 more elements
A computer system comprising:
- a computing device associated with a user;
- and
- a server in communication with the computer device, wherein the server is configured to:
- upon displaying a user interface on the computing device associated with the user, receive a plurality of user attributes inputted by the user;
- determine the user's needs by executing a using natural language processing algorithm based on the plurality of user attributes, the user's needs comprising a set of characteristic values of a required term product dataset;
- retrieve, from a product database, an existing term product dataset sharing at least one characteristic value with the user's needs;
- divide the existing term product dataset into constituent parts, based on a price of each constituent part;
- execute a computer-generated model configured to iteratively:
- analyze, using a user selection and a corpora of historical data stored in a database, impact of proposed changes to the constituent parts by comparing the proposed changes to historical data based on the user selection, identifying one or more constituent parts to be deleted or modified to determine any modification of each constituent part to satisfy the user's selection to generate a new term product dataset from the constituent parts with modifications satisfying the user's selection, and assign a new price value to the constituent parts;
- execute a simulation protocol to assess product performance for the new term product dataset and determine if the new term product dataset satisfies a market need by assessing product pricing of the new price value to the constituent parts;
- display the new term product dataset on the user interface of the computing device associated with the user, wherein the user interface is configured to receive the user selection;
- and
- responsive to the new term product dataset satisfying the market need and receiving a confirmation of acceptance of the new term product dataset, update the product database by inserting a record corresponding to the new term product dataset as a new term product.
10 more elements
Dependencies are inferred from the claim text.