# US 12,002,099 B1 · Systems and methods for developing convertible term products > Agents: this data is available as JSON from the patentgrep API and MCP server — see https://patentgrep.com/llms.txt - Number: US 12,002,099 B1 - Document ID: US12002099B1 - Status: Granted - Kind: B1 - Application number: 16/656,749 - Filed: 2019-10-18 - Granted: 2024-06-04 - Earliest claimed: 2013-12-23 - Assignees: Massachusetts Mutual Life Insurance Company - Applicants: Massachusetts Mutual Life Insurance Company - Inventors: Gareth Ross; Tricia Walker - Web page: https://patentgrep.com/patent/US12002099B1 ## CPC - G06Q 40/08: Insurance - 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 ## 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. ## Claims ### Claim 1 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. ### Claim 2 (depends on 1) The method of claim 1, wherein generating the new term product dataset further comprising: displaying, by the server, the constituent parts and the modification of each constituent part on the user interface; receiving, by the server, a selection of the constituent parts and the modification of each constituent part; and generating, by the server, the new term product dataset based on the selection. ### Claim 3 (depends on 1) The method of claim 1, wherein the plurality of user attributes comprise age, medical history, occupation, and habits. ### Claim 4 (depends on 1) The method of claim 1, wherein the set of characteristic values of the term product dataset comprise term length, price, riders, terms, and convertibility options. ### Claim 5 (depends on 1) The method of claim 1, further comprising: analyzing, by the server, a capability of the new term product dataset by assessing product pricing for the new term product dataset. ### Claim 6 (depends on 1) The method of claim 1, further comprising: analyzing, by the server, a capability of the new term product dataset by assessing product positioning for the new term product dataset. ### Claim 7 (depends on 1) The method of claim 1, further comprising: analyzing, by the server, a capability of the new term product dataset by assessing product promotion for the new term product dataset. ### Claim 8 (depends on 1) The method of claim 1, further comprising: analyzing, by the server, a capability of the new term product dataset by assessing customer satisfaction for the new term product dataset. ### Claim 9 (depends on 1) The method of claim 1, further comprising: analyzing, by the server, a capability of the new term product dataset by assessing product promotion for the new term product dataset. ### Claim 10 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. ### Claim 11 (depends on 10) The computer system of claim 10, wherein to generate the new term product dataset, the server is further configured to: display the constituent parts and the modification of each constituent part on the user interface; receive a selection of the constituent parts and the modification of each constituent part; and generate the new term product dataset based on the selection. ### Claim 12 (depends on 10) The computer system of claim 10, wherein the plurality of user attributes comprise age, medical history, occupation, and habits. ### Claim 13 (depends on 10) The computer system of claim 10, wherein the set of characteristic values of the required term product dataset comprise term length, price, riders, terms, and convertibility options. ### Claim 14 (depends on 10) The computer system of claim 10, wherein the server is further configured to: analyze a capability of the new term product dataset by assessing product pricing for the new term product dataset. ### Claim 15 (depends on 10) The computer system of claim 10, wherein the server is further configured to: analyze a capability of the new term product dataset by assessing product positioning for the new term product dataset. ### Claim 16 (depends on 10) The computer system of claim 10, wherein the server is further configured to: analyze a capability of the new term product dataset by assessing product promotion for the new term product dataset. ### Claim 17 (depends on 10) The computer system of claim 10, wherein the server is further configured to: analyze a capability of the new term product dataset by assessing customer satisfaction for the new term product dataset. ### Claim 18 (depends on 10) The computer system of claim 10, wherein the server is further configured to: analyze a capability of the new term product dataset by assessing product promotion for the new term product dataset.