Bundling Insurance Policies and Investment Accounts

Methods and systems for bundling an insurance policy and an account of an investment vehicle include determining if the policy and/or the account is eligible for inclusion in a bundled product, generating an indication of the bundled product, and causing the indication to be transmitted to a user interface and/or computing device. The eligibility determination is based on a state or status of the policy and/or a state or status of the account, and optionally is based on characteristics and/or conditions associated with the policy and/or the account. A bundling benefit may be enacted. The bundling benefit may include, for example, a discount or waiver on a fee, charge or load of the investment account, and/or a discount or waiver of a premium of the insurance policy. The insurance policy may correspond to any type of insurance, and the investment account may correspond to any type of investment vehicle.

FIELD OF THE DISCLOSURE

This disclosure generally relates to insurance policies and investment accounts, and in particular, to combining or bundling insurance policies and investment accounts.

BACKGROUND

Insurance companies or insurance providers join insurance products or services together to sell as a single combined unit or as related units, commonly known as “bundling.” Bundling allows a customer to obtain multiple products or services from a single provider at a lower cost and/or with greater convenience than if the customer obtained the products individually. For example, when a homeowners' insurance policy and an automobile insurance policy are bundled, the amount of the total premium of the bundled product is less than the sum of the individual premiums of the unbundled policies. In another example, an insurance provider offers a discount on premiums of an auto insurance policy if a customer has a current life insurance policy. In some cases, the insurance company combines the premium payments across multiple insurance policies into one payment for customer convenience.

Companies that have traditionally offered insurance products or services are expanding into the financial products market. For example, traditional insurance companies or providers are starting to offer investment vehicles such as mutual fund accounts, checking and savings accounts, money market accounts, retirement accounts, exchange-traded fund accounts (ETFs), brokerage accounts, and investment management accounts.

SUMMARY

In an embodiment, a method of bundling insurance policies and investment accounts includes determining an eligibility or ineligibility of a first product for bundling with a second product to create or form a bundled set of products. The first product may be one of an insurance policy or an investment account, and the second product may be the other one of the insurance policy or the investment account. The determination of the eligibility of the first product for bundling may be based on a status of the first product, and may additionally be based on other characteristics or conditions corresponding to the first product. The method further includes generating, based on the eligibility and/or ineligibility of the first product for bundling, an indication corresponding to the bundled set of products, and causing the indication corresponding to the bundled set of products to be transmitted to a user interface and/or to a computing device. In an embodiment, the method may also include determining the eligibility or ineligibility of the second product for bundling with the first product. At least a portion of the method may be performed by a computing device or system.

In an embodiment, a system for bundling insurance policies and investment accounts includes a computing device having a processor and a memory; and a set of computer-executable instructions stored on the memory. The computer-executable instructions are executable by the processor to cause the computing device to determine an eligibility and/or an ineligibility of a first product for bundling with a second product to create or form a bundled set of products, where the first product is one of an insurance policy or an investment account corresponding to a party, and the second product is the other one of the insurance policy or the investment account corresponding to the party. The determination of the eligibility and/or ineligibility of the first product for bundling may be based on a status of the first product, and may additionally be based on other characteristics or conditions corresponding to the first product. The computer-executable instructions are further executable to generate an indication corresponding to the bundled set of products based on the determination of the eligibility and/or ineligibility of the first product for bundling. In an embodiment, the computer-executable instructions are still further to cause the computing device to determine an eligibility and/or an ineligibility of the second product for bundling with the first product to create or form the bundled set of products

In an embodiment, a system for bundling insurance policies and investment accounts includes a processor and one or more data storage devices accessible to the processor. The one or more data storage devices are configured to store an entry corresponding to a party, where the entry includes (i) an insurance policy status indicator configured to store a status of an insurance policy corresponding to the party, and (ii) an investment account status indicator configured to store a status of an investment account corresponding to the party. The system further includes a program memory storing executable instructions that, when executed by the processor, cause the system to update at least one of (i) the insurance policy status indicator corresponding to a change in status of the insurance policy, or (ii) the investment account status indicator corresponding to a change in the status of the investment account.

DETAILED DESCRIPTION

The novel methods and systems disclosed herein generally relate to the bundling or combining of an insurance policy and an account of an investment vehicle so that the insurance policy and the investment account are related, tied together, or marketed/sold as a single combined unit. In some scenarios, the bundling of an insurance policy product and an investment vehicle product may be referred to as a “multi-line discount,” e.g., when a same entity offers or provides both the insurance policy product and the investment vehicle product.

Bundling or multi-line discounts may result in financial and/or convenience benefits to customers. For example, a customer of a bundled insurance policy and investment vehicle account may receive a discount on the insurance premium. Alternatively or additionally, the customer of the bundled product may receive a discount, reduction or waiver of fees, loads, or sales charges associated with the investment account, and/or may receive a higher rate of return or an increased dividend. Other bundling benefits may be possible. The bundling benefits of the bundled product may continue as long as the insurance policy remains in-force and the investment account remains open, for example.

The bundling of an insurance policy and an investment account may also result in benefits to providers of the insurance policies and to providers of the investment vehicles (which, in some cases, may be the same provider). For example, by offering bundled insurance policies and investment accounts, providers may attract a wider customer base, may increase sales, and/or may increase profits.

Bundled sets of products including insurance policies and investment vehicle accounts must meet insurance regulatory and actuarial standards as well as securities regulations. Furthermore, bundled sets of insurance policies and investment vehicle accounts must comply with all applicable local, state and federal laws.

Accordingly, the term “insurance policy,” as used herein, generally refers to a contract between an insurer and an insured. In exchange for payments from the insured, the insurer pays for damages to the insured which are caused by covered perils, acts or events as specified by the language of the insurance policy. The payments from the insured are generally referred to as “premiums,” and typically are paid on behalf of the insured over time at periodic intervals. The amount of the damages payment is generally referred to as a “coverage amount” or a “face amount” of the insurance policy. An insurance policy may remain (or have a status or state of) “in-force” while premium payments are made during the term or length of coverage of the policy as indicated in the policy. An insurance policy may “lapse” (or have a status or state of “lapsed”), for example, when premium payments are not being paid, when a cash value of a policy falls below an amount specified in the policy (e.g., for variable life or universal life insurance policies), or if the insured or the insurer cancels the policy.

The terms “insurer,” “insuring party,” and “insurance provider” are used interchangeably herein to generally refer to a party or entity (e.g., a business or other organizational entity) that provides insurance products, e.g., by offering and issuing insurance policies. Typically, but not necessarily, an insurance provider may be an insurance company.

An insurance provider may provide one or more different types of insurance, insurance products, or insurance policies, any one or more of which may be bundled with an investment account. Types of insurance, insurance products, or insurance policies may include, for example, auto insurance; homeowners insurance; condominium owner insurance; renter's insurance; life insurance (e.g., whole-life, universal, variable, term, etc.); health insurance; disability insurance; long-term care insurance; annuities; business insurance (e.g., property, liability, commercial auto, workers compensation, professional and specialty liability, inland marine and mobile property, surety and fidelity bonds, etc.); boat insurance; insurance for catastrophic events such as flood, fire, volcano damage and the like; motorcycle insurance; farm and ranch insurance; personal article insurance; personal liability insurance; personal umbrella insurance; community organization insurance (e.g., for associations, religious organizations, cooperatives, etc.); and other types of insurance. Based on the current laws and regulations at the time of this disclosure, typically the types of insurance policies which may be bundled with investment accounts correspond to non-tax qualified types of insurance, although this condition may be altered if the laws and/or regulations change.

The terms “insured,” “insured party,” and “policyholder” are used interchangeably herein to refer to a person, party, or entity (e.g., a business or other organizational entity) that is covered by the insurance policy, e.g., whose insured article or entity (e.g., property, life, health, auto, home, business, etc.) is covered by the policy. A “guarantor,” as used herein, generally refers to a person, party or entity that is responsible for payment of the insurance premiums. The guarantor may or may not be the same party as the insured, such as in situations when a guarantor has power of attorney for the insured. In some cases, a guarantor may be an insurance policy owner.

An “annuitant,” as referred to herein, generally refers to a person, party or entity that is entitled to receive benefits from an annuity insurance product offered by the insuring party. The annuitant may or may not be the same party as the guarantor.

Typically, a person or customer (or an agent of the person or customer) of an insurance provider fills out an application for an insurance policy. The application may undergo underwriting to assess the eligibility of the party and/or desired insured article or entity to be covered by the insurance policy, and, in some cases, to determine any specific terms or conditions that are to be associated with the insurance policy, e.g., amount of the premium, riders or exclusions, waivers, and the like. Upon approval by underwriting, acceptance of the applicant to the terms or conditions, and payment of the initial premium, insurance policy may be in-force, e.g., the policyholder is enrolled.

The term “investment vehicle,” as used herein, generally refers to a product used by investors with the intention of having positive financial returns. Types of investment vehicles may include, for example, stocks, bonds, mutual funds (e.g., stock funds, index funds, bond funds, money market funds, mixed asset funds, hedge funds, etc.); retirement accounts; checking accounts; savings accounts; certificate of deposits; education savings accounts; health savings accounts; ETFs; brokerage accounts, investment management accounts; and other types of investment vehicles. Typically, an investor opens an investment account for a particular investment vehicle, and provides an initial contribution that is equivalent to a monetary value. Based on the current laws and regulations at the time of this disclosure, typically the types of investment vehicle accounts which may be bundled with insurance policies correspond to non-tax qualified types of investment vehicles, although this condition may be altered if the laws and/or regulations change.

An investment vehicle provider may offer or provide one or more types of investment vehicles. An account of any type of investment vehicle may be bundled with an insurance policy. In some scenarios, multiple investment accounts of multiple types may be bundled with an insurance policy. A provider of an investment vehicle account may also be the provider of the insurance policy, or the provider of the investment vehicle account may be a party or entity other than the insurance policy provider (e.g., a different company or business, a different corporate entity within the same company, a different organizational entity, or a different other type of entity).

FIG. 1is an example method100for bundling insurance policies and investment accounts. At least a portion of the method100may be performed by one or more computing devices, in an embodiment.

The method100may include determining an eligibility of a first product for bundling with a second product to form a bundled set of products (block102). One of the first product or the second product may be an insurance policy, and the other one of the first product or the second product may be an account of an investment vehicle. The insurance policy may be any type of insurance policy, and the investment account may be any type of investment vehicle account. In an embodiment, the insurance policy is a life insurance policy or annuity policy, and the investment account is a mutual fund account.

The insurance policy and the investment account may be associated with or may correspond to a same party or person. In an embodiment, the party corresponding to the insurance policy may be an insured party, an annuitant, a policy owner, a beneficiary, and/or a guarantor of the insurance policy. In an embodiment, the party corresponding to the investment account may be an account owner or investor. In some cases, the party corresponding to the insurance policy and to the investment account may not be a person, but may be an entity such as a business, an organization, or another type of entity.

In an embodiment, the eligibility of a product (e.g., the insurance policy or the investment account) for bundling may be determined based on a state or a status of the product. For example, an insurance policy may be eligible for bundling if the policy is approved or in-force, and the insurance policy may be ineligible for bundling when the policy is applied for but not yet approved, or when the policy is lapsed.

In some cases, the eligibility and/or ineligibility of the insurance policy for bundling may be additionally based on a characteristic or condition of the insurance policy. A characteristic of the insurance policy may be an attribute of the insurance policy that is generally fixed, e.g., an attribute that is defined by the insurance policy. For example, a characteristic of an insurance policy may be a length of term of the policy, or a coverage amount of the policy. A condition of the insurance policy may be an attribute of the insurance policy that may vary while the policy is in-force. For example, a condition of a whole life insurance policy or an annuity policy may be a cash value of the policy, and a condition of an auto insurance policy may be a deductible amount that decreases over time.

The insurance policy may be eligible for bundling if the policy meets a certain characteristic or condition, e.g., the cash value of the insurance policy exceeds a particular value, etc. The eligibility and/or ineligibility of the insurance policy for bundling may be additionally or alternatively based on one or more other characteristics or conditions of the policy, such as a length of term or a fixed or variable deductible amount of the insurance policy. In some embodiments, the eligibility and/or the ineligibility of the insurance policy for bundling may be based on more than one characteristic or condition.

The states, statuses, characteristics, and/or conditions of the insurance policy that contribute to the eligibility and/or ineligibility of the insurance policy for bundling may be reflected by a value stored in a single indicator (e.g., a status indicator of the insurance policy), or may be reflected by values stored in multiple indicators. For example, a first indicator may store a value indicative of the current status of the insurance policy, a second indicator may store a value indicative of whether the premiums have been paid in full to date, and a third indicator may store a value indicative of a coverage amount of the policy. In some embodiments, the multiple indicators may be stored across multiple data storage devices or computing devices.

The particular states, statuses, characteristics, and/or conditions of the insurance policy that contribute to the eligibility and/or ineligibility of the insurance policy for bundling may be defined in a set of insurance policy bundling rules. In an embodiment, a user (e.g. an agent of the insurance provider) may define, select, and/or modify the set of insurance policy bundling rules. In an embodiment, different sets of insurance policy bundling rules may correspond to different types of insurance policies. In an embodiment, different sets of insurance policy bundling rules may correspond to different bundle combinations in which each combination includes the same type of insurance policy and a different type of investment account.

Turning now to accounts of investment vehicles, in an embodiment, an investment vehicle account may be eligible for bundling if the status or state of the account is open, and the investment vehicle account may be ineligible for bundling if the status or state of the account is closed. In some cases, the eligibility and/or ineligibility of the investment account for bundling may be further based on a characteristic or condition of the investment account.

Similar to insurance policies, a characteristic of an investment account may be an attribute of the account that is generally fixed, and may be defined by the terms of the account. For example, a characteristic of the investment account may be a required initial contribution amount or a guaranteed interest rate. A condition of an investment account may be an attribute of the account that may vary over time. For example, a condition of the investment account may be a variable rate of return or a current value of the account.

The investment account may be eligible for bundling if the investment account has a particular characteristic or meets a particular condition, e.g., the balance or monetary value of the account exceeds a specific threshold, or a number of shares included in the account is greater than a given number of shares. The eligibility and/or ineligibility of the investment account for bundling may be additionally or alternatively based on one or more other characteristics or conditions of the account, such as a length of time that the account has been open, or a monetary value of a total investment portfolio that includes the account. In some embodiments, the eligibility and/or ineligibility of the investment account for bundling may be based on more than one characteristic or condition.

The states, statuses, characteristics, and/or conditions of the investment account that contribute to the eligibility and/or ineligibility of the investment account for bundling may be reflected in a value stored in a single indicator (e.g., a status indicator of the investment account), or may be reflected in multiple values stored in multiple indicators. For example, a first indicator may store a value indicative of the current status of the investment account, a second indicator may store a value indicative of whether or not the balance of the account is above a particular threshold, and a third indicator may store a value indicative of a total portfolio value in which the investment account is included. In some embodiments, the multiple indicators may be stored across multiple data storage devices or computing devices.

The particular states, statuses, characteristics, and/or conditions of the investment account that contribute to the eligibility and/or ineligibility of the investment account for bundling may be defined in a set of investment account bundling rules. In an embodiment, a user (e.g., an agent of the investment vehicle account provider) may define, select and/or modify the set of investment account bundling rules. In an embodiment, different sets of investment account bundling rules may correspond to different types of investment accounts. In an embodiment, different sets of investment account bundling rules may correspond to different bundle combinations in which each combination includes the same type of investment account and a different type of insurance policy. In an embodiment, a set of investment account bundling rules may be aggregated with a set of insurance policy bundling rules.

Continuing with the method100, in an embodiment, determining the eligibility of a product for bundling (block102) includes receiving an indication that the product is eligible for bundling. In an embodiment, an explicit indication that the product is eligible for bundling may be received. For example, the explicit indication may be received via a user interface, such as when an agent or sales person enters data indicating that the party or customer has approved of or agreed to the bundling of the products, or when a party or customer directly indicates, via the user interface, that he or she has approved of or agreed to the bundling of the products. In an embodiment, an explicit indication that the product is eligible for bundling may be received from another computing device, such as when a computing system administrating the insurance policy explicitly indicates in a communication or message that the insurance policy is eligible for bundling, or when a computing system administrating the investment account explicitly indicates in a communication or message that the investment account is eligible for bundling.

In an embodiment, determining the eligibility of a product for bundling (block102) includes receiving an implicit indication, e.g., a trigger. A trigger may cause a change of state of at least one of the insurance policy or the investment account which, in turn, may affect the eligibility or the ineligibility of the product for bundling. For example, a trigger indicating that a customer has opened an investment account via a website may be received, or a trigger indicating an agent has entered data indicating that an insurance policy has been approved by underwriting may be received. Based on the received trigger, a current state of one or more products may be updated, and based on the updated state(s), the product may be determined to be newly eligible or ineligible for bundling (block102). In an embodiment, the implicit indication or trigger may be received from a remote computing device or system. For example, a computing system administrating the investment account may transmit a message or communication indicating that a balance of the account has exceeded a certain threshold, or a computing system administrating the insurance policy may transmit a message or communication indicating that an initial premium for an insurance policy has been received.

In an embodiment, determining the eligibility of a product for bundling (block102) includes determining the values of one or more indicators corresponding to the status, state, characteristics, and/or conditions associated with the product. The values of the one or more indicators may be indicative of, for example, a status of the product and/or a presence or absence of one or more conditions or characteristics of the product, e.g., in a manner such as previously discussed.

In an embodiment, in addition to determining the eligibility of the first product for bundling with the second product (block102), the method100may also include determining an eligibility of the second product for bundling with the first product to form the bundled set of products (block105). Determining the eligibility of the second product for bundling with the first product to form the bundled set of products (block105) may be performed using any of the techniques described above with respect to the block102, for example. In some embodiments, the block105may be omitted from the method100.

The method100may include generating an indication corresponding to the set of bundled products (block108) based on the determined eligibility of the first product for bundling (block102) and/or of the second product for bundling (block105). For example, if the insurance policy is determined to be eligible for bundling, an indication that the insurance policy is eligible for bundling may be generated. If the insurance policy is determined to be ineligible for bundling, an indication that the insurance policy is ineligible for bundling may be generated. Similarly, if the investment account is determined to be eligible for bundling, an indication that the investment account is eligible for bundling may be generated, and if the investment account is determined to be ineligible for bundling, an indication that the investment account is ineligible for bundling may be generated.

In an embodiment, generating the indication corresponding to the set of bundled products (block108) may include generating an indication that the eligibilities of the insurance policies and the investment account are such that the bundled set of products may be offered to the party or customer. For example, if the investment account was eligible for bundling prior to an execution of the method100, and the method100determines that an insurance policy is newly eligible for bundling (block102), generating the indication corresponding to the set of bundled products (block108) may include generating an indication that a bundled product including the insurance policy and the investment account may be offered to the customer. In an embodiment, generating the indication corresponding to the set of bundled products (block108) may include generating an indication that the set of bundled products has been automatically or manually formed or created from the investment account and the insurance policy.

In an embodiment, generating the indication corresponding to the set of bundled products (block108) may include generating an indication of one or more bundling benefits corresponding to the set of bundled products. A bundling benefit may correspond to the investment account, to the insurance policy, or to both the investment account and the insurance policy. For example, a bundling benefit may include a discount, a reduction, or a waiver of a fee, a service charge, a sales charge, or a load of the investment account. A bundling benefit may include a higher rate of return or an increased dividend amount of the investment account, such as in situations when differentiating among shareholders of a particular share class is allowed. In another example, a bundling benefit may include a discount on, a reduction of, or a waiver of a premium for the insurance policy.

In yet another example, a bundling benefit may include an option to have a payout of a policy (e.g., a death benefit of a life insurance policy) allocated towards an investment account. In some situations, the payout may be allocated towards an investment account with a discount or a waiver of a fee, a service charge, a sales charge, or a load of the investment account.

In some embodiments, more than one bundling benefit may correspond to the set of bundled products. For example, the set of bundled products may result in both a reduction of a load of an investment account and a reduction of a premium amount for the insurance policy. In another example, the set of bundled products may result in both a reduction of the premium amount for the insurance policy and the ability of a payout of the insurance policy to be allocated to an investment account with no charge.

The indication of one or more bundling benefits may indicate that the one or more bundling benefits are available or able to be offered given the eligibilities of the insurance product and the investment account, in an embodiment. The indication of the one or more bundling benefits may indicate that the one or more bundling benefits have been enacted for the insurance policy and investment account, in an embodiment.

In an embodiment, a user (e.g., an agent of the insurance provider and/or an agent of the investment vehicle provider) may define, select and/or modify the bundling benefit(s) corresponding to the set of bundled products. For example, the user may define, select and/or modify a set of benefit rules that indicate the one or more bundling benefits corresponding to the bundled set of products. The set of benefit rules may vary for different types of insurance policies, different types of investment accounts, different combinations of types of insurance policies and types of investment accounts, different statuses of insurance policies and/or investment accounts, different characteristics and/or conditions of insurance policies and/or investment accounts, and/or different parties. Specific bundling benefits may be tied to certain aspects of the insurance policy and/or of the investment account, such as balances, the combination of the specific type of insurance policy and the specific type of investment account, coverage amounts, and the like.

In an embodiment, more than one of the above indications may be aggregated and generated as a single, comprehensive indicator, message or communication (block108). In an embodiment, more than one indication corresponding to the bundled set of products may be generated (block108).

The method100may include causing the indication corresponding to the set of bundled products to be transmitted to a user interface and/or to another computing device (block110). For example, the indication may be caused to be transmitted to a user interface that is integral to the computing device on which at least a portion of the method100is being executed. In another example, the indication may be caused to be transmitted to a remote user interface, such as to a webpage or other user interface at a computing device of being used by a customer, an agent of the insurance policy, or an agent of the investment account.

In an embodiment, the indication may be caused to be transmitted to another computing device or system. For example, if the method100is at least partially being executed by a computing system that administrates the insurance policy, the indication may be caused to be transmitted to another local or remote computing system at which the investment account is administrated. In another example, if the method100is at least partially being executed by a computing system that administrates the investment account, the indication may be caused to be transmitted to another local or remote computing system at which the insurance policy is administrated. In some embodiments, the indication may be caused to be transmitted to both a system at which the insurance policy is administrated and to a system at which the investment account is administrated.

Although the method100has been generally discussed above with respect to eligibility for bundling, in an embodiment, in some embodiments, the method100may be additionally or alternatively executed with respect to ineligibility to bundling. For example, if a bundled product is in-force, the method100may be executed when one or more of the insurance policy or the investment account changes to state in which the insurance policy or the investment account is rendered ineligible for bundling (e.g., as determined at the block102and/or the block105). For ineligibility scenarios, generating the indication corresponding to the bundled set of products (block108) may include, for example, generating an indication that the insurance policy and/or the investment account is no longer eligible for bundling, and/or generating an indication that the insurance policy and the investment account have been unbundled.

In some embodiments, at least a portion of the method100may be periodically executed. For example, determining the eligibility of a product (e.g., the block102and/or the block105) may be periodically or otherwise repeatedly executed over time. In an embodiment, the status of the insurance product and/or the status of the investment account may be continually or periodically monitored for any changes. In an embodiment, a computing device may be periodically queried for any changes in status or triggers that may cause changes in status to a product.

Turning now toFIG. 2,FIG. 2illustrates a block diagram of an exemplary system200for bundling insurance policies and investment accounts. The system200may execute at least a portion of the method100, in an embodiment. The system200may execute at least a portion of a method for bundling insurance policies and investment accounts other than the method100, in an embodiment.

The system200may include a computing device202which may be, for example, a computer, a server, a plurality of networked computing devices having a logical appearance of a single computing device, a plurality of cloud computing devices, etc. Accordingly, for ease of discussion only and not for limitation purposes, the computing device202is referred to herein using the singular tense, although in some embodiments the computing device202may include more than one physical computing device.

The computing device202may include a program memory208, a processor210(may be called a controller, a microcontroller, or a microprocessor), a random-access memory (RAM)212, and an input/output (I/O) circuit215, all of which may be interconnected via an address/data bus218. The program memory208may comprise one or more tangible, non-transitory computer-readable storage media or devices, and may be configured to store computer-readable instructions220that, when executed by the processor210, cause the computing device202to implement bundling of insurance policies and investment accounts. In an embodiment, the instructions220, when executed, may cause the computing device202to implement at least a portion the method100of bundling insurance policies and investment accounts. For ease of discussion, the instructions220are referred to herein as “the bundler220.”

The computing device202may be configured or adapted to access one or more data storage devices222. For example, the bundler220may be executable by the processor210to access the one or more data storage devices222. Additionally or alternatively, another set of computer-executable instructions225may be executable by the processor210to access the one or more data storage devices222.

The one or more data storage devices222may comprise, for example, one or more memory devices, a data bank, cloud data storage, or one or more other suitable data storage devices. In the embodiment illustrated inFIG. 2, the computing device202is shown as being configured to access the one or more data storage devices222via a network interface228that is coupled to a link230in communicative connection with the one or more data storage devices222. The link230inFIG. 2is depicted as a link to one or more private or public networks232(e.g., the one or more data storage devices222are remotely located from the computing device202), although this is not required. The link230may include a wired link and/or a wireless link, or may utilize any suitable communications technology.

In an embodiment (not shown), at least one of the one or more data storage devices222is included in the computing device202, and the processor210of the computing device202(or the instructions220,225being executed by the processor210) accesses the one or more data storage devices222via a link comprising a read or write command, function, primitive, application programming interface, plug-in, operation, or instruction, or similar.

The one or more data storage devices222may include one physical device, or the one or more data storage devices222may include more than one physical device. The one or more data storage devices222, though, may logically appear as a single data storage device irrespective of the number of physical devices included therein. Accordingly, for ease of discussion only and not for limitation purposes, the data storage device222is referred to herein using the singular tense.

The data storage device222may be configured or adapted to store data related to bundling system200. In an embodiment, the data storage device222includes a database or other suitable data storage format233that includes one or more entries235a-235n. Each entry235may correspond to a particular party. For example, the entry235acorresponds to the party240, which may be a person, a business, an organization, or another entity indicated by a value stored in the field240. As such, the database or data storage233may be referred to as a “client registry” or a “customer registry,” for example.

Each entry235may include a first indicator configured or adapted to store a value indicative of a status of an insurance policy corresponding to the party, and a second indicator configured or adapted to store a value indicative of a status of an investment account corresponding to the party. For example, the entry235aincludes a first indicator242configured or adapted to store a value indicative of a current status of an insurance policy corresponding to the party240, and a second indicator245configured or adapted to store a value indicative of a current status of an investment account corresponding to the party240. In an embodiment, each entry235may include multiple investment account indicators corresponding to different investment accounts. In an embodiment, each entry may include multiple insurance policy indicators corresponding to different insurance policies.

In an embodiment, each entry235may additionally include one or more indicators whose values are indicative of the presence or absence of one or more characteristics or conditions corresponding to the eligibility and/or the ineligibility of the insurance policy and/or the investment account for bundling. For example, a third indicator (not shown) may correspond to a balance in the investment account, and a fourth indicator (not shown) may correspond to a delinquency or non-payment of the insurance policy premium. In an embodiment, the one or more indicators whose values are indicative of the presence or absence of one or more eligibility characteristics or conditions are omitted, and indications of the presence or absence of said characteristics or conditions are incorporated into the set of statuses able to be indicated by values stored by the first indicator242and/or into the set of statuses able to be indicated by values stored by the second indicator245.

Indeed, each status indicator242,245may indicate one of a respective set of statuses or states. The set of statuses or states that are applicable to an insurance policy may, in an embodiment, include only two statuses, e.g., “in-force” or “not in-force” (or similar). In an embodiment, the set of statuses or states for an insurance policy may include more than two statuses, e.g., “in-force,” “never applied for,” “applied for,” “at underwriting,” “approved,” “denied,” “lapsed,” “canceled,” “in-force but does not meet characteristic X required for bundling,” and/or other statuses. In an embodiment, at least some of the possible statuses for insurance policies may be selectable or defined by a user (e.g., an agent of a provider of insurance policies).

With regard to the statuses or states that are applicable to an investment account, the set of possible account statuses may, in an embodiment, include only two statuses, e.g., “open” and “closed” (or similar). In an embodiment, the set of statuses for an investment account may include more than two statuses, e.g., “never applied for,” “open,” “closed,” “frozen,” “open but does not meet criteria Y for bundling,” and/or other statuses. In an embodiment, at least some of the possible statuses for investment accounts may be selectable or defined by a user (e.g., an agent of a provider of investment vehicles).

Particular combinations of statuses242,245may render the corresponding insurance policy and/or investment account eligible for bundling, and thus eligible for one or more bundling benefits corresponding to the set of bundled products. These combinations of product states may be selected, defined, and/or modified by a user (e.g., an agent of the insurance policy provider or the agent of the investment vehicle provider), in an embodiment. For example, the set of bundled products may be eligible for bundling benefits when the insurance policy has a status of “in-force” and the account has a status of “open and includes criteria Y.” In some embodiments, different combinations of states for different types of investment accounts and/or different types of insurance policies are eligible for bundling. For example, a whole life insurance policy may be eligible for bundling when its cash value exceeds a certain amount, whereas a term life insurance policy may be eligible for bundling if the coverage amount exceeds a threshold. In another example, certain criteria corresponding individual types of policies or accounts and otherwise required for bundling may be waived, e.g., when a customer has a total portfolio value across multiple investment accounts above a particular threshold.

In an embodiment, the data storage device222may store other data related to bundling insurance policies and investment accounts. For example, the data storage device222may store one or more sets of insurance policy bundling rules, one or more sets of investment account bundling rules, one or more sets of bundling benefit rules, security and access permissions, and/or other data corresponding to the bundling of insurance policies and investment accounts.

With further regard toFIG. 2, in an embodiment, the bundler220is configured or adapted to change or update the entries235and the values of the fields240-245included therein to reflect the current status of the insurance policies and investment accounts. Generally, the bundler220may administrate the entries235and the contents of the entries235to support the bundling of insurance policies and investment vehicles accounts. For example, the bundler220may create a new entry235ncorresponding to a new customer, or the bundler220may delete an entry235b.

The bundler220may update a value of the field242storing the insurance policy status when a current state or status of the insurance policy changes. In an embodiment, the bundler220may change or update the entries235(or at least some portions of their contents and fields242,245) based on one or more explicit or implicit indications (e.g., triggers) received by the computing device202. For example, the bundler220may receive an explicit indication or a trigger to change one or more of the entries235via a user interface250. The user interface250may be integral to the computing device202(e.g., the user interface250a), and/or the user interface may not be integral with the computing device202(e.g., the user interface250b). For example, the user interface250may be a remote user interface250bat a remote computing device, such as a web page or a client application.

In an embodiment, the bundler220may receive an explicit indication or a trigger to change to one or more of the entries235via a link230that is communicatively connected to another computing device or system255,258. In an embodiment, the computing device202may receive a trigger, signal or message via the link230(and, optionally, via one or more private or public networks232) from a computing device or system255at which insurance policy information is maintained and/or administrated. For example, the computing system255may store additional data or information corresponding to the insurance policy, such as policy terms, records of premium payments, personal information of the policyholder, etc. In an embodiment, when insurance policy information is added, deleted, changed or updated at the computing system255, the computing system255may correspondingly inform the bundler220via the link230.

In an embodiment, the computing device202may receive a trigger or message via the link230(and, optionally, via one or more private or public networks232) from a computing device or system258at which investment account information is maintained and/or administrated. For example, the computing system258may store additional data or information corresponding to the investment account such as account terms, records of accumulated interest, gains, distributions, or other transactions, personal information of the policyholder, etc. In an embodiment, when investment account information is added, deleted, changed or updated at the computing system258, the computing system258may correspondingly inform the bundler220via the link230.

InFIG. 2, although the computing device202is shown as being in communicative connection with a single computing system255corresponding to insurance policies, the computing device202may be in communicative connection to any number of computing systems255(e.g., zero, two, three, or more computing devices) corresponding to any number or types of insurance policies. For example, the computing device202may be in communicative connection with a first computing system corresponding to life insurance policies, and with a second system corresponding to auto insurance policies, and with yet a third system corresponding to homeowners' insurance policies. In an embodiment, the computing device202may be included in (e.g., integral with) a computing system255corresponding to insurance policies.

Further, although inFIG. 2the computing device202is shown as being in communicative connection with a single computing system258corresponding to investment accounts, the computing device202may be in communicative connection to any number of computing systems258(e.g., zero, two, three, or more computing devices) corresponding to any number or types of investment accounts. For example, the computing device202may be in communicative connection with a computing system corresponding to mutual fund accounts, and with another system corresponding to checking and savings accounts, and with yet another system corresponding to retirement accounts. In an embodiment, the computing device202may be included in (e.g., integral with) a computing system258corresponding to investment accounts.

Turning again to the computing device202, while the bundler220is shown as a single block inFIG. 2, it will be appreciated that the bundler220may include a number of different programs, modules, routines, and sub-routines that may collectively cause the computing device202to implement the bundler220. It should be appreciated that although only one processor210is shown, the computing device202may include multiple processors210. Additionally, although the I/O circuit215is shown as a single block, it should be appreciated that the I/O circuit215may include a number of different types of I/O circuits. Similarly, the memory of the computing device202may include multiple RAMs212and multiple program memories208. Further, while the instructions for the bundler220and the other instructions222are shown being stored in the program memory208, the instructions may additionally or alternatively be stored in the RAM212or other local memory (not shown).

The RAM(s)212and program memories208may be implemented as semiconductor memories, magnetically readable memories, chemically or biologically readable memories, and/or optically readable memories, or may utilize any suitable memory technology. The computing device202may also be operatively connected to the network232via the link230and the I/O circuit215. The network232may be a proprietary network, a secure public internet, a virtual private network or some other type of network, such as dedicated access lines, plain ordinary telephone lines, satellite links, combinations of these, etc. Where the network232comprises the Internet, data communications may take place over the network232via an Internet communication protocol, for example.

FIG. 3illustrates an example scenario300in which insurance policies and investment vehicle accounts are bundled to provide a bundled benefit corresponding to an insurance policy. In an embodiment, the scenario300may occur, at least partially, by executing at least a portion or all of the method100ofFIG. 1. Additionally or alternatively, the scenario300may be at least partially implemented by at least a portion or all of the system200ofFIG. 2. In the example scenario300, the insurance policies are shown as life insurance policies and the investment accounts are shown as mutual fund accounts, but the principles and techniques illustrated inFIG. 3may equally be applied to other types of insurance policies and investment accounts.

Referring to block302, a life insurance provider and a mutual fund provider may become affiliated. For example, if the life insurance provider and the mutual fund provider are two different, distinct companies, the providers may be affiliated by a joint operating or business agreement. In an embodiment, the life insurance provider and the mutual fund provider may be different subsidiaries, divisions, organizations, or groups within a parent company.

The life insurance provider may enroll one or more policyholders (block305), and the mutual fund provider may provide accounts for mutual fund investors (block308). In some embodiments, the block308may be executed prior to the block305, and in some embodiments, the execution of the blocks305and308may overlap.

At block310, an actuarial analysis of enrolled life insurance policyholders who also have open mutual fund accounts may be performed. In an embodiment, an actuarial analysis may be performed on a subset of the enrolled life insurance policyholders who also have open mutual fund accounts. For example, the subset of policyholders may be selected based on insurance policies, mutual fund accounts, and/or policyholders that meet particular statuses, conditions, and/or characteristics.

The results of the actuarial analysis may be utilized to determine one or more life insurance policy bundling benefits (block312) to be offered to or provided to the set or subset of policyholders on which the actuarial analysis was performed. In the scenario300, the determined life insurance policy bundling benefits include a discount or a waiver on an insurance premium, but other bundling benefits may alternatively or additionally be determined. Moreover, different bundling benefits may be determined for different policyholders depending on the actuarial analysis and on the statuses or states, conditions, and/or characteristics of a particular policyholder, his or her insurance policy, and/or his or her mutual fund account, in an embodiment.

At block315, the life insurance provider and/or the mutual fund provider may obtain any necessary regulatory approvals needed to provide one or more life insurance policy bundling benefits. InFIG. 3, while the block315is illustrated as being executed after the benefit determination (block312), the block315may be executed at any time during the scenario300prior to enacting the bundling benefits in the computing systems of the life insurance provider (block318), and/or prior to rolling out the benefits to the policyholders (block320).

The life insurance provider may include or incorporate the determined life insurance policy bundling benefits into its rating algorithms and/or other policy administration processes (block318). In an embodiment, the life insurance provider may include or incorporate indications of the determined bundling benefits into a computing system with which the life insurance provider administrates insurance policies, e.g., the system255shown inFIG. 2.

In an embodiment, the life insurance provider may enact or roll out the life insurance policy bundled benefits to the life insurance policies (block320). For example, the life insurance provider may enact or roll out the bundled benefits to the life insurance policies of the set of policyholders identified at the block310. The life insurance policy bundled benefits may be offered to the policyholders, or the bundled benefit may be automatically enacted, e.g., in a subsequent premium or statement of the life insurance policy, or at any time after the benefits have received regulatory approval (block315).

In some embodiments, the scenario300includes marketing the life insurance bundled benefit (block322), for example, by the life insurance provider, the mutual fund provider, or both providers. It is noted that while the marketing (block322) is illustrated inFIG. 3as being executed at the end of the scenario300, the marketing (block322) may be executed at any time during the scenario300after the providers have been affiliated (e.g., after the block302).

FIG. 4illustrates an example scenario330in which life insurance policies and investment accounts are bundled to provide a bundled benefit corresponding to an account of an investment vehicle. In an embodiment, the scenario330may occur, at least partially, by executing at least a portion or all of the method100ofFIG. 1. Additionally or alternatively, the scenario330may be at least partially implemented by at least a portion or all of the system200ofFIG. 2. In some embodiments, the scenario330may be combined with at least portions of the scenario300ofFIG. 3. In the example scenario330, the insurance policies are shown as life insurance policies and the investment accounts are shown as mutual fund accounts, but the principles and techniques illustrated inFIG. 4may equally be applied to other types of insurance policies and investment accounts.

Referring to block332, a life insurance provider and a mutual fund provider may become affiliated. For example, if the life insurance provider and the mutual fund provider are two different, distinct companies, the providers may be affiliated by a joint operating or business agreement. In an embodiment, the life insurance provider and the mutual fund provider may be different subsidiaries, divisions, organizations, or groups within a parent company.

The life insurance provider may enroll one or more policyholders (block335), and the mutual fund provider may provide accounts for mutual fund investors (block338). In some embodiments, the block338may occur prior to the block305, and in some embodiments, the occurrences of the blocks335and338may overlap.

One or more mutual fund bundling benefits to be offered to or provided to the set of mutual fund investors who also hold life insurance policies may be determined (block340). In the scenario330, the determined mutual fund bundling benefits may include a discount or a waiver on a load, a fee, a service charge or a sales charge corresponding to the mutual fund. Other bundling benefits, though, may alternatively or additionally be determined. Moreover, different bundling benefits may be determined for different investors depending on the statuses or states, conditions, and/or characteristics of a particular account owner, his or her insurance policy, and/or his or her mutual fund account, in an embodiment.

At block342, the life insurance provider and/or the mutual fund provider may obtain any necessary regulatory approvals needed to provide one or more mutual fund account bundling benefits. InFIG. 4, while the block342is illustrated as occurring immediately after the determination of the bundling benefits (block340), the block342may occur at any time during the scenario330prior to enacting the bundling benefits in the computing systems of the mutual fund provider (block348), and/or prior to rolling out the benefits to the investment account owners (block350).

In some embodiments, the scenario330includes marketing the mutual fund bundled benefit (block345). For example, the life insurance provider, the mutual fund provider, or both providers may market the mutual fund bundled benefit. The marketing of the mutual fund bundling benefit (block345) may be executed at any time during the scenario330after the providers have been affiliated (e.g., after the block332).

The mutual fund provider may include or incorporate the determined mutual fund bundling benefits into its product administration algorithms and/or other processes (block348). In an embodiment, the mutual fund provider may include or incorporate indications of the determined bundling benefits into a computing system with which the mutual fund provider administrates mutual fund accounts, e.g., the system258shown inFIG. 2.

In an embodiment, the mutual fund provider may enact or roll out the mutual fund bundled benefits to the accounts of mutual fund investors who also have life insurance policies that are in-force (block350). The mutual fund bundled benefits may be offered to the said investors, or the mutual fund bundled benefit may be automatically enacted for the investors' accounts, e.g., with a subsequent transaction, or at any time after the benefits have received regulatory approval (block342).

Thus, many modifications and variations may be made in the techniques and structures described and illustrated herein without departing from the spirit and scope of the present claims. Accordingly, it should be understood that the methods and systems described herein are illustrative only and are not limiting upon the scope of the claims.