Patent ID: 7634420

Claim:
A method for appraising value of a plurality of life insurance products, comprising: receiving, by a computer-based value appraising system, risk profile information of a proposed insured; receiving, by the computer-based value appraising system, information about proposed benefits to be provided and proposed price to be paid, including information about guaranteed amounts and illustrated amounts that depend on assumptions about the future, of each of a plurality of proposed life insurance products; receiving, by the computer-based value appraising system, information about an ability to meet financial obligations of one or more insurers providing the plurality of life insurance products; for each life insurance product of the plurality of life insurance products, determining an overall numeric rating reflecting the life insurance product's customer value proposition (CVP), including steps of: determining, by the computer-based value appraising system, a first numeric rating of the life insurance product's value for money (VFM) based at least on mortality information specific to the received risk profile information of the proposed insured and on the illustrated amounts of the life insurance product's proposed benefits and proposed price that depend on the assumptions about the future; determining, by the computer-based value appraising system, a second numeric rating of the life insurance product's performance under less optimistic assumptions about the future based at least on the life insurance product's guaranteed amounts of the proposed benefits and the proposed price; determining, by the computer-based value appraising system, a third numeric rating of the financial strength of the insurer providing the life insurance product based at least on the received information about the ability to meet financial obligations of the insurer providing the life insurance product; applying, by the computer-based value appraising system, a weighting to each of the first, second and third numeric ratings according to the relative importance of the first, second and third numeric ratings; and determining, by the computer-based value appraising system, the life insurance product's customer value proposition (CVP) based at least on the first, second and third weighted numeric ratings; and transmitting an appraisal of the plurality of life insurance products based on the determined customer value propositions (CVP) of the plurality of life insurance products.