US 12,002,099 B1
Systems and methods for developing convertible term products
Gareth Ross, Amherst, MA (US); and Tricia Walker, East Hampton, MA (US)
Assigned to Massachusetts Mutual Life Insurance Company, Springfield, MA (US)
Filed by MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, Springfield, MA (US)
Filed on Oct. 18, 2019, as Appl. No. 16/656,749.
Application 16/656,749 is a continuation of application No. 14/576,704, filed on Dec. 19, 2014, granted, now 10,489,860.
Claims priority of provisional application 61/920,056, filed on Dec. 23, 2013.
Claims priority of provisional application 61/920,062, filed on Dec. 23, 2013.
Claims priority of provisional application 61/920,071, filed on Dec. 23, 2013.
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/08 (2012.01)
CPC G06Q 40/08 (2013.01) 18 Claims
OG exemplary drawing
 
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.