Patent Issued for Managed account continuum system and method (USPTO 11379914): United Services Automobile Association

2022 JUL 25 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- According to news reporting originating from Alexandria, Virginia, by NewsRx journalists, a patent by the inventors Etugbo, Macdonald (Helotes, TX, US), Kissner, Jeffrey (San Antonio, TX, US), Livingston, John David (San Antonio, TX, US), Scharn, Joren Mathijs (San Antonio, TX, US), Trevino, Pablo Guadalupe (San Antonio, TX, US), filed on November 11, 2019, was published online on July 5, 2022.

The assignee for this patent, patent number 11379914, is United Services Automobile Association (San Antonio, Texas, United States).

Reporters obtained the following quote from the background information supplied by the inventors: “The present disclosure relates generally to systems and methods for offering a managed account, and more specifically, to a managed account product continuum for various financial service products.

“Modern businesses offer an array of services (e.g., financial services) that are electronically accessible, such as via the Internet. For example, modern businesses may offer banking and savings services, investment services, insurance services, mortgage services, annuities products, and other services through the Internet. However, it is now recognized that there is a continued need for improving interfacing with, and management of, various products to facilitate ease of access and understanding for users.”

In addition to obtaining background information on this patent, NewsRx editors also obtained the inventors’ summary information for this patent: “One or more specific embodiments of the present disclosure will be described below. In an effort to provide a concise description of these embodiments, all features of an actual implementation may not be described in the specification. It should be appreciated that in the development of any such actual implementation, as in any engineering or design project, numerous implementation-specific decisions must be made to achieve the developers’ specific goals, such as compliance with system-related and business-related constraints, which may vary from one implementation to another. Moreover, it should be appreciated that such a development effort might be complex and time consuming, but would nevertheless be a routine undertaking of design, fabrication, and manufacture for those of ordinary skill having the benefit of this disclosure.

“Present embodiments are directed toward systems and methods for providing customers a single-rail managed account product continuum (e.g., accessible via the Internet), and more specifically, to providing customers a single-rail managed account product continuum for customer management of financial service products. For example, in accordance with the present disclosure, a financial services company may offer to a customer a single-rail managed account available and utilized over a long period of time (e.g., for a duration of the customer’s life). The managed account may be an umbrella account that enables access to multiple sub-accounts or products, such as financial service products. During the course of the customer’s life, certain products that comply with the customer’s current lifestyle, life events, or time- or age-specific needs may be made available to the customer. In some embodiments, the products may be offered based on life events or other feedback communicated to the managed account. For example, if the customer weds, becomes a parent, has a significant medical emergency or need, reaches a certain age, or is affected by some other life event, pertinent products or features of products may be made available to the customer.

“In one embodiment, features of a particular product (e.g., primary banking, basic medical insurance, auto insurance, mortgage services, annuities products, and trust services) included on the single-rail managed account product continuum may change in response to the customer’s life events and/or to the customer’s accumulated wealth or income. For example, types of advisement may change (e.g., strategically, aesthetically, functionally [from digital to personal, or personal to digital]) for a particular product as the customer’s needs change and as the customer’s wealth management becomes more or less complex. Changing features for a particular product on the single-rail managed account product continuum may be referred to as a “feature continuum” corresponding with the particular product, and the feature continuum (and corresponding customer options) may be accessible (e.g., displayable) on, or selectable from, a display of the single-rail managed account product continuum. It should be noted that each product included on the single-rail managed account product continuum may include a corresponding feature continuum, and that each feature continuum may be accessible (e.g., displayable) on, or selectable from, the display of the single-rail managed account product continuum.

“By offering a wide range of products (e.g., financial service products, and/or insurance products) via the single-rail managed account product continuum, management and understanding of the products is simplified for the customer. Further, by tailoring the wide range of products (and features or customer management/decisions thereof) to the customer’s specific life events, life goals, state-of-life, and/or financial demographics, effectiveness and relevance of the products is increased for the customer. Additionally, by offering the single-rail managed account product continuum, the financial services company may increase business interaction with the customer (e.g., by encouraging the customer to engage in a wide range of financial service products from the financial services company, as opposed to only a few).

“The term “single-rail” is used to describe longevity, accessibility, and product range features of the managed account. For example, the term “single-rail” describes how the managed account may cover a wide range of products over a long period of time, where each of the products may be offered to, and accepted by, the user based on a personal experience of the user. In other words, certain products available for the single-rail managed account product continuum may be beneficial before, during, or after certain personal experiences (e.g., life events) of the user. Such products may be offered at specific times or time intervals relative to the personal experiences of the user to increase a likelihood that the user utilizes the product(s) and to increase a value of the product(s) for the user. The term “single-rail” also emphasizes the unified and time-based nature of the managed account product continuum, which simplifies access to users by providing easily accessible products and information that are relevant to the life phase of the user.”

The claims supplied by the inventors are:

“1. A system comprising: a customer interface configured to display a single-rail managed account product continuum; a monitor configured to utilize a sensor to detect state-of-life data; and a server comprising a memory and a processor, wherein the memory is configured to store instructions executable by the processor, wherein the instructions are configured to cause the processor to: determine a recommendation of a financial service product based on the state-of-life data detected by the sensor; and send the recommendation of the financial service product to the customer interface, wherein the customer interface is configured to display the recommendation of the financial service product.

“2. The system of claim 1, wherein the customer interface is configured to receive second state-of-life data and send the second state-of-life data to the server, wherein the instructions are configured to cause the processor to determine the recommendation of the financial service product based at least in part on the second state-of-life data.

“3. The system of claim 1, wherein a wearable device comprises the monitor.

“4. The system of claim 1, wherein the financial service product comprises a credit service product, a checking service product, a general savings service product, or any combination thereof.

“5. The system of claim 1, wherein the instructions are configured to cause the processor to: determine an amount of digital financial advisement and an amount of human financial advisement based on the state-of-life data, the recommendation of the financial service product, or a combination thereof; and initiate a digital financial advisement based on the amount of digital financial advisement or initiate a human financial advisement based on the amount of human financial advisement.

“6. The system of claim 1, wherein the financial service product comprises a plurality of features, wherein the instructions are configured to cause the processor to: determine a recommendation of a feature of the plurality of features based on the state-of-life data; send the recommendation of the feature to the customer interface, wherein the customer interface is configured to display the recommendation of the feature as part of the single-rail managed account product continuum.

“7. The system of claim 6, wherein the feature comprises a digital analysis feature or a digital management feature.

“8. The system of claim 1, wherein the sensor comprises a biometric sensor.

“9. The system of claim 1, wherein the processor is configured to automatically receive the state-of-life data detected by the sensor from the monitor independent of a user input.

“10. A server comprising: a memory and a processor, wherein the memory is configured to store instructions executable by the processor, wherein the instructions are configured to cause the processor to: provide a single-rail managed account product continuum on a customer interface device; receive state-of-life data from a monitoring device comprising a sensor configured to detect the state-of-life data; determine a recommendation of one or more financial service products of a plurality of financial service products based on the state-of-life data detected by the sensor; and send the recommendation of the one or more financial service products to the customer interface device as part of the single-rail managed account product continuum.

“11. The server of claim 10, wherein the instructions are configured to cause the processor to receive a selected financial service product from the recommendation of the one or more financial service products.

“12. The server of claim 11, wherein the instructions are configured to cause the processor to cause the customer interface device to display the selected financial service product in response to receiving the selected financial service product.

“13. The server of claim 10, wherein the one or more financial service products comprise an insurance service product.

“14. The server of claim 10, wherein the one or more financial service products comprise a managed investment portfolio service product.

“15. The server of claim 10, wherein the one or more financial service products comprise an annuities service product.

“16. One or more tangible, non-transitory, machine-readable media comprising instructions configured to cause a processor to: provide a single-rail managed account product continuum on a customer interface device; receive state-of-life data from a monitoring device comprising a sensor configured to detect the state-of-life data; determine a recommendation of a financial service product of the single-rail managed account product continuum based on the state-of-life data detected by the sensor; and send the recommendation of the financial service product to the single-rail managed account product continuum on the customer interface device.

“17. The one or more tangible, non-transitory, machine-readable media of claim 16, wherein the customer interface device is configured to display the recommendation of the financial service product as part of the single-rail managed account product continuum.

“18. The one or more tangible, non-transitory, machine-readable media of claim 16, wherein the financial service product comprises a plurality of features, and wherein the instructions are configured to cause the processor to: determine a recommendation of a feature of the plurality of features based on the state-of-life data; and send the recommendation of the feature to the customer interface device, wherein the customer interface device is configured to display the recommendation of the feature.

“19. The one or more tangible, non-transitory, machine-readable media of claim 18, wherein the customer interface device is configured to display the feature.

“20. The one or more tangible, non-transitory, machine-readable media of claim 16, wherein the financial service product is configured to display a cost savings.”

For more information, see this patent: Etugbo, Macdonald. Managed account continuum system and method. U.S. Patent Number 11379914, filed November 11, 2019, and published online on July 5, 2022. Patent URL: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=11379914.PN.&OS=PN/11379914RS=PN/11379914

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