Method of determining potential for repair services in a geographic area

• US 20040044549A1
• Filed: 08/30/2002
• Published: 03/04/2004
• Est. Priority Date: 08/30/2002
• Status: Abandoned Application

• Current Assignee: PPG Industries Ohio Incorporated (Nouryon BV)
• Original Assignee: PPG Industries Ohio Incorporated (Nouryon BV)
• Inventors: Loop, Kevin S.
• Application Number:
  US10/231,502
• Publication Number:
  US 20040044549A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method of determining the market value of a repair service on an insured article having the steps of (a) determining the likelihood (L) of filing an insurance claim on insured articles in a geographic area; (b) determining a dollar value (V) for an insurance claim on the article in the geographic area; (c) determining a quantity factor (Q) related to the quantity of the articles in the geographic area; and (d) calculating the total potential sales value (S) of insurance claims on the based on (a), (b) and (c). The insured articles may be vehicles in geographic areas corresponding to zip codes.

Claims

1. A method of determining the market value of a repair service on an insured article comprising the steps of:

(a) determining the likelihood (L) of filing an insurance claim on insured articles in a geographic area;

(b) determining a dollar value (V) for an insurance claim on the article in the geographic area;

(c) determining a quantity factor (Q) related to the quantity of the articles in the geographic area;

(d) determining the potential sales value (S) of insurance claims on the articles in the geographic area based on (a), (b) and (c).

2. The method of claim 1, wherein said step of determining the potential sales value (S) is calculated according to the formula S=L×

V×

Q.

3. The method of claim 1, wherein the quantity factor is a number of units in the geographic area, the units being selected from the group consisting of households, population, and insured articles.

4. The method of claim 2, wherein the insured articles are vehicles.

5. The method of claim 1, wherein step (a)-(d) are performed on a plurality of geographic areas.

6. The method of claim 5, wherein each geographic area is an area of a zip code.

7. The method of claim 5 further comprising a step of prioritizing the market value of the geographic areas based on the total potential sales value (S) and the likelihood (L) of filing an insurance claim.

8. The method of claim 5 further comprising a step of determining a demographic profile for the population in each geographic area, and identifying a marketing strategy for the population of the geographic areas based on the value (S) and the demographic profile.

9. The method of claim 5 further comprising a step of determining the change in quantity factors (Q) over time and predicting the future change in quantity factors (Q) to calculate future total potential sales values (S) for the geographic areas.