System and method for salvage calculation, fraud prevention and insurance adjustment
First Claim
1. A method for determining whether to repair or replace an insured item of an insured user, said method comprising the steps of:
- acquiring information related to the repair cost of at least one insured item with an outstanding insurance claim;
determining the repair cost of said at least one insured item with an outstanding insurance claim;
acquiring information related to the replacement cost of said at least one insured item with an outstanding insurance claim;
determining the replacement cost of said at least one insured item with an outstanding insurance claim;
comparing said replacement cost of said at least one insured item with an outstanding insurance claim to said repair cost of said at least one insured item with an outstanding insurance claim; and
determining whether to repair or replace said at least one insured item with an outstanding insurance claim.
1 Assignment
0 Petitions
Accused Products
Abstract
Disclosed is a novel system and method that provides real time information to an insurance adjuster. The system obtains information related to an insured item which has an outstanding claim. Information includes the cost to repair a specific item, the salvage value of the item, and the cost to replace the item. The system then compares the information related to the insured item from an economic perspective to determine whether it should be repaired or replaced. Since the system is objective, it reduces the reliance on subjective human factors such as collusion and lack of expertise. As a result, the system reduces the number of fraudulent and inaccurate transactions related to the specific item.
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Citations
20 Claims
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1. A method for determining whether to repair or replace an insured item of an insured user, said method comprising the steps of:
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acquiring information related to the repair cost of at least one insured item with an outstanding insurance claim; determining the repair cost of said at least one insured item with an outstanding insurance claim; acquiring information related to the replacement cost of said at least one insured item with an outstanding insurance claim; determining the replacement cost of said at least one insured item with an outstanding insurance claim; comparing said replacement cost of said at least one insured item with an outstanding insurance claim to said repair cost of said at least one insured item with an outstanding insurance claim; and determining whether to repair or replace said at least one insured item with an outstanding insurance claim. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method for determining whether to repair or replace an insured item of an insured user using a web-based system including a server with at least one database and at least one device connected to the server via a network, said method comprising the steps of:
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storing information related to the repair cost of said insured item in a database; storing information related to the replacement cost of said insured item in a database; receiving a query from an insurer or agent at the server, pertaining to said insured item; retrieving said information related to the repair cost of said insured item from said database in response to said received query; retrieving said information related to the replacement cost of said insured item from said database in response to said received query; comparing said retrieved information related to the replacement cost of said insured item with said retrieved information related to the repair cost of said insured item; and determining whether to repair or replace said at least one insured item. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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Specification