HISTORICAL INSURANCE TRANSACTION SYSTEM AND METHOD
First Claim
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1. A method of settling an automotive casualty claim, comprising:
- a) receiving a claim, the claim including;
i) an identification of a vehicle part that is damaged, andii) an identification of a time associated with the claim,b) querying a database of historical vehicle replacement parts information, the database including;
i) identification of specific replacement parts,ii) the times during which the replacement parts were available,iii) the number of replacement parts that were available at various times, andiv) the prices of the replacement parts at the respective times during which the replacement parts were available,wherein the query seeks an identification of (1) the availability of a replacement part for the vehicle part that is damaged at times near to the time associated with the claim, and (2) the cost of the replacement part at that time,c) determining a price to be paid for the replacement part based on the price of the replacement parts available at the time associated with the claim.
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Abstract
The present invention relates to a system and method for conducting historical search transactions that relate directly or indirectly to insurance subrogation and adverse claims. The invention includes a method for the accurate resolution of insurance claims (including claims against self-insureds), and a method for determining the settlement rules applied by an insurer or self-insurer in settling automotive casualty claims.
148 Citations
18 Claims
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1. A method of settling an automotive casualty claim, comprising:
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a) receiving a claim, the claim including; i) an identification of a vehicle part that is damaged, and ii) an identification of a time associated with the claim, b) querying a database of historical vehicle replacement parts information, the database including; i) identification of specific replacement parts, ii) the times during which the replacement parts were available, iii) the number of replacement parts that were available at various times, and iv) the prices of the replacement parts at the respective times during which the replacement parts were available, wherein the query seeks an identification of (1) the availability of a replacement part for the vehicle part that is damaged at times near to the time associated with the claim, and (2) the cost of the replacement part at that time, c) determining a price to be paid for the replacement part based on the price of the replacement parts available at the time associated with the claim. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A method for determining the settlement rules applied by an insurer or self-insurer in settling automotive casualty claims, the method comprising:
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a) receiving data concerning i) the cost, type, and availability of each replacement part paid for by the insurer when settling previous claims, ii) a time associated with the settled claim, iii) the location at which the repair estimate used as the basis for settling the claim was made, and iv) the age and condition of the automobile that was the subject of the claim, and b) inferring the insurer'"'"'s settlement rules from the data. - View Dependent Claims (9, 10, 11, 12)
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13. A method of settling automotive casualty claims, the method comprising:
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receiving an insurance claim, identifying a demanding party and a responding party, applying an algorithm to the settlement rules for the demanding party and the responding party to determine joint settlement rules, the joint settlement rules satisfying the settlement rules of the demanding party and the responding party and including rules for selecting an estimated price for a replacement part to a damaged vehicle, applying the joint settlement rules to the insurance claim. - View Dependent Claims (14, 15, 16, 17, 18)
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Specification