SYSTEM AND METHOD FOR PROCESSING DATA RELATING TO INSURANCE CLAIM STABILITY INDICATOR
First Claim
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1. A system for processing insurance claim data comprising:
- an input device for receiving data indicative of at least one parameter corresponding to a characteristic of an insurance claim;
a data storage device for storing the data indicative of the at least one parameter received by the input device;
a computerized model for determining a stability indicator for the insurance claim based on the data indicative of the at least one parameter, wherein the stability indicator is indicative of a likelihood of a non-linear increase in expenditures in relation to the insurance claim; and
one or more business logic processors configured to;
execute the computerized model; and
process the insurance claim based upon the stability indicator determined by the computerized model.
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Abstract
The invention relates generally to data analysis, and to systems and methods for the computation of the volatility of a loss. The system comprises a module for receiving a data parameter, a database for storing the parameter, a computerized predictive model, and a business logic processor for executing the predictive model. The volatility is used to, among other things, determine an appropriate work flow for handling the loss.
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Citations
20 Claims
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1. A system for processing insurance claim data comprising:
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an input device for receiving data indicative of at least one parameter corresponding to a characteristic of an insurance claim; a data storage device for storing the data indicative of the at least one parameter received by the input device; a computerized model for determining a stability indicator for the insurance claim based on the data indicative of the at least one parameter, wherein the stability indicator is indicative of a likelihood of a non-linear increase in expenditures in relation to the insurance claim; and one or more business logic processors configured to; execute the computerized model; and process the insurance claim based upon the stability indicator determined by the computerized model. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method for processing insurance claim data comprising:
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receiving by an input device data indicative of at least one parameter corresponding to a characteristic of an insurance claim; storing by a processor the data indicative of the at least one parameter in a data storage device; executing by the processor a computerized model based at least in part on the data indicative of the at least one parameter to determine a stability indicator for the insurance claim, wherein the stability indicator is indicative of a likelihood of a non-linear increase in expenditures in relation to the insurance claim; and processing by the processor the insurance claim based upon the stability indicator determined by the computerized model. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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17. A non-transitory computer-readable medium encoded with machine-readable instructions for processing insurance claim data, the machine-readable instructions being configured to cause a computer to:
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receive data indicative of at least one parameter corresponding to a characteristic of an insurance claim; store the data indicative of the at least one parameter in a data storage device; execute a computerized model based at least in part on the data indicative of the at least one parameter to determine a stability indicator for the insurance claim, wherein the stability indicator is indicative of a likelihood of a non-linear increase in expenditures in relation to the insurance claim; and process the insurance claim based upon the stability indicator determined by the computerized model. - View Dependent Claims (18, 19, 20)
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Specification