SYSTEM AND METHOD FOR CALCULATING ESTIMATED CLAIM COSTS
First Claim
1. A computer system for estimating insurance claim severity, comprising:
- a first data storage device storing data relating to a plurality of insurance claims, the data comprising a plurality of characteristics associated with each of the plurality of insurance claims and total claim cost data associated with each of the claims;
a computer processor in communication with the data storage device; and
a program memory in communication with the computer processor, storing computer-readable instructions, which, when executed by the computer processor, cause the computer processor to;
determine a first set of claim characteristics;
determine a plurality of first claims of the plurality of insurance claims, the first claims each having the claim characteristics of the first set;
determine a statistical profile of the claim cost data of the first claims based on the claim cost data associated with each of the first claims;
determine whether the determined statistical profile meets profile criteria;
responsive to determining that the determined statistical profile meets the profile criteria, associate the first set of claim characteristics with a first claim category;
associate each of the first claims to one of a plurality of total cost ranges based on the total cost data associated with the first claims;
determine an average cost per claim year associated with each of a plurality of expense categories for the first claims associated with each of the total cost ranges; and
store in a second data storage device the determined average cost per claim year data; and
a display device in communication with the second data storage device configured to display the determined average cost per claim year data.
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Accused Products
Abstract
A computer system includes a data storage device. The data storage module receives, stores, and provides access to historical claim data. A categorical aggregation component comprising program instructions stored in a program memory provides categorized and aggregated historical claim data by identifying claim categories based on the historical claim data, each of the one or more claim categories associated with a respective set of claim characteristics, identifying claims of the historical claim data associated with one of the claim categories, assigning each identified claim to one of a plurality of total severity ranges based on the total severity of the identified claim, and determining an average cost per claim year for claims of each total severity range when executed by a computer processor.
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Citations
20 Claims
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1. A computer system for estimating insurance claim severity, comprising:
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a first data storage device storing data relating to a plurality of insurance claims, the data comprising a plurality of characteristics associated with each of the plurality of insurance claims and total claim cost data associated with each of the claims; a computer processor in communication with the data storage device; and a program memory in communication with the computer processor, storing computer-readable instructions, which, when executed by the computer processor, cause the computer processor to; determine a first set of claim characteristics; determine a plurality of first claims of the plurality of insurance claims, the first claims each having the claim characteristics of the first set; determine a statistical profile of the claim cost data of the first claims based on the claim cost data associated with each of the first claims; determine whether the determined statistical profile meets profile criteria; responsive to determining that the determined statistical profile meets the profile criteria, associate the first set of claim characteristics with a first claim category; associate each of the first claims to one of a plurality of total cost ranges based on the total cost data associated with the first claims; determine an average cost per claim year associated with each of a plurality of expense categories for the first claims associated with each of the total cost ranges; and store in a second data storage device the determined average cost per claim year data; and a display device in communication with the second data storage device configured to display the determined average cost per claim year data. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A computer-implemented method for estimating insurance claim severity, comprising:
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accessing, by a computer processor, a first data storage device storing data relating to a plurality of insurance claims, the data comprising a plurality of characteristics associated with each of the plurality of insurance claims and total claim cost data associated with each of the claims; determining, by the computer processor, a first set of claim characteristics; determining, by the computer processor, a plurality of first claims of the plurality of insurance claims, the first claims each having the claim characteristics of the first set; determining, by the computer processor, a statistical profile of the claim cost data of the first claims based on the claim cost data associated with each of the first claims; determining, by the computer processor, whether the determined statistical profile meets profile criteria; responsive to determining that the determined statistical profile meets the profile criteria, associating, by the computer processor, the first set of claim characteristics with a first claim category; associating, by the computer processor, each of the first claims to one of a plurality of total cost ranges based on the total cost data associated with the first claims; determining, by the computer processor, an average cost per claim year associated with each of a plurality of expense categories for the first claims associated with each of the total cost ranges; storing, in a second data storage device, the determined average cost per claim year data; and displaying, by a display device in communication with the second data storage, device, the determined average cost per claim year data. - View Dependent Claims (13, 14, 15, 16, 17)
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18. A non-transitory computer-readable medium having computer-readable instructions stored thereon, which instructions, when executed by a computer processor, cause the computer processor to:
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access a first data storage device storing data relating to a plurality of insurance claims, the data comprising a plurality of characteristics associated with each of the plurality of insurance claims and total claim cost data associated with each of the claims; determine a first set of claim characteristics; determine a plurality of first claims of the plurality of insurance claims, the first claims each having the claim characteristics of the first set; determine a statistical profile of the claim cost data of the first claims based on the claim cost data associated with each of the first claims; determine whether the determined statistical profile meets profile criteria; responsive to determining that the determined statistical profile meets the profile criteria, associate the first set of claim characteristics with a first claim category; associate each of the first claims to one of a plurality of total cost ranges based on the total cost data associated with the first claims; determine an average cost per claim year associated with each of a plurality of expense categories for the first claims associated with each of the total cost ranges; and output to a second data storage device, for storage, the determined average cost per claim year data. - View Dependent Claims (19, 20)
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Specification