Method and system for identifying subrogation potential and valuing a subrogation file

• US 7,343,308 B1
• Filed: 09/29/2000
• Issued: 03/11/2008
• Est. Priority Date: 05/26/2000
• Status: Expired due to Fees

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Pai, Chun-Chen, Rojewski, Marcia, Jeffrey, David, Rojewski, Kim, Rojewski, Lisa, Pierce, Don, Aleia, Alan
• Primary Examiner(s): Rudy; Andrew Joseph
• Assistant Examiner(s): Frenel; Vanel
• Application Number:
  US09/676,391
• Time in Patent Office: 2,720 Days
• Field of Search: 705/4, 705/10, 705/14, 705/7, 705/28, 705/8
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/0635 Risk analysis of enterprise or organisation activities
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method for identifying select ones of insurance records which possess a favorable subrogation potential. The method includes receiving data indicative of a plurality of claims; automatically calculating a base score to identify select ones of the claims which demonstrate at least a given probability of expected subrogation recovery dependently upon the received data; automatically identifying risk factors for each of the select claims; and, automatically scoring each of the select claims dependently upon the base scores and identified risk factors to provide a value indicative of an expected subrogation recovery.

Claims

1. A computerized method for identifying select ones of insurance records which possess a favorable subrogation potential, the method comprising the steps of:

receiving data indicative of a plurality of claims;

automatically calculating a base score to identify select ones of the claims which demonstrate at least a given probability of expected subrogation recovery dependent upon the received data, wherein calculating a base score comprises;

calculating a likelihood a payment will be made by a legally liable party;

calculating a probable percentage of losses recovered through payments received from said legally liable party;

identifying at least one economic factor pertinent to said base score;

calculating a first adjustment dependent upon said identified at least one economic factor;

identifying at least one collection efficiency or strategy pertinent to said base score; and

,

calculating a second adjustment dependent upon said identified at least one collection efficiency or strategy;

selecting claims on the basis of the base score which demonstrate at least a given probability of expected subrogation recovery dependent upon the received data;

automatically identifying risk factors associated with the claim for each of the select claims;

automatically scoring each of the select claims dependent upon the base scores and said identified risk factors to provide a value indicative of an expected subrogation recovery; and

outputting the resulting value;

wherein, the steps are employed using a computer.