Determining amounts for claims settlement using likelihood values
First Claim
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1. A computer-implemented method for determining amounts for use in settling insurance claims, comprising:
- automatically identifying on an insurance claims processing system one or more closed claims that match an open claim based on one or more characteristics of the open claim;
automatically determining on the insurance claims processing system a likelihood value associated with at least one of the matching closed claims, wherein the likelihood value is a numerical value whose magnitude is a quantitative measure of the likelihood that a monetary amount associated with the closed claim represents an appropriate monetary amount for settling an open claim, wherein a greater magnitude of the likelihood value corresponds to a higher likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the open claim, and wherein a lesser magnitude of the likelihood value corresponds to a lower likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the open claim; and
determining an amount for the open claim based at least in part on the likelihood value for at least one of the matching closed claims.
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Abstract
Methods and systems are provided for determining and displaying amounts for use in settling insurance claims are disclosed. Closed claims that match an open claim are identified based on one or more characteristics of the open claim. A likelihood value associated with at least one of the matching closed claims is determined. An amount for use by an adjuster in settling the open claim is determined based on the likelihood value for at least one of the matching claims. A most likely amount and most likely range associated with the open claim may be determined based on the likelihood values.
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Citations
28 Claims
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1. A computer-implemented method for determining amounts for use in settling insurance claims, comprising:
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automatically identifying on an insurance claims processing system one or more closed claims that match an open claim based on one or more characteristics of the open claim; automatically determining on the insurance claims processing system a likelihood value associated with at least one of the matching closed claims, wherein the likelihood value is a numerical value whose magnitude is a quantitative measure of the likelihood that a monetary amount associated with the closed claim represents an appropriate monetary amount for settling an open claim, wherein a greater magnitude of the likelihood value corresponds to a higher likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the open claim, and wherein a lesser magnitude of the likelihood value corresponds to a lower likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the open claim; and determining an amount for the open claim based at least in part on the likelihood value for at least one of the matching closed claims. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26)
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27. A system, comprising:
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a processor; a memory coupled to the processor and configured to store program instructions executable by the processor to implement; identifying one or more closed claims that match an open claim based on one or more characteristics of the open claim; determining a likelihood value associated with at least one of the matching closed claims, wherein the likelihood value is a numerical value whose magnitude is a quantitative measure of the likelihood that a monetary amount associated with the closed claim represents an appropriate monetary amount for settling an open claim, wherein a greater magnitude of the likelihood value corresponds to a higher likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the open claim, and wherein a lesser magnitude of the likelihood value corresponds to a lower likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the open claim; and determining an amount for the open claim based at least in part on the likelihood value for at least one of the matching closed claims.
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28. A tangible, computer readable medium comprising program instructions, wherein the program instructions are computer-executable to implement:
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identifying one or more closed claims that match an open claim based on one or more characteristics of the open claim; determining a likelihood value associated with at least one of the matching closed claims, wherein the likelihood value is a numerical value whose magnitude is a quantitative measure of the likelihood that a monetary amount associated with the closed claim represents an appropriate monetary amount for settling an open claim, wherein a greater magnitude of the likelihood value corresponds to a higher likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the open claim, and wherein a lesser magnitude of the likelihood value corresponds to a lower likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the open claim; and determining an amount for the open claim based at least in part on the likelihood value for at least one of the matching closed claims.
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Specification