Determining recommended settlement amounts by adjusting values derived from matching similar claims
First Claim
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1. A computer-implemented method for determining amounts for use in settling insurance claims, comprising:
- automatically identifying, by a computer system, one or more closed claims that match a pending claim based on one or more characteristics of the pending claim;
determining, by the computer system, a likelihood value for at least one of the matching closed claims, wherein the likelihood value is a non-monetary, numerical value whose magnitude is a quantitative measure of the likelihood that a monetary amount associated with a closed claim represents an appropriate monetary amount for settling an pending claim, wherein a greater magnitude of the non-monetary, numerical likelihood value corresponds to a higher likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the pending claim, and wherein a lesser magnitude of the non-monetary, numerical likelihood value corresponds to a lower likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the pending claim;
determining, by the computer system, a general damages amount based at least in part on the likelihood value for at least one of the matching closed claims;
calculating one or more pending claim adjustments, wherein at least one of the pending claim adjustments is based on an amount associated with the pending claim; and
applying at least one of the pending claim adjustments to the general damages amount to determine a recommended settlement amount.
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Abstract
Precedent claims that match a pending claim are identified. A general damages amount is determined based on the likelihood value for at least one of the matching precedent claims. A general damages amount is derived from the likelihood value for at least one of the matching precedent claims. Pending claim adjustments are calculated based on amounts associated with the pending claim. Pending claim adjustments are applied to the general damages amount to determine a recommended settlement amount.
349 Citations
22 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, by a computer system, one or more closed claims that match a pending claim based on one or more characteristics of the pending claim; determining, by the computer system, a likelihood value for at least one of the matching closed claims, wherein the likelihood value is a non-monetary, numerical value whose magnitude is a quantitative measure of the likelihood that a monetary amount associated with a closed claim represents an appropriate monetary amount for settling an pending claim, wherein a greater magnitude of the non-monetary, numerical likelihood value corresponds to a higher likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the pending claim, and wherein a lesser magnitude of the non-monetary, numerical likelihood value corresponds to a lower likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the pending claim; determining, by the computer system, a general damages amount based at least in part on the likelihood value for at least one of the matching closed claims; calculating one or more pending claim adjustments, wherein at least one of the pending claim adjustments is based on an amount associated with the pending claim; and applying at least one of the pending claim adjustments to the general damages amount to determine a recommended settlement amount. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. 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 pending claim based on one or more characteristics of the pending claim; determining a likelihood value for at least one of the matching closed claims, wherein the likelihood value is a non-monetary, numerical value whose magnitude is a quantitative measure of the likelihood that a monetary amount associated with a closed claim represents an appropriate monetary amount for settling an pending claim, wherein a greater magnitude of the non-monetary, numerical likelihood value corresponds to a higher likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the pending claim, and wherein a lesser magnitude of the non-monetary, numerical value corresponds to a lower likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the pending claim; determining a general damages amount based at least in part on the likelihood value for at least one of the matching closed claims; calculating one or more pending claim adjustments, wherein at least one of the pending claim adjustments is based on an amount associated with the pending claim; and applying one or more pending claim adjustments to the general damages amount to determine a recommended settlement amount.
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22. 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 pending claim based on one or more characteristics of the pending claim; determining a likelihood value for at least one of the matching closed claims, wherein the likelihood value is a non-monetary, numerical value whose magnitude is a quantitative measure of the likelihood that a monetary amount associated with a closed claim represents an appropriate monetary amount for settling an pending claim, wherein a greater magnitude of the non-monetary, numerical likelihood value corresponds to a higher likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the pending claim, and wherein a lesser magnitude of the non-monetary numerical value corresponds to a lower likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the pending claim; determining a general damages amount based at least in part on the likelihood value for at least one of the matching closed claims; calculating one or more pending claim adjustments, wherein at least one of the adjustments is based on an amount associated with the pending claim; and applying at least one of the pending claim adjustments to the general damages amount to determine a recommended settlement amount.
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Specification