EVALUATING EFFECTIVENESS OF CLAIMS EVALUATION, ASSESSMENT, AND SETTLEMENT PROCESSES
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United States of America Patent
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app pub date -
Jun 6, 2008
filing date -
Jan 18, 2008
priority date (Note) -
Abandoned
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Abstract
Methods and systems are provided for evaluating processes for insurance claim estimation and settlement. Data may be provided for closed claims that have been previously settled using an estimation and settlement process. Each closed claim in the data is treated as a candidate claim. For each candidate closed claim, a set of closed claims similar to the candidate closed claim is identified based on characteristics of the candidate closed claim. For each set of similar claims so identified, a representative value for the set of similar claims, such as an arithmetic mean, is determined. The settlement values for the candidate closed claims are compared to the representative values for the sets of similar closed claims.
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