Method and system for early identification and settlement of total loss claims

A method of identifying a vehicle total loss claim includes retrieving a plurality of historical vehicle records, labeling the records as repaired or total loss, calculating mean cost values, training a regression model, optimizing a probability threshold, analyzing a plurality of inputs to generate...

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Bibliographische Detailangaben
Hauptverfasser:	Panicker, Rajesh, Cates, Alexis Danielle, Smith, Denson, Hummel, Vincent M, Bhagavatula, Pavan, Walder, Bradley J, Pluimer, David A, Read, Carrie A, Rose, Robin A, Tomlinson, Shane, Wittman, Michele, Young, Stephen, Foreman, Gary, Westhues, John, Devore, Justin, Beckman, Jason, Monk, Joshua T, Ames, Aaron, Wilson, Stephen, Fresquez, Michael Cicilio, Santos, Yohan, Clymer, Carlee A, Hirst, Chad Mychal, Brown, Michael, Knorr, Tracey Leigh, Duehr, Ronald R, McConkey, John G, Miller, Erin E, Chhita, Himanshu, Graff, Douglas A
Format:	Patent
Sprache:	eng
Schlagworte:	ARRANGEMENTS, SYSTEMS OR APPARATUS FOR CHECKING NOT PROVIDEDFOR ELSEWHERE CALCULATING CHECKING-DEVICES COMPUTER SYSTEMS BASED ON SPECIFIC COMPUTATIONAL MODELS COMPUTING COUNTING DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES GENERATING RANDOM NUMBERS PHYSICS REGISTERING OR INDICATING THE WORKING OF MACHINES SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR TIME OR ATTENDANCE REGISTERS VOTING OR LOTTERY APPARATUS
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Beschreibung
Zusammenfassung:	A method of identifying a vehicle total loss claim includes retrieving a plurality of historical vehicle records, labeling the records as repaired or total loss, calculating mean cost values, training a regression model, optimizing a probability threshold, analyzing a plurality of inputs to generate a prediction, and transmitting the prediction. A computing system includes a transceiver; a processor; and a memory storing instructions that, when executed by the processor, cause the computing system to receive answers, transmit the answers, receive a prediction, when the prediction is repairable, generate a repair suggestion, and when the prediction is total loss, generate a settlement offer. A non-transitory computer readable medium containing program instructions that when executed, cause a computer to receive answers, transmit the answers, receive a prediction, when the prediction is repairable, generate a repair suggestion, and when prediction is total loss, generate a settlement offer.