System and method for processing data relating to insurance claim stability indicator
AssigneeHartford Fire Insurance Company
InventorsUpendra D. Belhe, Gregory P. Goddu, Kelly J. McLaughlin, Kathleen F. Mauer, Natalie Mohanty
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Abstract
The invention relates generally to data analysis, and to systems and methods for the computation of the volatility of a loss. The system comprises a module for receiving a data parameter, a database for storing the parameter, a computerized predictive model, and a business logic processor for executing the predictive model. The volatility is used to, among other things, determine an appropriate work flow for handling the loss.
Claims20
A system for processing insurance claim data comprising:
- an input device for receiving data indicative of at least one parameter corresponding to a characteristic of an insurance claim;
- a data storage device for storing the data indicative of the at least one parameter received by the input device;
- a computerized model for determining a stability indicator for the insurance claim based on the data indicative of the at least one parameter, wherein the stability indicator is indicative of a likelihood of a non-linear increase in expenditures in relation to the insurance claim;
- and
- one or more business logic processors configured to:
- execute the computerized model;
- and
- process the insurance claim based upon the stability indicator determined by the computerized model.
A method for processing insurance claim data comprising:
- receiving by an input device data indicative of at least one parameter corresponding to a characteristic of an insurance claim;
- storing by a processor the data indicative of the at least one parameter in a data storage device;
- executing by the processor a computerized model based at least in part on the data indicative of the at least one parameter to determine a stability indicator for the insurance claim, wherein the stability indicator is indicative of a likelihood of a non-linear increase in expenditures in relation to the insurance claim;
- and
- processing by the processor the insurance claim based upon the stability indicator determined by the computerized model.
A non-transitory computer-readable medium encoded with machine-readable instructions for processing insurance claim data, the machine-readable instructions being configured to cause a computer to:
- receive data indicative of at least one parameter corresponding to a characteristic of an insurance claim;
- store the data indicative of the at least one parameter in a data storage device;
- execute a computerized model based at least in part on the data indicative of the at least one parameter to determine a stability indicator for the insurance claim, wherein the stability indicator is indicative of a likelihood of a non-linear increase in expenditures in relation to the insurance claim;
- and
- process the insurance claim based upon the stability indicator determined by the computerized model.
Dependencies are inferred from the claim text.