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

US11574366B1 · kind B1 · utility

Assignee

• State Farm Mutual Automobile Insurance Company · US

Inventors

• Carlee A. Clymer · Atlanta, US
• Gary Foreman · Urbana, US
• Ronald R. Duehr · Normal, US
• Denson Smith · Dana Pointe, US
• Vincent M. Hummel · Roanoke, US
• Bradley J Walder · Congerville, US
• Chad Mychal Hirst · Eureka, US
• Justin Devore · Bloomington, US
• Shane Tomlinson · Bloomington, US
• David A Pluimer · Zionsville, US
• Pavan Kumar Bhagavatula · Normal, US
• John Westhues · Normal, US
• Tracey Leigh Knorr · Colfax, US
• Erin E. Miller · Bloomington, US
• Joshua T. Monk · Bloomington, US
• Aaron Ames · Mesa, US
• John G. McConkey · Bloomington, US
• Michael Cicilio Fresquez · Cumming, US
• Himanshu Chhita · Lawrenceville, US
• Jason Beckman · Bloomington, US
• Douglas A. Graff · West Plains, US
• Michele Wittman · Bloomington, US
• Alexis Cates · Sherman, US
• Stephen Young · Cumming, US
• Rajesh Panicker · Bloomington, US
• Yohan Santos · Cumming, US
• Stephen Wilson · Ottawa, CA
• Carrie A Read · Bloomington, US
• Michael Brown · Normal, US
• Robin A Rose · Normal, US

Key dates

• Filing date: Oct 4, 2019
• Grant date: Feb 7, 2023
• Expiry date: Oct 29, 2039

Classification

• Technology area (CPC G): Physics
• CPC primary: G07C5/0841
• WIPO field: Control
• WIPO sector: Instruments

Abstract

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.