Historical insurance transaction system and method

Abstract

The present invention relates to a system and method for conducting historical search transactions that relate directly or indirectly to insurance subrogation and adverse claims. The invention includes a method for the accurate resolution of insurance claims (including claims against self-insureds), and a method for determining the settlement rules applied by an insurer or self-insurer in settling automotive casualty claims.

1 . A method of settling an automotive casualty claim, comprising:
 a) receiving a claim, the claim including:
 i) an identification of a vehicle part that is damaged, and 
 ii) an identification of a time associated with the claim, 
   b) querying a database of historical vehicle replacement parts information, the database including:
 i) identification of specific replacement parts, 
 ii) the times during which the replacement parts were available, 
 iii) the number of replacement parts that were available at various times, and 
 iv) the prices of the replacement parts at the respective times during which the replacement parts were available, 
   wherein the query seeks an identification of (1) the availability of a replacement part for the vehicle part that is damaged at times near to the time associated with the claim, and (2) the cost of the replacement part at that time,   c) determining a price to be paid for the replacement part based on the price of the replacement parts available at the time associated with the claim.   
   
   
       2 . The method of  claim 1 , wherein:
 a) the claim further includes an identification of a location associated with the claim,   b) the database further includes the locations at which the replacement parts were available and the number of replacement parts available at each location at the respective times at which the replacement parts were available, and   c) the determination of the price to be paid is further based on the distance between the location of the replacement parts available at the time associated with the claim and the location associated with the claim.   
   
   
       3 . The method of  claim 2 , wherein:
 a) the database further includes an identification of the type of the replacement part, the type being selected from the group consisting of new, reconditioned, remanufactured, and used,   b) the query further seeks an identification of the condition of the replacement part, and   c) the price to be paid is further determined based on the condition of the replacement part to be used.   
   
   
       4 . The method of  claim 3 , wherein the query of the database is limited to a geographic area including the location associated with the claim. 
   
   
       5 . The method of  claim 3 , wherein the new part is identified as either an OEM or non-OEM new part. 
   
   
       6 . The method of  claim 3 , wherein the time associated with the claim is the time at which a repair estimate is made. 
   
   
       7  The method of  claim 3 , wherein the time associated with the claim is the time at which the damage occurred. 
   
   
       8 . A method for determining the settlement rules applied by an insurer or self-insurer in settling automotive casualty claims, the method comprising:
 a) receiving data concerning
 i) the cost, type, and availability of each replacement part paid for by the insurer when settling previous claims,
 ii) a time associated with the settled claim, 
 
 iii) the location at which the repair estimate used as the basis for settling the claim was made, and 
 iv) the age and condition of the automobile that was the subject of the claim, and 
   b) inferring the insurer's settlement rules from the data.   
   
   
       9 . The method of  claim 8 , wherein the cost of the replacement parts is correlated with the condition of the replacement parts. 
   
   
       10 . The method of  claim 8 , wherein the cost of the replacement parts is correlated with the location of the replacement parts. 
   
   
       11 . The method of  claim 9 , wherein the condition of each replacement part is selected from the group consisting of new, reconditioned, remanufactured, and used. 
   
   
       12 . The method of  claim 8 , wherein the received data further includes the location of the replacement parts. 
   
   
       13 . A method of settling automotive casualty claims, the method comprising:
 receiving an insurance claim,   identifying a demanding party and a responding party,   applying an algorithm to the settlement rules for the demanding party and the responding party to determine joint settlement rules, the joint settlement rules satisfying the settlement rules of the demanding party and the responding party and including rules for selecting an estimated price for a replacement part to a damaged vehicle,   applying the joint settlement rules to the insurance claim.   
   
   
       14 . The method of  claim 13 , wherein the settlement rules for the demanding party or responding party are determined by a method comprising:
 a) receiving data concerning:
 i) the cost, type, and availability of each replacement part paid for by the demanding party or responding party when settling previous claims, 
 ii) a time associated with the settled claim, 
 iii) the location at which the repair estimate used as the basis for settling the claim was made, and 
 iv) the age and condition of the automobile, 
   b) inferring settlement rules from the data.   
   
   
       15 . The method of  claim 14 , wherein the cost of the replacement parts is correlated with the type of the replacement parts. 
   
   
       16 . The method of  claim 14 , wherein the cost of the replacement parts is correlated with the location of the replacement parts. 
   
   
       17 . The method of  claim 14 , wherein the data concerning the type of each replacement part is selected from the group consisting of new, reconditioned, remanufactured, and used. 
   
   
       18 . The method of  claim 17 , wherein the new part is identified as either an OEM or non-OEM new part.