Patent ID: 11468515

Abstract:
A computing system including a processor in communication with a memory device for generating a predicted one or more values of personal property items associated with a candidate user enrolling in an insurance policy may be provided. The processor may be configured to: (i) generate a predictive possession value model based at least in part upon a plurality of historical policyholder records, (ii) receive personal and property data associated with the candidate user, (iii) predict a one or more values associated with one or more items owned by the candidate user, (iv) determine a maximum reimbursement amount for the candidate user, (v) receive a claim associated with the candidate user in response to a claim event, wherein the claim includes a list of lost items and/or a list of spared items, (vi) estimate a value associated with the lists of lost items and/or spared items, (vii) adjust the maximum reimbursement amount based at least in part upon the estimated value, and (viii) determine an actual reimbursement amount for the candidate user.