Patent ID: 8015036

Claim:
A computer-implemented method for automatically settling an insurance claim made by a claimant and an insurer comprising: (a) receiving claims data electronically from each of a claimant and an insurer, the claims data comprising an initial settlement offer and a confidential best offer for damage to an insured item and using a processor to compare the received respective initial settlement offers and the confidential best offers; (b) if the confidential best offers of the claimant and the insurer overlap, automatically calculating a settlement amount within a range between the initial settlement offers and the confidential best offers of the claimant and the insurer; (c) electronically transmitting the settlement amount to the claimant and the insurer; (d) if the confidential best offers of the claimant and the insurer do not overlap, using the processor to calculate from a breakdown of a plurality of elements comprising the damaged item, each element having associated therewith an initial settlement offer and a confidential best offer, if the confidential best offers for an element overlap; (e) if the confidential offers for the element overlap, using the processor, automatically calculating a first element settlement amount within a range between the initial settlement offers and the confidential best offers for the element; (f) electronically transmitting the first element settlement amount to the claimant and the insurer and remaining elements for which the confidential offers do not overlap; (g) receiving from at least one of the claimant and the insurer a revised offer for at least one of the remaining elements; (h) if the revised offer overlaps with the confidential best offer of the other of the claimant and the insurer, using the processor, automatically calculating a second element settlement amount within a range between the revised offer and the confidential best offer of the other of the claimant and the insured for the element; and (i) electronically transmitting the second element settlement amount to the claimant and the insurer.