Patent ID: 8244558

Claim:
A computer-implemented method for determining amounts for use in settling insurance claims, comprising: automatically identifying, by a computer system, one or more closed claims that match a pending claim based on one or more characteristics of the pending claim; determining, by the computer system, a likelihood value for at least one of the matching closed claims, wherein the likelihood value is a non-monetary, numerical value whose magnitude is a quantitative measure of the likelihood that a monetary amount associated with a closed claim represents an appropriate monetary amount for settling an pending claim, wherein a greater magnitude of the non-monetary, numerical likelihood value corresponds to a higher likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the pending claim, and wherein a lesser magnitude of the non-monetary, numerical likelihood value corresponds to a lower likelihood that the monetary amount associated with the closed claim represents an appropriate monetary amount for settling the pending claim; determining, by the computer system, a general damages amount based at least in part on the likelihood value for at least one of the matching closed claims; calculating one or more pending claim adjustments, wherein at least one of the pending claim adjustments is based on an amount associated with the pending claim; and applying at least one of the pending claim adjustments to the general damages amount to determine a recommended settlement amount.