Patent number: 12045893
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.
Type:
Grant
Filed:
December 30, 2022
Date of Patent:
July 23, 2024
Assignee:
State Farm Mutual Automobile Insurance Company
Inventors:
Carlee A. Clymer, Gary Foreman, Ronald R. Duehr, Denson Smith, Vincent M. Hummel, Bradley J Walder, Chad Mychal Hirst, Justin Devore, Shane Tomlinson, David A Pluimer, Pavan Kumar Bhagavatula, John Westhues, Tracey Leigh Knorr, Erin E. Miller, Joshua T. Monk, Aaron Ames, John G. McConkey, Michael Cicilio Fresquez, Himanshu Chhita, Jason Beckman, Douglas A. Graff, Michele Wittman, Alexis Cates, Stephen Young, Rajesh Panicker, Yohan Santos, Stephen Wilson, Carrie A Read, Michael Brown, Robin A Rose