System for funding future workers' compensation losses

Details System for funding future workers' compensation losses System for funding future workers' compensation losses

G - Physics

06

Q

G06Q 40/00 (2006.01) G06F 15/21 (1990.01) G06F 15/30 (1990.01)

Patent

CA 2100969

2100969 9214212 PCTABS00014 A system is disclosed for funding future losses incurred by an insurance carrier on active workers' compensation insurance claims. Forecasting accuracy is improved by generation of statistical models (22) for the various claim types presented. Each model is applied to active claims (30) to obtain cost and duration predictions (46). Total cost predictions are proportioned among various cost categories to more accurately reflect acaudal and predicted claim costs. A reserve amount is calculated based on predicted cost less any amount paid to date. Balancing of the computed reserve amounts is achieved by use of a hypothetical fund for transferring reserve money from overpredicted claims to the reserves of underpredicted claims. A total reserve amount is calculated for each claim, and an aggregate reserve amount is calculated for all active claims.

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