Christopher T Laws

US Patent:

20170039526, Feb 9, 2017

Filed:

Aug 3, 2015

Appl. No.:

14/816210

Inventors:

- New York NY, US
Christopher LAWS - Delray Beach FL, US

International Classification:

G06Q 10/10
G06N 99/00
G06Q 40/08

Abstract:

Systems and methods for administering a workers' compensation (WC) claim include a non-transitory, tangible computer-readable storage medium including a WC claim processing program bearing instructions for performing a settlement strategy for WC claims. A processor is configured to execute the WC claim processing program. The WC claim processing program includes a Cost of Waiting (COW) calculating module configured to calculate a COW for a predetermined period of time after an Arrival of a Settlement Opportunity (ASO) of each of the population of seasoned WC claims using the seasoned WC claim financial data and a machine learning module configured to conduct a regression analysis of the population of seasoned WC claims to determine a WC claim characteristic comprising an adversely-developing predictor that the COW of an open WC claim will more likely develop adversely when the corresponding WC claim characteristic data of the open WC claim matches the adversely-developing predictor.