Methods for vehicle valuation utilizing automated integration of build sheet data and devices thereof
A method, non-transitory computer readable medium and apparatus for vehicle valuation includes integrating with an insurance claim application executed by an agent device in response to an electronic request for a claim for a vehicle. Automated valuation of the claim vehicle in the insurance claim application executed by an agent computing device is managed. Corresponding build sheet data from a build sheet data server device for the comparable vehicles and the vehicle based on a corresponding vehicle identifier for each is obtained. A comparable base value of each of the comparable vehicles to the claim vehicle is adjusted based on differences between the obtained build sheet data for each. A claim base value for the claim vehicle is determined based on the adjusted comparable base values for each of the identified comparable vehicles. The determined claim base value is set in the insurance claim application executed by the agent device.
1. A method executed by a system comprising a processor, comprising:
responsive to a received electronic request comprising a claim vehicle, integrating the claim vehicle with at least one insurance claim application externally executed by an agent computing device with programmed instructions for automated vehicle valuation;
extracting claim vehicle characteristic data from data in a received electronic claim;
determining a base data list comprising one or more comparable vehicles by obtaining vehicle advertisement data associated with a plurality of comparable vehicles by performing an automated text search with the extracted claim vehicle characteristic data associated with the claim vehicle;
determining a number of matches between the advertised vehicle characteristic data and the claim vehicle characteristic data for each comparable vehicle by comparing the advertised vehicle characteristic data associated with individual comparable vehicles with the claim vehicle characteristic data;
determining an initial data list comprising one or more comparable vehicles based on the number of matches between the advertised vehicle characteristic data and the claim vehicle characteristic data for each comparable vehicle, wherein the determined number of matches exceeds a first threshold parameter;
obtaining corresponding build sheet data from one or more build sheet data server devices for each of the comparable vehicles in the initial data list and the claim vehicle by using a decoder on a corresponding vehicle identifier of each of the comparable vehicles and the claim vehicle, the build sheet data specifying additional vehicle characteristics;
comparing the advertised vehicle characteristic data provided by the build sheet data associated with individual comparable vehicles in the initial data set with the claim vehicle characteristic data provided by the build sheet data, to determine a number of matches between the advertised vehicle characteristic data of each comparable vehicle and the claim vehicle characteristic data;
determining an updated data list comprising one or more comparable vehicles of the initial data list, based on the number of matches between the advertised vehicle characteristic data provided by the build sheet data and the claim vehicle characteristic data for each comparable vehicle provided by the build sheet data, wherein the determined number of matches exceeds a second threshold parameter;
adjusting individual comparable base values of each of the comparable vehicles in the updated data list based on the number of matches between the advertised vehicle characteristic data of each comparable vehicle and the claim vehicle characteristic data, wherein a lesser number of matches decreases the comparable base value;
determining a claim base value for the claim vehicle based on a calculated average of the individual adjusted comparable base values for each of the comparable vehicles in the updated data list; and
setting the determined claim base value for the claim vehicle for the insurance claim application executed by the agent computing device.
2. The method of claim 1 , further comprising:
adjusting, by the computing apparatus, the determined claim base value to a market value of the claim vehicle based on one or more market value factors; and
setting, by the computing apparatus, the adjusted market value for the claim vehicle as the determined claim base value for the claim vehicle in the insurance claim application executed by the agent computing device.
3. The method of claim 2 , wherein the one or more market value factors comprise market value data on one or more of condition, refurbishment, special equipment, or prior damage relating to the claim vehicle.
4. A non-transitory computer readable medium having stored thereon instructions for vehicle valuation utilizing automated integration of build sheet data, comprising executable code, which when executed by at least one processor, cause the processor to:
responsive to a received electronic request comprising a claim vehicle, integrate the claim vehicle with at least one insurance claim application;
extract claim vehicle characteristic data for the claim vehicle based on data in the claim obtained from the integrating with the at least one insurance claim application;
determine a base data list comprising one or more comparable vehicles by obtaining vehicle advertisement data associated with a plurality of comparable vehicles by performing an automated text search with the extracted claim vehicle characteristic data associated with the claim vehicle;
determine a number of matches between the advertised vehicle characteristic data against the extracted claim vehicle characteristic data for each comparable vehicle in the base data list by comparing the advertised vehicle characteristic data associated with individual comparable vehicles with the claim vehicle characteristic data to identify an initial data list of one or more comparable vehicles;
obtain corresponding vehicle identifiers for each of the comparable vehicles in the initial data list and the claim vehicle to obtain elements of vehicle information;
obtain corresponding build sheet data from one or more build sheet data server devices for each of the comparable vehicles in the initial data list and the claim vehicle by using a decoder on a corresponding vehicle identifier of each of the comparable vehicles and the claim vehicle, the build sheet data specifying additional vehicle characteristics;
determine an updated data list comprising one or more comparable vehicles of the initial data list, based on the number of matches between the advertised vehicle characteristic data provided by the build sheet data and the claim vehicle characteristic data for each comparable vehicle provided by the build sheet data, wherein the determined number of matches exceeds a threshold parameter;
adjust individual comparable base values of each of the comparable vehicles in the updated data list based on the number of matches between the advertised vehicle characteristic data of each comparable vehicle and the claim vehicle characteristic data, wherein a lesser number of matches decreases the comparable base value;
determine a claim base value for the claim vehicle based on a calculated average of the individual adjusted comparable base values for each of the comparable vehicles in the updated data list; and
set the determined claim base value for the claim vehicle for the insurance claim application executed by the agent computing device.
5. The medium of claim 4 , wherein the executable code, when executed by the processor, further causes the processor to:
adjust the determined claim base value to a market value of the claim vehicle based on one or more market value factors; and
set the adjusted market value for the claim vehicle as the determined claim base value for the claim vehicle in the insurance claim application executed by the agent computing device.
6. A valuation management computing apparatus comprising:
a processor; and
a memory coupled to the processor which is configured to be capable of executing programmed instructions stored in the memory to:
responsive to a received electronic request comprising a claim vehicle, integrate the claim vehicle with at least one insurance claim application externally executed by an agent computing device with programmed instructions for automated vehicle valuation;
extract claim vehicle characteristic data for the claim vehicle based on data in the claim obtained from the integrating with the at least one insurance claim application externally executed by the agent computing device;
determine a base data list comprising one or more comparable vehicles by obtaining vehicle advertisement data associated with a plurality of comparable vehicles by performing an automated text search with the extracted claim vehicle characteristic data associated with the claim vehicle;
determine a number of matches between the advertised vehicle characteristic data against the extracted claim vehicle characteristic data for each comparable vehicle in the base data list by comparing the advertised vehicle characteristic data associated with individual comparable vehicles with the claim vehicle characteristic data to identify an initial data list of one or more comparable vehicles;
obtain corresponding vehicle identifiers for each of the comparable vehicles in the initial data list and the claim vehicle to obtain elements of vehicle information;
obtain corresponding build sheet data from one or more build sheet data server devices for each of the comparable vehicles in the initial data list and the claim vehicle by using a decoder on a corresponding vehicle identifier of each of the comparable vehicles and the claim vehicle, the build sheet data specifying additional vehicle characteristics;
determine an updated data list comprising one or more comparable vehicles of the initial data list, based on the number of matches between the advertised vehicle characteristic data provided by the build sheet data and the claim vehicle characteristic data for each comparable vehicle provided by the build sheet data, wherein the determined number of matches exceeds a threshold parameter;
adjust individual comparable base values of each of the comparable vehicles in the updated data list based on the number of matches between the advertised vehicle characteristic data of each comparable vehicle and the claim vehicle characteristic data, wherein a lesser number of matches decreases the comparable base value;
determine a claim base value for the claim vehicle based on a calculated average of the individual adjusted comparable base values for each of the comparable vehicles in the updated data list; and
set the determined claim base value for the claim vehicle for the insurance claim application executed by the agent computing device.
7. The apparatus of claim 6 , wherein the processor is further configured to be capable of executing the stored programmed instructions to:
adjust the determined claim base value to a market value of the claim vehicle based on one or more market value factors; and
set the adjusted market value for the claim vehicle as the determined claim base value for the claim vehicle in the insurance claim application executed by the agent computing device.
8. The apparatus of claim 7 , wherein the one or more market value factors comprise market value data on one or more of condition, refurbishment, special equipment, or prior damage relating to the claim vehicle.