Mid-America Catastrophe Services

Understanding The Estimatics Of Settling Total Vehicle Claims

 Tuesday, August 9, 2022

 IRMI

When the writer of Ecclesiastes reminded us long ago that "there is nothing new under the sun," he could have foreseen today’s big data and the widespread use of various statistical programs in the valuation of totaled vehicles by third-party vendors who sell their services to insurance companies.

As this commentary argues, the methods and practices used in these algorithms are neither new nor are they particularly innovative. Instead, this "Estimatics" industry, as the Federal Trade Commission (FTC) defines them, applies commonly available statistical formulas to analyze vehicle claims—methods that may seem arcane and complex to the public but which are easily recognized in various professions and areas of expertise.
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