Statsett
Statsett is a hypothetical statistical framework and software platform designed to standardize the estimation and management of settlement values across legal, insurance, and financial contexts. It provides a unified data model for claim attributes, settlement histories, and external risk factors, along with modular modeling components for estimating expected settlements, distributions of outcomes, and expected time to resolution. The framework supports Monte Carlo simulation, Bayesian updating, and deterministic and probabilistic scenario analysis, enabling practitioners to compare alternative settlement strategies.
The core design emphasizes transparency, auditability, and interoperability. It defines an open data schema and reference
Applications span insurers estimating claim reserves, law firms forecasting settlement outcomes, corporations modeling dispute resolution costs,
Limitations and challenges include dependence on data quality and modeling assumptions, as well as concerns about
See also: actuarial science, statistical modeling, Monte Carlo simulation, data governance, settlement optimization.