1. A computer system for estimating insurance claim severity, comprising: a first data storage device storing data relating to a plurality of insurance claims, the data comprising a plurality of characteristics associated with each of the plurality of insurance claims and total claim cost data associated with each of the claims; a computer processor in communication with the data storage device; and a program memory in communication with the computer processor, storing computer-readable instructions, which, when executed by the computer processor, cause the computer processor to: determine a first set of claim characteristics; determine a plurality of first claims of the plurality of insurance claims, the first claims each having the claim characteristics of the first set; determine a statistical profile of the claim cost data of the first claims based on the claim cost data associated with each of the first claims; determine whether the determined statistical profile meets profile criteria; responsive to determining that the determined statistical profile meets the profile criteria, associate the first set of claim characteristics with a first claim category; associate each of the first claims to one of a plurality of total cost ranges based on the total cost data associated with the first claims; determine an average cost per claim year associated with each of a plurality of expense categories for the first claims associated with each of the total cost ranges; and store in a second data storage device the determined average cost per claim year data; and a display device in communication with the second data storage device configured to display the determined average cost per claim year data.