- The insurance industry faces the complex challenge of accurately assessing risk to set fair premiums for each customer.
- Inaccurate claim predictions can lead to significant financial discrepancies, affecting the insurer's financial health and decision-making.
- Current methodologies struggle to incorporate the full complexity of modern health profiles.
- Develop a data-driven solution that enhances the accuracy of claim amount predictions, leveraging advanced analytical techniques.
- Integrate a variety of health factors such as BMI, age, smoking status, and pre-existing conditions to refine risk assessment.
- Automate the claim prediction process to deliver timely, reliable insights for better management and financial planning.