Predicting Fraudulent Claims in Automobile Insurance
G. Kowshalya, M. Nandhini · 2018
Insurance industry is rapid growing industry and it handles vast amount of data. The major problem in the insurance industry is fraudulent claims. Fraudulent claim is an illegal or illicit cheat intended for personal monetary benefit. The existence of numerous fraudulent claims affects not only the insurance company, but also the sincere policy holders. Generally, with the help of domain knowledge, the insurance companies identify fraudulent claim using the conventional techniques. In recent times, data mining has offered significant contributions in the field of insurance analysis. As an attempt, in this paper, data mining techniques are used to predict fraudulent claims and to calculate insurance premium amount for different customers based on their personal and financial details. This work helps in the basic screening process to investigate claims thus minimizing the human resources and monetary losses.