An Efficient Health Insurance Prediction System using Machine learning
A. Vinora, V. Surya, E. Lloyds, B. Kathir Pandian, R. Nancy Deborah, A Gobinath · 2023
Health insurance policies provide financial assistance to cover medical expenses and mitigate the financial impact of illnesses. Various factors contributes the cost of healthcare and health insurance. Predicting health insurance costs early can assist in determining the appropriate coverage amount and identifying potential benefits. ML can improve the efficiency of insurance policy in the insurance industry. In healthcare, ML algorithms excel at forecasting high-cost medical expenses. Machine learning can enhance the effectiveness of insurance program language within the insurance sector. In the Insurance business Machine Learning (ML) algorithms help to anticipate and make the process effortless between the policyholder and the insurer as the distance has been zeroed with the help of technology in the form of digital insurance. In contrast to traditionally available health insurance Digital insurance with the help of AI, ML help to predict the value required to be insured of a specific individual based on factors such as age, gender, BMI, Smoking routine, geographical location, and the number of children. Hence Model using XGBRF Regressor is trained to foretell the minimum insurance premium for an individual.