Insurance Claim Analysis Using Traditional Machine Learning Algorithms

Very often, due to some accidental reasons, a person undergoes medical treatment, and being a part of an organization, he has the facility to claim the insurance money. So, does a person have the right to claim the insurance offered by the organization in case of a particular health risk or not? Our study- "Health Insurance Claim Prediction" solves this problem. The sole purpose of choosing this topic is to provide companies with a tool that can help them to do the important work of deciding whether insurance should be provided to employees or not based on some set of information about employees, saving human resources. Health insurance claim prediction is one such area of the health sector that remains untouched by machine learning and artificial intelligence. With the increase in population in an organization, estimating whether an employee needs the insurance claim amount is a time-consuming task for the organization. Machine learning handles this particular task in this scenario with various classification algorithms. Machine learning has quickly found its feet in areas such as faster claim settlement, personalizing health insurance policies, and much more. Our project will not only help the organization save its valuable time and resources but will also help to detect the frauds that took place in the organization.