The problem

Insurance claims are one of the most important factors in the turnover of insurance companies, as they are the main pillar of their expenses. Therefore, the accurate forecasting of the insurance claims which an insurance company is called upon to indemnity is a matter of major viability, as based on these predictions the annual financial budgets are prepared and premiums are priced.

The purpose

Insurance claim prediction for a given sector (i.e. life, health, auto, property etc.) and for a given time period (year, half-year, quarter etc.).

The solution

With the use of machine learning and artificial intelligence models based on the historical data of a given period (i.e. previous year, six months, etc.) the amount of insurance claims for the next period can be predicted with great accuracy.

The benefit

Forecasting insurance claims can help insurance companies reduce costs, prepare their annual budgets, anticipate and be prepared for future claims, calculating their reserves more accurately, discovering patterns that can enhance the risk assessment of new customers or existing ones and lead to readjustment of their pricing policy.