1 min read

Predict Insurance Premium

Companies have used actuarial tables that involve applying detailed rule-based procedures to qualify a life insurance application. Some of these rules are formulae based and others are rules of thumb.
Predict Insurance Premium

Traditionally most insurance companies employ actuaries to calculate the insurance premiums. Actuaries are business professionals who use mathematics and statistics to assess the risk of financial loss and predict the likelihood of an insurance premium and claim, based on the factors/features like age and gender, etc. They typically produce something called an actuarial table provided to an insurance company’s underwriting department, which uses the input to set insurance premiums. The insurance company calculates and writes all the programs, but it becomes much simpler by using Machine Learning.

Machine Learning (ML) is all about programming the unprogrammable. For example, if you want to predict an insurance price, ML helps to predict the price. An insurance price depends on various features such as age, type of coverage, amount of coverage needed, gender, body mass index (BMI), region, and other special factors like smoking to determine the price of the insurance.

Probyto AI allows organizations to build and manage such usecases and track the benefits of AI adoption in their businesses. Currently, FREE 60 minutes AI Consultation is being provided to the registered users in the Probyto AI Demo platform. If you haven't registered yet, register now to Probyto AI Demo.

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