An Enhanced Risk Assessment Model Using Machine Learning Techniques For Health Insurance

Abstract

Insurance companies find hard to assess the risks in current context due to complexity and newlineintroduction of new risk vectors. Due to this, a faulty system of risk assessment continues newlineto perpetuate. Research shows that such issues can be solved with the help of sensor-driven newlinedata collection and analysis. For this research work, primary data related to sixteen health newlinerisks parameters was collected and analyzed with help of statistical and machine learning newlinemodels. newlineIn statistical analysis, two new models were constructed for doing risk assessment. The newlinefirst risk model is based on a pairwise correlation coefficient i.e MCHIRA and the second newlinemodel is based on equation modelling i.e HIRAMFE. newline