Paper Title
MEDICAL HEALTH INSURANCE PRICE PREDICTION
Article Identifiers
Authors
G AKSHARA REDDY , N LATHA MADHURI
Keywords
Health insurance, Machine Learning, Predictive modeling, Regression analysis, Healthcare expenditure, Cost prediction, Real-time system, Insurance premiums, Data-driven decisions, Healthcare accessibility.
Abstract
The global healthcare landscape faces significant challenges, including rising costs, increased life expectancy, and a shift towards non-communicable diseases. India, in particular, grapples with limited public healthcare expenditure, prompting individuals to rely on costly private healthcare services. As a result, health insurance has become indispensable for managing healthcare expenses. Leveraging the power of Machine Learning (ML) and predictive modeling, this study presents the ML Health Insurance Prediction System (MLHIPS), aimed at aiding insurance companies in accurately predicting insurance costs in real-time. By analyzing past insurance data and customer behavior trends, MLHIPS employs Regression Models, specifically Linear Regression, to forecast insurance premiums. The proposed model showcases promising results, achieving an impressive accuracy of 91%. Through this system, insurance companies can streamline business operations, make data-driven decisions, and develop innovative insurance schemes tailored to individual needs. By providing a rapid and precise determination of insurance premiums, MLHIPS contributes to curbing healthcare expenditure, thereby enhancing accessibility to quality healthcare services. This research underscores the pivotal role of ML in revolutionizing the insurance industry, paving the way for efficient cost prediction and expenditure control in the healthcare sector.
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How To Cite (APA)
G AKSHARA REDDY & N LATHA MADHURI (April-2024). MEDICAL HEALTH INSURANCE PRICE PREDICTION. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(4), e592-e603. https://ijnrd.org/papers/IJNRD2404463.pdf
Issue
Volume 9 Issue 4, April-2024
Pages : e592-e603
Other Publication Details
Paper Reg. ID: IJNRD_218712
Published Paper Id: IJNRD2404463
Downloads: 000121999
Research Area: Engineering
Country: Hyderabad, Telangana, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2404463.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2404463
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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016
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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition
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