Insurance claim analysis using machine learning algorithms

Abstract

Now a day's Data is playing a central role and is carrying the big asset in the insurance industry. In today's journey insurance industry has a vital role. Insurance transporters have access to more information than ever before. From the past 700+ years in the insurance industry we can consider the three major eras Starting from 15th century to 1960, industry followed the manual era, from1960s to 2000 we are in the systems era, now we are in digital era i.e. 2001-20X0.The highest corporate object in all three eras is that the fundamental insurance industry has been determined by believing the data analytics in adopting the changing technologies to better and keep the ways and keep capital together. In advanced analysis the main challenge is the analytical models and algorithms which are being insufficient to support insurers; only by machines we can overcome this challenge.