Insurance Premium Prediction Using Machine Learning

Insurance Premium Prediction Using Machine Learning

Pranjal Nimbodiya, Pranav Ojha, Ruchir Jain

Department of Computer Science Engineering

Acropolis Institute of Technology and Research, Indore

Abstract
RiskInsight represents an innovative company poised to transform the world of insurance by applying state-of-the-art machine learning techniques. The focus of this project is the Insurance Risk Assessment System, a high-level framework carefully designed using the Python programming language and the sklearn library. Anchored by unprecedented accuracy and operational efficiency, RiskInsight enters the field of risk assessment with unwavering determination. Using the power of advanced algorithms inspired by artificial neural networks, the system navigates huge historical data and evaluates real-time risk dynamics. The cornerstone of RiskInsight is its in-depth analysis of various risk factors carefully curated in a robust database. Combining machine learning capabilities and domain expertise, RiskInsight seeks to redefine the boundaries of risk assessment by transcending traditional paradigms. The goal is to bring about a paradigm shift in super forecasting and provide stakeholders with insights that promote fairer payment structures and informed decision-making. With its innovative design and flexible functionality, RiskInsight promises to catalyze major changes in the insurance ecosystem. By providing accurate payment forecasts and advanced risk management strategies, the platform aims to enhance the efficiency of insurance operations. A testament to its transformative potential, RiskInsight is poised to usher in a new era of efficiency and equity in the insurance industry and sets a precedent for technological innovation in risk assessment and predictive systems.

Keywords: Machine Learning, Fairer Payment Structure, Efficiency, Transformative Potential

Acronyms: sklearn - Scikit-learn