Medical Insurance Cost Prediction using AWS Sage-Maker

Health insurance costs can vary significantly based on factors such as age, smoking status, pre-existing conditions, sum insured, occupation, geographical location, and lifestyle choices. Accurately predicting insurance claims is paramount for insurance companies as it allows them to effectively manage risk, allocate resources efficiently, and optimize pricing strategies. To achieve this, a machine learning approach using AWS SageMaker Studio is proposed in this report. The aim is to build predictive models that can accurately forecast medical insurance claims by leveraging various algorithms such as the sklearn linear regression algorithm, AWS SageMaker's Linear Learner algorithm, and an Artificial Neural Network. By comparing the performance of these algorithms based on evaluation metrics such as squared error, mean absolute error, and R-squared, it can determine which approach offers the highest accuracy and precision. Ultimately, implementing the most effective approach will enable insurance companies to make more informed decisions, enhance customer satisfaction, and further streamline their operations.

Authors

Publication Details

Published
2024-12-20
DOI
https://doi.org/10.1109/ariia63345.2024.11051598
Citations
3
Primary Topic
Customer churn and segmentation
Type
article
Field-Weighted Citation Impact
1.32
Controls
|||
ALL TIME
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
article

Medical Insurance Cost Prediction using AWS Sage-Maker

Ashish Tiwari, Sunita Mishra
3 citations
Customer churn and segmentation
1.32
article

Medical Insurance Cost Prediction using AWS Sage-Maker

Ashish Tiwari, Sunita Mishra
article en
3 citations

Abstract

Health insurance costs can vary significantly based on factors such as age, smoking status, pre-existing conditions, sum insured, occupation, geographical location, and lifestyle choices. Accurately predicting insurance claims is paramount for insurance companies as it allows them to effectively manage risk, allocate resources efficiently, and optimize pricing strategies. To achieve this, a machine learning approach using AWS SageMaker Studio is proposed in this report. The aim is to build predictive models that can accurately forecast medical insurance claims by leveraging various algorithms such as the sklearn linear regression algorithm, AWS SageMaker's Linear Learner algorithm, and an Artificial Neural Network. By comparing the performance of these algorithms based on evaluation metrics such as squared error, mean absolute error, and R-squared, it can determine which approach offers the highest accuracy and precision. Ultimately, implementing the most effective approach will enable insurance companies to make more informed decisions, enhance customer satisfaction, and further streamline their operations.

Decent work and economic growth
Openalex Percentile: Top 15%
Customer churn and segmentation
1.32
AI Navigator

Ask Laika to Summarize, Analyze, and Connect papers live on the map.

Summarize Papers & Methodologies

Extract key findings, datasets, and comparative methods across publications.

Benchmark Rankings & Visual Analytics

Rank top research institutions, authors, funders, topics, and journals by Field-Weighted Citation Impact (FWCI) and paper volume with instant charts.

Connect Distant Disciplines

Bridge topological clusters on the map to find hidden collaborative intersections.

Medical Insurance Cost Prediction using AWS Sage-Maker — Ashish Tiwari, Sunita Mishra · (2024) | TGRS Research Map | TGRS