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Insurance Approval Analysis using Machine Learning Algorithms

CH. Lakshman Vinay1 , G. Vijay Sagar2 , M. Ajay3 , SK. Hussain4 , Bh Padma5

Section:Survey Paper, Product Type: Journal Paper
Volume-8 , Issue-12 , Page no. 46-50, Dec-2020

CrossRef-DOI:   https://doi.org/10.26438/ijcse/v8i12.4650

Online published on Dec 31, 2020

Copyright © CH. Lakshman Vinay, G. Vijay Sagar, M. Ajay, SK. Hussain, Bh Padma . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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IEEE Style Citation: CH. Lakshman Vinay, G. Vijay Sagar, M. Ajay, SK. Hussain, Bh Padma, “Insurance Approval Analysis using Machine Learning Algorithms,” International Journal of Computer Sciences and Engineering, Vol.8, Issue.12, pp.46-50, 2020.

MLA Style Citation: CH. Lakshman Vinay, G. Vijay Sagar, M. Ajay, SK. Hussain, Bh Padma "Insurance Approval Analysis using Machine Learning Algorithms." International Journal of Computer Sciences and Engineering 8.12 (2020): 46-50.

APA Style Citation: CH. Lakshman Vinay, G. Vijay Sagar, M. Ajay, SK. Hussain, Bh Padma, (2020). Insurance Approval Analysis using Machine Learning Algorithms. International Journal of Computer Sciences and Engineering, 8(12), 46-50.

BibTex Style Citation:
@article{Vinay_2020,
author = {CH. Lakshman Vinay, G. Vijay Sagar, M. Ajay, SK. Hussain, Bh Padma},
title = {Insurance Approval Analysis using Machine Learning Algorithms},
journal = {International Journal of Computer Sciences and Engineering},
issue_date = {12 2020},
volume = {8},
Issue = {12},
month = {12},
year = {2020},
issn = {2347-2693},
pages = {46-50},
url = {https://www.ijcseonline.org/full_paper_view.php?paper_id=5277},
doi = {https://doi.org/10.26438/ijcse/v8i12.4650}
publisher = {IJCSE, Indore, INDIA},
}

RIS Style Citation:
TY - JOUR
DO = {https://doi.org/10.26438/ijcse/v8i12.4650}
UR - https://www.ijcseonline.org/full_paper_view.php?paper_id=5277
TI - Insurance Approval Analysis using Machine Learning Algorithms
T2 - International Journal of Computer Sciences and Engineering
AU - CH. Lakshman Vinay, G. Vijay Sagar, M. Ajay, SK. Hussain, Bh Padma
PY - 2020
DA - 2020/12/31
PB - IJCSE, Indore, INDIA
SP - 46-50
IS - 12
VL - 8
SN - 2347-2693
ER -

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Abstract

Risk Management is important for insurance industry to ensure the eligibility of a new customer for approval. Insurance companies need to analyze the existing customer’s information such as income, assets, occupation, premium payment records to decide whether a new customer is qualified for an insurance policy. This paper focuses on forecasting the eligibility of the new customers for insurance approval by performing classification on a real time insurance company dataset using three Machine Learning algorithms such as Decision Tree Induction, Naive Bayes Classification and K-Nearest Neighbor algorithms. These algorithms are examined against their classifier accuracy after implementation and the algorithm that demonstrates the best accuracy is chosen for predicting the new customers.

Key-Words / Index Term

Insurance, Machine Learning, Decision Tree Induction, Naive Bayes Classification and K-Nearest Neighbor, Classifier

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