Machine Learning in Insurance: Enhancing Pricing, Claim Detection, and Index Insurance Innovation

Yuejiuhui Gao

2024

Abstract

The emergence of machine learning technology has brought revolutionary development to the insurance industry, providing new methods to solve traditional challenges. This article provides an in-depth analysis of how machine learning algorithms can be used to enhance insurance pricing, improve claim detection systems, and innovate in the field of index insurance. Machine learning models improve the accuracy of insurance pricing by processing large amounts of data and discovering complex patterns, predicting payout trends, and optimizing strategies. In addition, these models simplify the detection of fraudulent claims, thereby protecting the interests of insurance companies and policyholders. The combination of machine learning and index insurance has also been explored, emphasizing its potential in improving risk assessment models and developing personalized insurance products that adapt to dynamic market conditions. Through systematic literature review and qualitative analysis, this study emphasizes the transformative impact of machine learning on the insurance industry and outlines future research directions to fully utilize its potential and address related challenges.

Paper Citation

in Harvard Style

Gao Y. (2024). Machine Learning in Insurance: Enhancing Pricing, Claim Detection, and Index Insurance Innovation. In Proceedings of the 2nd International Conference on Data Analysis and Machine Learning - Volume 1: DAML; ISBN 978-989-758-754-2, SciTePress, pages 585-593. DOI: 10.5220/0013530000004619

in Bibtex Style

@conference{daml24,
author={Yuejiuhui Gao},
title={Machine Learning in Insurance: Enhancing Pricing, Claim Detection, and Index Insurance Innovation},
booktitle={Proceedings of the 2nd International Conference on Data Analysis and Machine Learning - Volume 1: DAML},
year={2024},
pages={585-593},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0013530000004619},
isbn={978-989-758-754-2},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 2nd International Conference on Data Analysis and Machine Learning - Volume 1: DAML
TI - Machine Learning in Insurance: Enhancing Pricing, Claim Detection, and Index Insurance Innovation
SN - 978-989-758-754-2
AU - Gao Y.
PY - 2024
SP - 585
EP - 593
DO - 10.5220/0013530000004619
PB - SciTePress