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Application of Machine Learning in Automobile Insurance Fraud DetectionJasmine Choo Jing Wen1, Ho Ming Kang2, Sarah Musa3School of Mathematics, Actuarial and Quantitative StudiesAsia Pacific University
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The prediction of automobile insurance refers to the process of estimating future insurance claims and premiums based on various risk factors, historical data, and statistical models.
Automobile insurance providers are typically required to file predictions of insurance rates with regulatory authorities to demonstrate compliance with industry standards and regulations.
To fill out a prediction of automobile insurance, one must gather relevant data, complete the required forms with accurate information regarding estimated claims, premiums, and any associated risk factors, and submit it to the appropriate regulatory body.
The purpose of prediction of automobile insurance is to establish fair and accurate premium rates, assess risk levels, and ensure that the insurance company remains financially stable while providing coverage to policyholders.
The information that must be reported includes historical claims data, projected future claims, loss ratios, risk assessment data, and details about the insured vehicles and drivers.
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