Taking Action to Reduce Incurred Claims & Handling Costs for a Major Insurance Co.
THE BACKGROUND
This insurance company is one of the leading independent insurance brokers in the United States. A major auto client of the company is an on-demand transportation company. The claims that originate from this client are primarily of two types, Bodily Injury and Property Damage. Also, there are claims that, sometimes, end up in litigation. The objective here is to predict the amount to be paid for each claim given a set of claim attributes and also predict the likelihood of a claim ending in litigation, so that an appropriate action can be taken ahead of time.