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In insurance industry, the risk management department indulges in activities related to finding the probability of claims that can be filed by their policyholders in future. Weak and inaccurate prediction of claims can result in huge losses. For example, imprecisions in car insurance firm's claim predictions might lead to rise in premium for good drivers.
With the advancement of high speed computing and large dimensions of available data and resources to make use of it, latest machine learning algorithms have been considerable great in boosting the claim prediction power. Advanced ranking algorithms have redefined the underwriting and claims process by reliably categorize the risks.
These algorithms have been highly effective in classifying policies with high probability to cause hazards and exceed loss threshold. Further, these have been useful in accurately detecting fraud as well. This will benefit insurance companies with better allocation of resources on predicted claims and earlier identification of the fraud thus spending on valid claims.