Thesis Abstract

Abstract
The insurance industry plays a critical role in managing risks and providing financial protection to individuals and businesses. However, the process of assessing and analyzing risk factors in insurance claims is complex and requires advanced techniques to improve accuracy and efficiency. This thesis focuses on the application of machine learning techniques for analyzing risk factors in insurance claims to enhance decision-making processes and optimize resource allocation. The study begins with a comprehensive introduction to the research topic, providing a background of the insurance industry and the importance of risk analysis in claims management. The problem statement highlights the challenges faced by insurance companies in accurately assessing risk factors and the limitations of traditional methods in addressing these challenges. The objectives of the study are outlined to guide the research process towards developing effective machine learning models for risk analysis in insurance claims. The literature review in Chapter Two explores existing studies and theories related to risk factors in insurance claims and the application of machine learning in the insurance industry. Key concepts such as risk assessment, claim prediction, and machine learning algorithms are discussed to provide a theoretical framework for the research. Chapter Three details the research methodology, including data collection methods, model development techniques, and evaluation metrics. The study employs a combination of supervised and unsupervised machine learning algorithms to analyze historical insurance claims data and identify key risk factors affecting claim outcomes. The methodology also includes data preprocessing, feature selection, model training, and performance evaluation to ensure the accuracy and reliability of the proposed models. Chapter Four presents the findings of the study, including the identification of significant risk factors in insurance claims and the performance evaluation of the developed machine learning models. The discussion focuses on the effectiveness of different algorithms in predicting claim outcomes and the implications of the findings for insurance companies in improving risk management strategies. Finally, Chapter Five summarizes the research findings, discusses the implications for the insurance industry, and provides recommendations for future research and practical applications. The study concludes that machine learning techniques offer significant potential for enhancing risk analysis in insurance claims and improving decision-making processes for insurance companies. Overall, this thesis contributes to the existing body of knowledge on risk factors in insurance claims and demonstrates the value of machine learning techniques in addressing complex challenges in the insurance industry. The findings of this study have practical implications for insurance companies seeking to enhance their risk management strategies and improve the efficiency of claims processing through advanced analytics and automation.

Thesis Overview