Using the K-Nearest Neighbor Machine Learning model to predict insurance coverage.

Video full Title: Using the K-Nearest Neighbor Machine Learning model to predict whether future potential customers for a life insurance company should be offered an insurance policy or not based on past known data.

Submitted by: Chitsidzo Dengura - Zimbabwe

How can insurance firms especially life and health insurance avoid the losses associated with covering substandard lives at the usual premium charged to standard lives. Most life and health insurance firms have past data on people they have given insurance cover to and those they have denied insurance cover because they were high risk or did not have enough funds to meet the premium payments. Substandard lives are usually involved in risky activities or they have poor health from their life habits such as excessive drinking or smoking. Hence, with all this data accrued over a certain period of time, we can fit it into our KNN model such that future potential customers can be deemed worth covering or not by life insurance firms.