What We Do
We utilize machine learning algorithms to analyze past Vitech customer data to predict life insurance premiums base on a person's life style and predict what insurance plan they are mostly likely to choose. Our linear regression analysis can also guide the insurance provider on improving their pricing algorithm and advertising strategies.
Traditional insurance companies primarily use their algorithms to only determine the pricing of their plans. At IntelliQuote, we not only provide the customers their customized plan pricing, we can also tell the insurance company which plan a specific customer is most likely to choose. Furthermore, our linear regression analysis also gives the insurance company a clearer idea of the magnitude and direction of any given factor(e.g. age, income) that influences their pricing and business decisions.
A lot of interesting correlations and relationships can be extrapolated from our linear regression analysis. In the future, we can use these relationships to help insurance providers to better advertise their products to the potential customers.
How we built it
We used Scikit-Learn to build our classification and linear regression models. And we used Microsoft Azure to serve our machine-learning based application as an API on the web.