Goal of the Case Study:

• Understand the Impact: Assess the influence of different coverage options on the average claim amounts in insurance plans.
• Inform Pricing and Product Design: Use insights derived from data to guide strategic decisions in pricing, risk assessment, and insurance product offerings.

Expected Outcomes:

• Statistical Analysis Application: Learners will use statistical methods to test the hypothesis that the average claim amounts do not differ significantly across coverage types like inpatient, outpatient, prescription drugs, mental health, dental, and vision care.
• Data-Driven Decision Making: By the end of this case study, learners will be able to identify statistically significant differences in claim amounts and understand how these insights can be applied to real-world insurance pricing strategies.
• Insightful Visualizations and Reporting: Develop the ability to present data findings effectively using various visualization tools, enhancing the interpretability and impact of the analysis.

Artifacts:

Download the dataset and data dictionary here.

Available datasets:

• Agents
• customers
• Claims
• Payments
• Plans
• Policies
• Provider
• Subscriber
• Reimbursement
   

Note: If you want to work on this scenario, share your interest.