Modeling Crop Insurance Claims

This article provides an overview of the crop insurance program in the US provided by the Federal Crop Insurance Corporation via a network of private firms. We review the evolution of the program during the past two decades and suggest an approach to model the loss to liability ratio. We show that the Weibull distribution provides a reasonable option to model the loss payments between 0% and 100% of the liability levels, a finding consistent with prior research on insurance claims modeling.

I. Introduction

Crop insurance in the United States is provided by the Federal Crop Insurance Corporation (FCIC) via a network of private firms. FCIC is managed by the Risk Management Agency (RMA) of the US Department of Agriculture [1]. This article provides an introduction to the crop insurance program in the US and provides an overview of policies, liability and claims during the period 2000–2020. We also look at the insurance losses and suggest an approach to model these losses.

While the examples and website references provided in this article are US-centric, the ideas presented herein are general and can be applied to all locations. In other regions and countries, the analyst will need to substitute the appropriate regional data sources for crop insurance claims data.

II. Data Sources

RMA provides excellent summary level data sets on their website [2]. The analysis presented in this article is primarily based on state/county/crop/coverage level data downloaded from this site by the author in October 2020. The data files are organized for each year and are in text file formats that can easily be processed by standard statistical software.

Note that the data from the RMA website is not dis-aggregate data. It is summarized at the level of state, county, crop and coverage level. So we are not able to undertake analysis at an individual policy or an individual claim level. We did request USDA for the policy level data through a Freedom of Information Act request but this request by denied because of prevailing laws and regulations that govern the data.

#forecasting #risk-analysis #insurance #risk-management #data-analysis

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Machine Learning and Insurance Claim Forecasts

Insurance claims forecasting for extreme weather events that result in large scale destruction such as hurricanes, wildfires, floods, etc. is an important planning activity for insurance firms and any process improvements that can enhance the accuracy and quality of the forecasts should be welcome. This article provides an introduction to the forecasting methodology for insurance claims payouts and then discuss potential use of machine learning techniques to enhance the forecasting process.

I. Introduction

This article provides an introduction to forecasting insurance claims payouts. We focus specifically on the claims arising from weather events (events) that result in large scale destruction such as hurricanes, wildfires, floods, etc. We first provide a general overview of the traditional methodology and then discuss potential use of machine learning (ML) techniques to enhance the forecasting process.

While the examples and website references provided in this article are US-centric, the ideas presented herein are general and can be applied to all locations. In other regions and countries, the analyst will need to substitute the appropriate data sources for event data.

The remainder of the document is organized as follows. In the next section, we provide an overview of the general model structure and the elements that need to be considered within the modeling framework. In section III, we focus on where ML techniques are most appropriate to use. In the final section, we discuss our conclusions.

Note that all the data used for illustrative figures in this article is simulated and does not reflect any actual event except where otherwise indicated.

#insurance-claim #claims #machine-learning #forecasting-models #insurance

Key Essentials To Find The Right Life Insurance Agent

When you are thinking about getting a life insurance policy, it is essential to select a life insurance agent in Ontario who can help you in actual. Getting a life insurance policy can be perplexing or intricate. The key to purchasing the right amount and the right kind of policy at a good rate is a good broker or agent. You are supposed to select the one who:

Give details, in terms you can understand without any difficulty, issues, options and planned use of life insurance in your financial program

Is accredited by the state insurance department

Is equipped to assess with you from time to time – possibly every three years or so – whether the product continues to be appropriate for your situation and needs

Provides you with a modified written document that:

Explain the features of the life insurance and the way it fits into your circumstances

Records the facts of your current financial and personal circumstances

Understands your financial circumstances, including your attitudes regarding risk, your income and estate tax “brackets”, and your other financial assets and obligations, in addition to your person circumstances

If you do not have life insurance broker in Ottawa who fits this description, as your business associates and other people for references with an excellent reputation. A broker or an agent who has one or more professional financial services designations has demonstrated a commitment to specialized education in the field.

The Bottom Line

The most excellent approach to protect yourself and your family members is to make sure that you understand what you are purchasing and the nature of the fees, fines, or limitations of the product if you would like to drop the policy.

Did you know that you can now get life insurance quotes online from Stewart Ranft Insurance Group? Consult today for details!

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How much does an on-demand insurance app development cost?

Nowadays insurance is essential for any purpose like health, life, car, fire, home, and many more. The Insurance business is currently in trending and it remains in the future also.

Benefits of Insurance Mobile App Development:

· Automation of processes

· Providing information about the company

· Customer base growth

· Constant communication

· Simplification of drawing up of the insurance deal

· Personalized offers

· The ability to receive feedback from customers

Cost to make an On-Demand Insurance mobile app:

On a general level, the cost of insurance app development is around $90,000 as a whole that is divided into three major components. It will cost approximately $35,000 for consumers, $30,000 for service providers, and $25,000 for admin. This is the cost breakdown of App Development for Insurance.

Actual cost depends on various factors like features, location (USA, INDIA and UK), Platform (Android & iOS), technology, Number of time invested and app complexity.

Features of Insurance App Development:

· Profile

· Policy details

· All policies/find a policy

· Quote

· File a claim

· Payment processing

· Customer support

· Notifications

· Chatbots/AI

· Document/image uploading

Features for an agent-side app are similar to those for clients:

Signup/login
Agent profiles
List of policies
Quotes
Notifications
History of all claims, resolved and in-process

Are you planning to build an Insurance mobile App? AppClues Infotech is a custom on-demand mobile app development company that helps to builds an exceptional and high-performance mobile app with all the latest features and technologies which gives a high ROI for your insurance business.

Insurance Mobile App Development Services:

• Health Insurance App Development
• Life Insurance App Development
• Vehicle Insurance App Development
• Property Insurance App Development
• Travel Insurance App Development
• General Insurance App Development

We can provide a more precise estimate upon request. Just leave a message on our contact us page. You can also ask us any remaining questions about how to create your own insurance app.

#health insurance app development #life insurance app development #vehicle insurance app development #property insurance app development #travel insurance app development #general insurance app development

Crop and Resize Image Before Upload In Laravel Using with jQuery Copper JS

Crop and resize image size before upload in laravel using jquery copper js. In this post, i will show you how to crop and resize image size in laravel using jQuery copper js in laravel.

This laravel crop image before upload using cropper js looks like:

Laravel Crop Image Before Uploading using Cropper js Tutorial

Laravel crop image before upload tutorial, follow the following steps and learn how to use cropper js to crop image before uploading in laravel app:

• Step 1: Install New Laravel App
• Step 2: Add Database Details
• Step 3: Create Migration & Model
• Step 4: Add Route
• Step 5: Create Controller By Artisan
• Step 6: Create Blade View
• Step 7: Make Upload Directory
• Step 8: Start Development Server

Read More => https://www.tutsmake.com/laravel-crop-image-before-upload-using-jquery-copper-js/

Live Demo Laravel Crop image Before Upload.

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Best Insurance Mobile App Development Company

Are you planning to build an Insurance market platform like Policy Bazaar? AppClues Infotech is a custom on-demand mobile app development company that helps to builds an exceptional and high-performance mobile app with all the latest features and technologies which gives a high ROI for your insurance business.

Our Insurance Mobile App Development Services:
• Health Insurance App Development
• Life Insurance App Development
• Car Insurance App Development
• Property Insurance App Development
• Travel Insurance App Development
• General Insurance App Development

For more info:
Call: +1-978-309-9910
Email: info@appcluesinfotech.com
Website: https://www.appcluesinfotech.com/

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