7. Predicting Insurance Costs with No Code Machine Learning
Today, we’re gonna build a model to predict insurance costs.
We’ll start by:
- Reviewing the dataset
- We’ll then build a Machine Learning model for predicting insurance costs.
- And instantly see how we can make predictions and share them with others on the team.
So let’s get started.
Number 1: Reviewing the dataset
In this dataset, every single row is an individual customer. And every column tells us something about that customer. Like Age, gender, whether they have kids or not, etc. At the end, we have a column here called total charges. This tells us how much a customer in that row is paying for insurance.
This is a historical dataset. And we now wanna use it to predict how much a new customer is likely to pay for their insurance.
Number 2: Building the machine learning model
To build a model, we start by uploading this CSV. We can upload spreadsheets, Connect to apps & services like Salesforce and Dropbox, And even databases like MySQL and BigQuery.
Once uploaded, all you have to do is select your prediction column. In this case, it’s the total charges column.
From here, Obviously AI will automatically build a machine learning model to make predictions, in less than 1 minute.
Number 3: Make predictions and share with your team
Once your model is built, it’s ready to be used right away. No deploying, no maintenance. You can see it’s accuracy and performance details here.
Seems like we’re good to go!
We start by heading to Personas to make a first prediction. Let’s say we have a new customer. They’re 32 years old, are male and have a BMI of 22.
As I change these details, I can see the prediction for this customer come up right here. The loan cost they’re likely to incur is $6,900 give or take $1,000 dollars.
Now, let’s head to export predictions. We can upload a list of new customers and get a prediction on each one. An API can also be used to automate these predictions and embed them in your own app or website.
You will also have the option to get a shareable link to send to anyone on your team. It will enable them to use the model you built to start making their own predictions.
So, what would you like to predict today?