MUMBAI, India, Sept. 14 -- Intellectual Property India has published a patent application (202641107357 A) filed by Kkr & Ksr Institute Of Technology And Sciences on September 07, 2026, for Ai Powered Insurance Claim Prediction.
Inventors include Mr. Prof. Repudi Ramesh; Mrs. P. Neela Sundari; K. Renuka; K. Pavani; K. Kusuma; and K. Guna Sri.
The application for the patent was published on September 11, 2026, under issue no. 37/2026.
Abstract: The insurance sector is rapidly evolving with the integration of artificial intelligence to enhance decision-making and customer experience. This invention presents an artificial intelligence-powered insurance claim prediction system designed to estimate the claim amount when a policyholder opts for early withdrawal before the maturity period. Traditionally, insurance policies are structured for fixed durations such as five, ten, or twenty years, where the full insured amount is provided only upon completion of the policy term. However, unforeseen financial emergencies may force customers to request premature claims, creating challenges for insurers in determining fair settlement values. The proposed system addresses this issue by utilizing machine learning techniques to predict the estimated claim amount based on multiple influencing factors that include policy duration, number of premiums paid, customer age, risk profile, and historical claim data. By analyzing these parameters, the system generates an accurate and data-driven estimation of the claim value for early withdrawal scenarios. The model is trained on historical insurance datasets to identify patterns and relationships between policy attributes and claim outcomes. This enables the system to provide reliable predictions that balance customer needs and company risk. Additionally, the system helps insurance companies reduce manual calculations, minimize errors, and ensure consistency in decision-making. From the customer’s perspective, the system offers transparency and clarity by providing an approximate claim amount in advance, helping them make informed financial decisions. For insurance providers, it improves operational efficiency, risk management, and fraud prevention. Overall, this artificial intelligence-powered approach enhances the traditional claim process by introducing automation, accuracy, and fairness. It serves as a scalable solution that can be integrated into modern insurance platforms, ultimately benefiting both customers and insurance organizations by streamlining early claim evaluation and improving trust in the system.
Disclaimer: Curated by HT Syndication.
