Appropriate Best Fit Model for Insurance Claims Modeling: A Catalyst for Managerial Planning. Evidence from Ghana
Journal Title: Scholars Bulletin - Year 2017, Vol 3, Issue 12
Abstract
Abstract:It is always important to determine the distribution of insurance claims in order to estimate future expected values. This study seeks to determine the appropriate best fit model using sample data from Dormaa Health Insurance Directorate. Sample data collected from Dormaa Presbyterian Hospital of the Dormaa Municipal Health Insurance Scheme was analyzed using the Statistical Package for Social Science (SPSS), Excel spreadsheet, and Easy fit. It was found that the appropriate best fit model for the sample claims of the Dormaa Presbyterian Hospital follows lognormal distribution. Keywords:insurance; lognormal distribution; health insurance; national health insurance scheme; appropriate best fit; sample data
Authors and Affiliations
Iddrisu Abubakari, Ernestina Linda Bonny, Zakari Abubakari, Paa-Grant Rexford
Keywords
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