Scholars Bulletin (SB)
Volume-3 | Issue-12 | Sch. Bull.; 2017, 3(12): 750-758
Research Article
Appropriate Best Fit Model for Insurance Claims Modeling: A Catalyst for Managerial Planning. Evidence from Ghana
Iddrisu Abubakari, Ernestina Linda Bonny, Zakari Abubakari, Paa-Grant Rexford
Published : Dec. 30, 2017
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.