I have a 5 years of Cargo insurance (goods transportation insurance) data.
I need to predict the claim amount based on their policy date and some other variables like mode of transportation, Country Origin, destination, Package mode, Premium paid,Sum Insured, and type of goods.
As I said, my objective is to predict the claim amount based on all the above variables.
For this case we can't directly predict the claim amount, so I built a predictive model (Classification) to predict the claim and non-claim transactions (i.e. the transaction (insurance) which will end up in claim and the transaction which doesn't end in a claim). As of now,the model is 74% accurate in classifying the claim and no-claim transactions.
Now I want to predict the claim amount (in monetary value) ... I don't know in which direction I should move ahead. Can any modelling technique help to predict the exact amount of claim based on all the given parameters?