Insurance Cost Analysis Objective: To perform data analytics on a medical insurance charges dataset. This is in continuation to the Part-1 analysis
The parameters used in the dataset are: Age: Age of the insured. Integer quantity. Gender: Gender of the insured. This parameter has been mapped to numerical values in the following way. Gender Assigned Value: Female 1, Male 2 BMI: Body Mass Index of the insured. Float value quantity. No_of_Children: Number of children the insured person has. Integer quantity. Smoker: Whether the insured person is a smoker or not. This parameter has been mapped to numerical values in the following way. Smoker Assigned Value: Non Smoker 0, Smoker 1 Region: Which region of the USA does the insured belong to. This parameter has been mapped to numerical values in the following way. Region Assigned Value: Northwest 1, Northeast 2, Southwest 3, Southeast 4 Charges: Charges for the insurance in USD. Floating value quantity.
Key Analysis Conducted -
- What is the distribution of BMI, and medical charges?
- Average medical insurance charge for different age groups
- How do insurance charges differ by gender?
- How does the number of children affect medical charges?
- How do medical charges vary across different regions?
- Do certain demographics have significantly different average charges? -- Different age groups of Smokers vs Non-Smokers -- Male Smokers vs. Female Smokers -- BMI dependent Charges by Smoker Status