Any company in existence today thrives to make a profit. Insurance companies are profitable when the claims that they issue are lesser than the premiums they receive.
This is the real-world problem we are going to tackle today. If there is a method by which the insurance company can predict a person’s hospital bills, they would be able to generate a financial gain.
We have data of about 1338 observations(rows) and 7 features(columns) including age, gender, BMI(Body Mass Index), number of children they have, the region they belong to, and if they are a smoker or a non-smoker. Our task is to uncover a relationship that might exist between a person’s hospital bills and their family conditions, health factors, or location of residence.