Car Insurance Claims Data

Subset of car insurance firm in Massachusetts. 7 office locations. 35 employees total, 24 Adjusters and 11 Appraisers. If a claim is <$1000 no appraiser is necessary. Claims >$1000 an appraiser visits the vehicle and assesses the damage. 

Most of the time, adjusters work with the appraisers in their own office, that is the way the company is set up. However not always possible for a number of reasons (sick/vacation, maternity leave, high volume of claims, insured relocated closer to another office).

claim_amt
Amount paid to the insured. Unpaid claims are not in this data set.

appraiser_dist
Milage of the appraisers is tracked for tax purposes, and so the system knows how many miles traveled to the insured. Again, these are normally not long travel distances but for above mentioned reasons, they are expected to happen.

claim_ratio
Ratio of claim amount to the estimate of car’s worth using one national source for used car values. For this estimated value, car is assumed to be in optimal condition with optimal features. This is rarely the case, so claim_ratio, even for totaled cars, is much less than 1. Our aim is to have this ratio less than 0.75 for all totaled claims. As discussed, data does not indicate whether a car was totaled or repaired. 

cov_inc_6_mos
As requested, this variable is a binary flag indicating whether a coverage change (specifically an increase) took place in the 6 months prior to the claim

policy_tenure_months
The number of months the policy has been in effect. Obviously, it might be rare for an accident to happen the first month that a car is insured, but it happens.