Leveraging Analytics in Medical Malpractice Insurance: Enhancing Risk Management and CostEfficiency

Abstract

Medical malpractice insurance plays a crucial role in safeguarding healthcare professionals from the financial and reputational risks associated with negligence claims. With the advent of advanced analytics, insurers are transforming the traditional approaches to risk assessment, premium setting, claims management, and fraud detection. This paper examines the
applications of analytics in medical malpractice insurance, focusing on its potential to optimize operations, enhance decision- making, and improve fairness in claim resolutions. It also highlights the challenges, including data privacy concerns and algorithmic biases, while proposing ethical strategies for automating claim evaluations adoption