CLIAMS:We Claim:

1. A method for determining potential risk of an insurance claim on an insuree by an insurer, the method comprising:
receiving, by a processor of a risk determination system, a plurality of insurance claims associated with a plurality of insurees;
classifying, by the processor, the plurality of insurance claims into a plurality of segments based on an insuree profile associated with each of the plurality of insurees, wherein the insuree profile comprises at least medical data and behavioral data associated with each of the plurality of insurees; and
determining, by the processor, risk associated with the plurality of segments based on at least the medical data and behavioral data of the plurality of insurees.
2. The method as claimed in claim 1, wherein the insuree profile further comprises at least one of insuree data, policy information of the insuree, claim information of the insuree and family history information of the insuree, wherein the insuree data comprises at least one of age of the insuree, gender of the insuree, work industry of the insuree, interests of the insuree, and social media profile of the insuree.
3. The method as claimed in claim 1, wherein classifying the plurality of insurance claims into the plurality of segments comprising the steps of:
performing a frequency based segmentation by segmenting the insurance claims on the basis of at least one of age, gender, location, industry, disease particulars , genealogy and psychology of the plurality of insurees; and
performing a time based segmentation by segmenting the insurance claims on the basis of duration for which the insurance claims are availed based on age, gender, location, industry, disease particulars, genealogy and psychology of the plurality of insurees.
4. The method as claimed in claim 1, wherein determining risk associated with a potential insuree comprising the steps of:
matching a user profile of the potential insuree with the insuree profile associated with the plurality of segments; and
computing an insurance premium value for the potential insuree based on the risk associated with the potential insuree.
5. The method as claimed in claim 1, further comprising predicting a financial impact to the insurer based on the risk associated with the one or more segments.
6. The method as claimed in claim 1, further comprising predicting a probability of a potential insuree availing an insurance policy based on a profile of the potential insuree and insuree profiles of the plurality of insurees.
7. A risk determination system for determining potential risk of an insurance claim on an insuree by an insurer, comprising:
a processor; and
a memory disposed in communication with the processor and storing processor-executable instructions, the instructions comprising instructions to:
receive a plurality of insurance claims associated with a plurality of insurees;
classify the plurality of insurance claims into a plurality of segments based on an insuree profile associated with each of the plurality of insurees, wherein the insuree profile comprises medical data and behavioral data of an insuree; and
determine a risk factor associated with the one or more segments based at least on the medical data and behavioral data of the plurality of insurees.
8. The system as claimed in claim 7, wherein the insuree profile further comprises at least one of insuree data, policy information of the insuree, claim information of the insuree and family history information of the insuree.
9. The system as claimed in claim 7, wherein the insuree data comprises at least one of age of the insuree, gender of the insuree, work industry of the insuree, interests of the insuree, and social media profile of the insuree.
10. The system as claimed in claim 7, wherein the processor is configured to classify the plurality of insurance claims into a plurality of segments by preforming a frequency based segmentation and a time based segmentation.
11. The system as claimed in claim 10, wherein the processor is configured to perform the frequency based segmentation by segmenting the insurance claims on the basis of at least one of age, gender, location, industry, disease particulars , genealogy and psychology of the plurality of insurees.
12. The system as claimed in claim 10, wherein the processor is configured to perform the time based segmentation by segmenting the insurance claims on the basis of duration for which the insurance claims are availed based on age, gender, location, industry, disease particulars, genealogy and psychology of the plurality of insurees.
13. The system as claimed in claim 10, wherein the processor is further configured to determine risk associated with a potential insuree by matching a user profile of the potential insuree with insuree profiles associated with the plurality of segments.
14. The system as claimed in claim 13, wherein the processor is further configured to compute an insurance premium value for the potential insuree based on the risk associated with the potential insuree.
15. The system as claimed in claim 7, wherein the processor is further configured to predict a financial impact to the insurer based on the risk associated with the one or more segments.
16. The system as claimed in claim 7, wherein the processor is further configured to predict a probability of a potential insuree availing an insurance policy based on a profile of the potential insuree and insuree profiles of the plurality of insurees.
17. A non-transitory computer readable medium including instructions stored thereon that when processed by at least one processor cause a system to perform acts of:
receiving a plurality of insurance claims associated with a plurality of insurees;
classifying the plurality of insurance claims into a plurality of segments based on an insuree profile associated with each of the plurality of insurees, wherein the insuree profile comprises at least medical data and behavioral data associated with each of the plurality of insurees; and
determining risk associated with the plurality of segments based on at least the medical data and behavioral data of the plurality of insurees.

18. The medium as claimed in claim 17, wherein the instructions, on execution, cause the at least one processor to classify the plurality of insurance claims into the plurality of segments by the steps of:
performing a frequency based segmentation by segmenting the insurance claims on the basis of at least one of age, gender, location, industry, disease particulars , genealogy and psychology of the plurality of insurees; and
performing a time based segmentation by segmenting the insurance claims on the basis of duration for which the insurance claims are availed based on age, gender, location, industry, disease particulars, genealogy and psychology of the plurality of insurees.
19. The medium as claimed in claim 17, wherein the instructions, on execution, cause the at least one processor to determine risk associated with a potential insuree comprising the steps of:
matching a user profile of the potential insuree with the insuree profile associated with the plurality of segments; and
computing an insurance premium value for the potential insuree based on the risk associated with the potential insuree.
20. The medium as claimed in claim 17, wherein the instructions, on execution, cause the at least one processor to:
predict a financial impact to the insurer based on the risk associated with the one or more segments; and
predict a probability of a potential insuree availing an insurance policy based on a profile of the potential insuree and insuree profiles of the plurality of insurees.

Dated this 11th day of March 2015
M.S. Devi
Of K&S Partners
Agent for the Applicant
,TagSPECI:FIELD OF THE DISCLOSURE
The present subject matter is related, in general to risk management, and more particularly, but not exclusively to method and device for determining potential risk of an insurance claim on an insuree by an insurer.