A Novel Rayleigh Inverted Weibull Model for Medical and Insurance Analysis

This paper presents a statistical approach to enhance the distributional flexibility of some old conventional models. The proposed approach is the new modified G family of distributions to introduce new models. Utilizing the newly modified G family technique, an updated form of the Rayleigh Inverted Weibull model, referred to as the new modified Rayleigh Inverted Weibull model, is generated. Specific mathematical characteristics are derived. The maximum likelihood estimators for the model parameters are derived. A Monte Carlo simulation study is conducted to assess the efficiency of these estimators. Some actuarial metrics are computed, including value at risk and tail value at risk. The use of a real dataset demonstrated the model’s utility. Finally, we concluded with some major results reported in the conclusion section.