Prediction of Life Insurance Premium during Pre-and Post-Covid-19: A Higher-Order Neural Network Approach

Abstract

The impact of Covid-19 drastically changed the economical, social, behavioral, and psychological aspects of human life. Just after the official announcement of this pandemic by the World Health Organization, the entire world has locked for several months. As people come across these unpredictable situations, insurance has emerged as one of the ways to financially protect themselves and their families. Consumers were confused in terms of financial gain and risk associated with this disease. In this critical situation, the study on the consumer decision-making process is an integral part to evaluate consumer behavior. An evolutionary improved FLANN is developed to analyze the growth of insurance during the pandemic and observed the insignificance of this pandemic effect on consumer behavior toward life insurance. The proposed study has undertaken an asymmetrical data analysis on 24 life insurance companies of India from January 2015 to December 2020 and predicted the premium collection for the future. The proposed method is compared with other similar machine learning methods and found to be superior.