Abstract
ABSTRACTInsurance coverage recommendation problem (ICRP) in which the most suitable coverage for customers is suggested is an essential issue for an insurance company. ICRP helps insurance companies to give suitable services to their customers. In ICRP, the insurance company tried to mine the features and records of data associated with the customers to suggest them the most economic and fitted insurance plan. The insurance companies have large databases which are considered as a proper infrastructure to analyze, model and predict the customer behavior. In this paper, a two-stage clustering-classification model is proposed to suggest suitable insurance coverage for customers. The first stage addresses a data pre-screening phase and clustering of customers based on the record of insurance coverage. Well-known clustering algorithms are employed. The superior clustering algorithm is selected based on Davies-Bouldin metric. In the second stage, several filter and wrapper methods are implemented to select proper features. The selected features are assumed as inputs of K-nearest neighbor classification algorithm. The proposed approach is applied in a real case study for clustering the customers and recommend insurance coverage. The results show that the model is capable of suggesting suitable insurance coverage based on customers’ characteristics.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
More From: International Journal of Management Science and Engineering Management
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.