International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 7, Issue 2 (March-April 2025) Submit your research before last 3 days of April to publish your research paper in the issue of March-April.
Submit Research Paper Join as a Reviewer

Plagiarism is checked by the leading plagiarism checker TurnItIn

Call for Paper

Volume 7 Issue 2
March-April 2025

Submit your research paper

Indexing Partners
Academia Advanced Sciences Index Bielefeld Academic Search Engine CiteSeer DRJI Google Scholar Independent Search Engine & Directory Network ISI (International Scientific Indexing) Issuu Mendeley Research Networks
RefSeek ResearcherId - Thomson Reuters ResearchGate Scirus Scribd Semantic Scholar UTeM - Universiti Teknikal Malaysia Melaka Wiki for Call for Papers WorldCat Zenodo

Harnessing Policyholder Behavioral Analytics for Life Insurance Product Innovation: A Clustering and Association Rule Mining Approach

Author(s) Preetham Reddy Kaukuntla
Country United States
Abstract Competitive dynamics of the life insurance business have pointed out that policyholder behavior is expected in the formulation of new products to suit the complex market environment. This paper focuses on the use of behavioral analytics where both clustering and association rule mining are used to identify patterns in a policyholder data set. Through these analytical approaches, the life insurers shall be able to segment customers, to identify cross-selling opportunities as well as to customize the product to a certain behavioral profile. The study uses rich policyholder data sets with policies, which are then used to classify the policyholders using K-means clustering approaches. Next, the business employs association rule mining to find frequent item sets and strong rules that manifest certain latent relationships among various policy features. The study confirms that using clustering in conjunction with association rule mining offers insights that help to improve product differentiation, marketing mix and customer loyalty. This approach not only helps in formulating the insurance solutions to the challenges but also supports strategic business decisions adding up to the competitiveness and profitability of the life insurance companies.
Keywords Behavioral Analytics, Cluster Analysis, ARM, Life Insurance Business, New Product Development, Customer Classification, Knowledge Discovery, Statistical Analysis.
Field Engineering
Published In Volume 3, Issue 3, May-June 2021
Published On 2021-06-08
DOI https://doi.org/10.36948/ijfmr.2021.v03i03.38181
Short DOI https://doi.org/g86xrg
View / Download PDF File

Share this



E-ISSN 2582-2160
CrossRef

CrossRef DOI is assigned to each research paper published in our journal.

IJFMR DOI prefix is
10.36948/ijfmr

Downloads
Research Paper Format Copyright Permission Form and Undertaking Form Cover Page Vol 7 Isu 2Cover Page Vol 7 Isu 1Cover Page Vol 6 Isu 6

All research papers published on this website are licensed under Creative Commons Attribution-ShareAlike 4.0 International License, and all rights belong to their respective authors/researchers.

CC-BY-SA Open Access

About IJFMR
Fees & Payment
Current Issue
Publication Archive 		Submit Research Paper
Track Submission Status
Publication Guidelines
Publication Ethics
Peer Review & Plagiarism 		Join as a Reviewer
Editors & Reviewers
Reviewer Referral Program
Get Reviewer Membership Certi. 		Website/Journal Policies
Usage Policy
Content Policies
Privacy Policy
Contact Us +91-9687-828-838 editor@ijfmr.com