case in point
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Title: Incentivize existing policies for a leading insurance companyIndustry: BFSICountry: India
Challenge• A leading Insurance company was required to access the lapsed insurance policies having a potential of repayment
(and hence reactivation), within a specific time bracket • Identify in which criteria can the existing in-force policies can be incentivized • Variety of datasets pertaining to different types of policies had to obtained and processed thereafter
Approach• The two policies Traditional and ULIP were in two states - Inforce & Lapsed• Data cleaning was done using a proprietary machine learning tool • A binary logistic regression was applied on each of the policies with lapsed and inforce data
Result• Factors that effected the predictive model were • Premium to be paid • Income of the policy holder • Occupation and the total sum assured at the end of maturity• It was derived that it was always good to approach the lapsed policies within a specified time bracket after which the
policies may get permanently lapsed
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