case in point

Title: Incentivize existing policies for a leading insurance company Industry: BFSI Country: India

FPO

Challenge
A leading Insurance company was required to access the lapsed insurance policies having a potential of repayment (and hence reactivation), within a specic time bracket Identify in which criteria can the existing in-force policies can be incentivized Variety of datasets pertaining to dierent 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 eected 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 specied time bracket after which the policies may get permanently lapsed blueoceanmi.com | 1

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