Predicting Insurance Policyholders Attrition In Nigeria Insurance Firm:-A Cox – Regression Approach (Implemented Using R-Codes)
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 12
Abstract
Insurance is facedwith hostile relationship between the insurer and the insured more than most business due to mere redistribution of money rather than providing a factual product or service to the insured.These lopsided attitudes make the insurer appear feeble in the presence of policyholders and they sought value elsewhere that can meet or promise to meet their current or future needs. In the light of this problem faced by policyholders, there is a need to construct a viable churn predictive model with proper ability of identifying any policyholder with high-risk of cancelling policy. Thisstudy usedrecord data of one Nigerian insurance company for the construction of the modelwith aCox-regression approach, implemented using RCodeswhich is capable of investigating concurrently the effect of several explanatory variables on the cancellation of policy by policyholders.The result of the analysis shows that marital status and sum assured have potential influences on churn out of the several key candidate predictors. Hence, insurance marketing teams should look onward at how they can most effectively put up physically powerful relationships with their customers and preserve against declining retention.
Authors and Affiliations
A. B. Sogunro, Hamadudallah . , R. O. Ayorinde
Keywords
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- EP ID EP422656
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