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Chrismtoy

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Jun 14, 2017

Profiling and Predicting the Potential Buyers of an Insurance Product Using JMP® Pro 10

 Profiling and Predicting the Potential Buyers of an Insurance Product Using JMP® Pro 10

 

Gaurav Pathak, Mantosh Sarkar, Oklahoma State University

In insurance marketing, a well-designed personalized interaction with customers is extremely important. The agents who are fighting for new clients and trying to retain existing clients like to develop a personal relationship with their clients which would ultimately have a positive effect on their baseline. Consumers’ priorities for different insurance products change over time as they move through different stages of their lifecycles. For an insurance company it is therefore important to understand how particular products in its portfolio appeal to different customers as they progress through their lifecycles so appropriate up-sell and cross-sell strategies can be initiated. Based upon insurance usage data and socio-demographic data derived from zip codes, JMP ® Pro 10 is used to Profile the existing buyers and also predicted the future buyers of the mobile home insurance produc

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