Online Insurance Business Analytics Approach for Customer Segmentation
Abstract
As we know we are living in digital era, where we train machines to do all the work. With the
advancement of Artificial Intelligence, we are able to develop machines for decision making and train
them to learn things so as to provide the optimal result based on that learning. Today insurance play
an important role for the sustainable growth of economy. The actions denoted to secure the financial
stability, to provide safety and medical support, enhance productivity are all the key factors for good
economy which are getting through insurance policy. But due to complex and large heterogeneous
data, it is very difficult to do data analytics manually and suggesting accurate insurance policy after
segmenting and predicting customer sentiments. Therefore, AI and Big Data play an important role to
prepare today’s machine for dealing all insurance digitally as to produce fast result, better decision
making and more customer attention. It can also help to enhance the impact of AI on insurance, to
make the future insurance management effective, reliable and fast. Now the challenge is to choose
best practice to provide the best user experience, best decision making, and fast processing so as to
maintain the consistency of the customer. In this paper, we take a short case study on “Policybazar”
site to know how it provide such a good user experience using various data analysis techniques in the
background. How UX data analytics work for better web optimization and provide quantitative and
qualitative results like policybazar site reflects. Here we propose a procedure which define a flow
how machine intelligently analysis data, segment it, predict it and process it using various supervised
and unsupervised learning. Challenges concern related to fraud especially in health insurance is also
discussed. The main aim is to understand the working behind the customer segmentation and to
choose the effective algorithm to analysis data to convert it into valuable inforatio
