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Segmentation of life insurance customers based on their profile using fuzzy clustering
[journal article]
Abstract In the current competitive environment, companies will be able to adjust business strategies, they use market segmentation based on practical ways rather than using traditional approaches or incomplete and impractical mass marketing. In recent years, mining has gained attention and popularity in the... view more
In the current competitive environment, companies will be able to adjust business strategies, they use market segmentation based on practical ways rather than using traditional approaches or incomplete and impractical mass marketing. In recent years, mining has gained attention and popularity in the business world. The goal of data mining projects is to convert the raw data into useful information. Clustering can also be used to explore differences in attitudes and intentions of the clients. In this study, we used fuzzy clustering on 1071 life insurance customers during March to October 2014. Results show that the optimal number of clusters was 2 which were named as "investment" and "life safety". Some suggestions are presented to improve the performance of the insurance company.... view less
Keywords
enterprise; market segmentation; data; life insurance; analysis; customer
Classification
National Economy
Marketing
Free Keywords
Clusterbildung
Document language
English
Publication Year
2015
Page/Pages
p. 17-24
Journal
International Letters of Social and Humanistic Sciences (2015) 61
ISSN
2300-2697
Status
Published Version; peer reviewed