Segmentation of Insurance Industry Customers with using two-Step cluster analysis (Case study A Insurance Company)

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POOYA ALIREZA; fazel torshizi Davood

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Journal Paper

Paper Information

Journal: IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH) Year:2020 | Volume:35 | Issue:2 Page(s): 31-65

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Title

Segmentation of Insurance Industry Customers with using two-Step cluster analysis (Case study A Insurance Company)

Author(s)

POOYA ALIREZA | fazel torshizi Davood | Issue Writer Certificate

Keywords

Customer SegmentationQ1

Insurance IndustryQ2

Two-Step Cluster AnalysisQ1

Abstract

Objective: Today in the Insurance Industry, playing the role customer of follow the service providers has become the guiding providers. Therefore, due to the difference in profitability, volume and type of purchase, loyalty, risks, behavioral and demographic dimensions we seek to create significant demarcations between them with using the Customer Segmentation approach that by recognizing the characteristics of each of these different groups increase the competitive power and success of activists in this field be provided. Method: Customer Segmentation Using a Two-Step Cluster Analysis with scalable cluster analysis algorithm with respect to the feasibility of this technique in the analysis of continuous and categorical variables was performed. Dominant patterns in customer grouping were identified. Then using discriminate analysis, clustering validity was examined. Findings: According to the defined indicators, customers were divided into six clusters. Variables discounts offered, profit, claims ratio, volume and number of insurances purchased the highest role in the separation of the clusters. Also, in terms of profitability, all clusters are different from each other. In terms of absorption method debtor cluster with Passers and favourite cluster with credit worthy are different. Conclusion: Insurance companies can use the Customer Segmentation technique based on the criteria proposed in this article and identify their characteristics, identify the position of each group in the company's profit or loss, predict and draw the behavior pattern of potential and future customers with similar characteristics. Determine the target market and appropriate marketing strategy to increase their competitiveness compared to other competitors.

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APA: Copy

POOYA, ALIREZA, & fazel torshizi, Davood. (2020). Segmentation of Insurance Industry Customers with using two-Step cluster analysis (Case study A Insurance Company). IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH), 35(2 ), 31-65. SID. https://sid.ir/paper/374567/en

Vancouver: Copy

POOYA ALIREZA, fazel torshizi Davood. Segmentation of Insurance Industry Customers with using two-Step cluster analysis (Case study A Insurance Company). IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH)[Internet]. 2020;35(2 ):31-65. Available from: https://sid.ir/paper/374567/en

IEEE: Copy

ALIREZA POOYA, and Davood fazel torshizi, “Segmentation of Insurance Industry Customers with using two-Step cluster analysis (Case study A Insurance Company),” IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH), vol. 35, no. 2 , pp. 31–65, 2020, [Online]. Available: https://sid.ir/paper/374567/en

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