UNVEILING DEEPER INSIGHTS: EXPLORING THE POTENTIAL OF PREDICTIVE ANALYTICS IN INSURANCE POLICY COLLECTIONS

Abstract

Insurance is a major sector of the Indian economy. More data, more accessibility, cheaper prices, tougher regulations, and a more robust economy are all factors that drive the insurance market. The insurance industry in India is expanding at a lightning pace. The Indian market for life insurance is highly competitive. The largest of India's several insurance providers is the government-backed Life Insurance Corporation of India (LIC). The purpose of this research was to examine the preferences, key indicators, and crucial factors that influence the selection of insurance products among a certain population using data mining techniques. By having this level of insight, product development and LIC management are both enhanced because of more informed predictions of future client needs.