Life Insurance Market Segmentation using Neural Network

Document Type : Research Paper

Authors

1 Associate Professor of Business Management, AlZahra University

2 PhD Student in Business Management, AlZahra University

10.34785/J018.2020.521

Abstract

n the marketing process, one of the strategic tools that affect marketing mixes is the process of segmenting market, choosing a market, and positioning in the market. Correct implementation of this process will allow marketers to get a better understanding of customers , therefore, they meet customers needs better. Different criterias have been proposed for market segmentation and various analytical tools are used. In this research, we tried to identify segments of life insurance market (based on the importance of life insurance policies in the insurance industry from the point of view of income, investment, and its market share). The present study is an applied and quantitative and a library and database study. The variables of monthly income, marital status, the relation between insured and insurer, gender, age, the region of birth were selected for segmentation. The statistical population of this study is the customers of individual life insurance of Parsian Insurance Company in 1396, which includes 58181 insurer, that 711 of which were selected as the sample and Their information was extracted randomly from the database of life insurance policies of Parsians Insurance company. Finally, six market segments were identified through the analysis.

Keywords

References

Refrences
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Consumer Behavior Studies Journal
Volume 7, Issue 2
October 2020
Pages 74-88

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