Learning from Imbalanced Insurance Data - Cross-sell Prediction
Just like medical insurance, there is vehicle insurance where every year customer needs to pay a premium of certain amount to insurance provider company so that in case of unfortunate accident by the vehicle, the insurance provider company will provide a compensation (called ‘sum assured’) to the customer.
Building a model to predict whether a customer would be interested in Vehicle Insurance is extremely helpful for the company because it can then accordingly plan its communication strategy to reach out to those customers and optimize its business model and revenue.