Product Recommendation

The purpose of this service is to recommend insurance products. This service takes inputs, such as age, gender, occupation, and income, and recommends insurance products that meet the customers’ needs.

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50KB

Product Recommendation.xlsx

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Worksheet layout

Here is the detailed walkthrough of this service by worksheet.

• Input Customer information, selected needs, and channel information. The customer information includes age, gender, nationality, occupation, income, etc. The selected needs section further asks for insurance needs, such as term, medical, and critical illness. The customer will need to fill out Yes/No to indicate the need. The channel information asks whether the customer prefers the agency or bancassurance channel.

• Product Info The rules and logic for processing the customer’s needs, in order to determine if the customer meets the eligibility for all available products offered by the insurer.

• Mapping Tables_Input Mapping tables for this service.

• Scoring rule For all products that will be recommended to the customer, there will be a score assigned to each product. The score table can be modified based on the insurer’s experience or assumptions.

• Recommendation Based on the customer’s needs, this tab recommends a list of insurance products that the customer is eligible for. In the output section, the tool also lists the products by score and provides a rank for each product.

• How to use this file This tab includes general instructions on how to use the service.

Inputs

• Customer_1_Age

• Customer_2_Gender

• Customer_3_Nationality

• Customer_4_Occupation

• Customer_5_Married

• Customer_6_Dependents Whether the customer has any dependents.

• Customer_7_Living_Area

• Customer_8_Income_HKD Income in Hong Kong Dollars (HKD).

• Needs_1_Term Whether the customer needs a term life product.

• Needs_2_Medical Whether the customer needs a medical product.

• Needs_3_Critical_Illness: Whether the customer needs a critical illness product.

• Needs_4_Participating_whole_life Whether the customer needs a participating whole-life product.

• Needs_5_Universal_life Whether the customer needs a universal life product.

• Needs_6_Investment_linked Whether the customer needs an investment-linked product.

• Needs_7_Annuity Whether the customer needs an annuity product.

• Channel Customer’s preferred channel.

Outputs

• Recommendation: This output consists of the final recommendation. The recommendation table includes product name, product type, recommendation score, and the score rank.