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Journal : Economic Reviews Journal

Customer Churn Prediction for Life Insurance Using Binary Logistic Regression Dewi, Puspita; Nur Aulia, Reza; Taufiqillah, Rizal
Economic Reviews Journal Vol. 3 No. 3 (2024): Economic Reviews Journal
Publisher : Masyarakat Ekonomi Syariah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56709/mrj.v3i3.353

Abstract

One of a major problem for many industries including life insurance is customer churn. Because insurance contracts are often renewed every year, insurance businesses have a much harder time retaining customers than other businesses. The main objective of this research is to mitigate expected customer loss and retain potentially lost customers by increasing incentive product and service offerings on behalf of PT. XYZ Insurance, one of the life insurance companies in Indonesia which was founded in 2008. With a total of 123,982 policyholder data were included in the data set for this research, which covers a one-year data period as of December 2022. These data include details about the insurance holder, age of the insured, payment frequency, tenor, premium, and the product chosen by the policyholder of customers at PT. XYZ Insurance. In this research, the data is processed based on binary logistic regression in SPSS, where the data is processed in such a way as to produce output that meets the researchers' expectations. From the results of this research, there are around 16,951 insurance customers who have the potential to churn customers. So, company must implement customized value propositions based on research findings to help retain customers and reduce churn rates effectively in the competitive insurance market. Then the results of this research can also be used to target identified customers in marketing campaigns aimed at reducing churn rates while increasing profitability
Co-Authors Afnita Afnita Afriani, Miskah Agus Syahid Akib, Nasifa Tridasari Alfian Yuda Prasetiyo Alfilail, Nur Ali Khomsan Alkhafi Maas Siregar Andriyani, Sherly Regita Anggriani, Rini Arsana, I Made Mangku Arwin Yafi Rahmatullah Aryan Agus Pratama Astuti, Emi Astuti, Septiana Widi Asuti, Septiana Widi Azalig, Risyad Azmy, Dzikry Ulyl Basti Basti Cesarasyid, Muhammad Kesuma Cesilia M Dwiriani Dadang Sanjaya Atmaja Damayanti, Ajeng Tyas Diah Supatmiwati Dzulqornain, Muhammad Efendi, Ismail Elfrianto ., Elfrianto Erlangga, Aditya Wahyu Erpina, Evi Fadhilah, Hasna Fatimatuzzahra Fatimatuzzahra Faujani, Fajrina Putri Fitri Hayati Hammad, Rifqi Hana Wardani Puruhita Hani, Umi Haryono, Ika Avrilina Heikal, Jerry Helna Wardhana Hendro Prassetiyo Hilda Hastuti I Nyoman Miyarta Yasa Ibrahim, Isra Dewi Kuntary Istiqomah, Chilyatul Jabal Ahsan Janadiyah, Fadillah Josman, Lady Faerrosa Jufri Darma Julianto, Indra Rasyid K Bidin, Cici Rianti Kurniadin Abd Latif Kurniawan, Muhammad Adib Kusuma, Anung Lamusu, Faruq M. Chothibul Umam Assa’ady Meilyana Meizara, Eva Moh. Ali Murad Muhammad Eka Putra Ramandha Muhammad Romzi Muhammad Zaki Pahrul Hadi Ni Ketut Putri Nila Sudewi Nopryanto, Windi Nugraha, Rizky Nur Aulia, Reza Nurhadi, Muhamad Nurliani, Siti Oktaviona, Alivia Pandya, Bagas Pasaribu, Devi Rahmadani Pratama, Aryan Priyanto, Sapto Puspita, Rahista Maya Puspitasari, Mariana Diah PUTRA BUDIMAN, FIRJATULLAH AKBAR Raharjo, Efendhi Prih Rahmawati, Lela Ramdhani, Suciaty Restu Alpiansah Ridhasyabina, Muna Risendy, Rian Riyana Rizki Yuliatin Riyanta, Wawan Rizal Ramdani Rosidah Alawiyah Sari, Dian Eka Satrya HD, Dharma Satya HD, Dharma Sibarani, Choms Gary Ganda Tua Sirojul Hadi Siti Soraya Solehah, Yunita Amelia Sujaka, Tomi Tri Sujaka, Tomy Tri SULISTIYO, HAFIZH Sulmi Magfirah Sulmi Magfirah, Sulmi Sunarya, Nayla Octavia Surya Wisada Dachi Syahfitri, Nia Taufiqillah, Rizal Tiara, Ihsan Tua Halomoan Harahap, Tua Halomoan Ummi Risti Ayuni Rahman Wahyu Kamil Syarifaturrahman, Wahyu Kamil Wibowo, Sandi Nasrudin Wicaksana, Bimashena Aprilio Widi Astuti, Septiana Windi Nopriyanto Yuliana, Ika Yuliatin , Riyana Rizki Yunika, Regina Pricilia ~ Rispianda, ~