Collect data in preparation for modeling

Assignment Help Econometrics

Reference no: EM133552434

Fidelity Life Scenario

Jeremy Yashimoto is an actuary working at FidelityLife, an insurance company headquartered in Boston that specializes in life insurance. Jeremy is working on a customer segmentation project that will inform marketing of a new insurance product. This project is a little unusual for him as an actuary, but he is interested to try something new and to help out his colleagues in the marketing department.

The company wants to send out a life insurance offer to potential customers. Making an offer costs money, so it makes sense to contact only the best prospects--the ones most likely to purchase the product. Jeremy has designed an approach, as follows:

With marketing department funds he purchased a list of potential customers with demographic information.
To collect data in preparation for modeling, he sent a life insurance offer to customers on the list.
The responses gave him a target variable, buyer, for those customers: "yes" if they purchased, "no" if they did not purchase.

He is now in the modeling phase of the project. He has chosen to use the classification tree algorithm to model the target variable.

Reference no: EM133552434

Questions Cloud

What are the most significant issues : What are the most significant issues or challenges you would prioritise as a social worker for this family

Discuss professional codes in the chemical dependency : Discuss professional codes in the chemical dependency counselor profession, such as the ACA code and it's importance.

Raise awareness about the missing white woman syndrome : Draw attention to your post (the hashtag should be specific to your message and developed by you) and 3) a hyperlink to the resource

Analyze how the author moves from the specific : How does the author connects personal experience to the more general reality of life in Baghdad I'm the Iraq War Blog? Using text evidence

Collect data in preparation for modeling : collect data in preparation for modeling, he sent a life insurance offer to customers on the list. The responses gave him a target variable, buyer, for those

Which personal values influenced the actions : Recognize personal dilemmas, connect consequences to choices made/actions taken and which personal values influenced those actions.

How would that look in a research paradigm : Can covert behaviors be examined and changed with a cognitive-behavioral approach? If so, how would that look in a research paradigm?

What are some of the internal and external influences : What are some of the internal and external influences on perceptions that you see evident in this video? What is your reaction to the idea that "maybe there

List the four types of therapeutic treatment professionals : List the four types of therapeutic treatment professionals that most agencies are likely to work with either full time or on a contract basis

User Account

All Pages