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A novel approach for cross-selling insurance products using positive unlabelled learning

Sidorowicz, Tomas, Peres, Pedro and Li, Yuhua 2022. A novel approach for cross-selling insurance products using positive unlabelled learning. Presented at: International Joint Conference on Neural Networks, Padua - Italy, 18-23 July 2022.

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Abstract

Successful cross-selling of products is a key goal of companies operating within the insurance industry. Choosing the right customer to approach for cross-purchase opportunities has a direct effect on both decreasing customer churn rate and increasing revenue. Unlike sales data of general products, insurance sales data typically contains only a few products (e.g., private medical insurance, life insurance, etc), it is highly imbalanced with a vast majority of customers with no cross-purchasing information, highly noisy due to varying purchase behaviour between different customers, and has no ground truth for knowing if the majority customers are truly non-cross-sell customers or they are missed opportunities. These data challenges render the building of machine learning models for accurately identifying potential cross-sell customers extremely difficult. This paper proposes a novel approach to solve this challenging problem of cross-sell customer identification using Positive Unlabelled (PU) learning in conjunction with advanced feature engineering on customer demographic data and unstructured customer question-response texts through topic modelling. We implement a bagging approach to iteratively learn the positive samples (the confirmed cross-sells) alongside random sub-samples of the unlabelled set. The proposed approach is extensively evaluated on real insurance data that has been newly collected from a leading insurance company for this study. Evaluation results demonstrate that our approach can successfully identify new potential opportunities for likely cross-sell customers.

Item Type: Conference or Workshop Item (Paper)
Status: In Press
Schools: Computer Science & Informatics
Data Innovation Research Institute (DIURI)
Subjects: Q Science > QA Mathematics > QA75 Electronic computers. Computer science
Uncontrolled Keywords: positive unlabelled learning, cross-sell, bagging classification, topic modelling, text similarity
Date of First Compliant Deposit: 10 June 2022
Date of Acceptance: 26 April 2022
Last Modified: 24 Jul 2022 01:30
URI: https://orca.cardiff.ac.uk/id/eprint/149953

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