Collect data in preparation for modeling

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

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