Cross Selling Decision Support System for Private Pension and Life Insurance Systems
In private pension and life insurance systems, companies make investments on their marketing activities to manage customers and determine new prospective customers. Thus, in order to increase the sales and profitability, companies have to use marketing knowledge to support marketing decisions by determining the most-profitable customer profiles. This research proposes a cross selling decision support system which could be used to evaluate the current customers for a possible cross selling opportunity. The proposed framework integrates two methodologies: Design of Experiments (DOE) and Fuzzy Inference method. DOE is used to determine the most profitable customer types. Fuzzy Inference Method is applied in order to establish a rule based system, which could help the decision makers in deciding whether or not the current customer has a cross selling potential. The applicability of the proposed methodology is demonstrated on a Private Pension and Life Insurance company.