Empowering customers to purchase insurance portfolios based on artificial intelligence
Subject Areas :
Keywords: portfolio purchase, insurers' investment, artificial intelligence Introduction,
Abstract :
In the current world, service industries play an important and fundamental role in the economic growth and development of countries, among which the role and position of the insurance industry as a supporting industry is not hidden from anyone. On the other hand, the increase in competition in the market of the insurance industry has made most managers of this industry think of a solution for a lasting presence in the business arena. Therefore, they have to find ways to achieve more customer satisfaction and loyalty, one of the ways to achieve this is to improve the quality of insurance services. Improving the quality of the organization's internal services leads to an increase in the satisfaction of foreign customers. Customers who are more satisfied with the organization express their positive experiences to others and thus become a means of advertising for the organization, which reduces the cost of attracting new customers. This article is especially useful for professional service providers, because their reputation and the expression of their advantages and positive points by other customers are very important for new customers. The current period is a period of rapid changes, and various companies and organizations invest a lot. They do a lot in attracting customers' opinions, attention and satisfaction, and they are facing the most difficult competitive conditions that have never been seen in the rapid change of customers' buying patterns and customers becoming more knowledgeable and expert. Considering the issues of uncertainty and the risk and threat to the income of households and companies due to uncertainty about the future, turning to the insurance industry is becoming more intense every day, so that this industry, in addition to ensuring the security of economic activities and reducing uncertainty through the provision of insurance services; It plays a very important role in the mobility and dynamism of financial markets and the provision of investable funds. The discussion about insurance and economic growth seems necessary since, on the one hand, insurance is a financial institution that has an effect on strengthening the economic base of the society, and on the other hand, by creating security and confidence, it provides the basis for the expansion of production and service activities. One of the main goals in explaining the objective function in insurance companies is to have the necessary liquidity to fulfill obligations. This issue is even effective in customer satisfaction and marketing of insurance companies. However, investing in assets with high liquidity causes a decrease in the expected return and on the other hand, it eliminates the risk of delay or non-fulfillment of obligations (Quijen and Yugo, 2017). As a result, an asset and liability management framework should be used to optimize the investment portfolio of insurance companies (Lee, 2010).
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