Skip to content

Optimisation of R&R contests for a life insurance company using predictive and prescriptive analytics

Project done at Indian Institute of Management, Bangalore for an Indian large life insurance company.

Technologies used: R, Excel, Google Colab Timeline : Dec 2019 - April 2020

Awards: Awarded Highly commended project for the BAI batch of 2019-20 at IIM Bangalore.

POC: Contest Insights Dashboard

Project report: Download from DCAL IIMB website

Problem Statement: Building optimal Reward and Recognition contests for agents of a large life insurance company.

Forecasting sales of an agent

  • Built a regression model which can explain 97% variation in sales
  • Quantified the lift generated due to different contest parameters

Clustering of agents based on their capacity

  • Identifying the factors which affect the maximum capacity of sales of an agent and clustering the agents based on them

Simulation and optimization of contest parameters

  • Simulated the cumulative sales for different contest parameters in each cluster of agents
  • Identified the most optimal parameters based on budget and other constraints
Back to top