Please solve Questions based on the dataset Retention.csv
Sumeet Pundlik is Head, Commercial Insurance at PQR Insurance, a large insurance company based in Hong Kong. Sumeet has been trying to understand reasons for policy lapse at PQR, and recently approached Srivatsa, Insights Analyst, with a few questions about his business. He also provided Srivatsa with some data about his customers, in the hope of getting his questions answered.
Answer if the following hypotheses are true or false:
- Customers who have not made any claims have higher churn rates than customers who have made claims
- Customers who were not paid their full pay-out have higher churn rates than customers who were paid less than the claim amount
- Customers whose premiums have increased have higher churn rates
- Customers with higher risk values have higher churn rates than customers with lower risk rates
- Which kind of customers are lapsing/churning? Which types of customers do not churn/have the lowest lapse rates?
- What is the ratio of partial lapse to full lapse? What is the monetary impact of partial vs. full lapse?
- Who are my top performing agents? How are they different from others?
- When do we see the highest churn? Do customers who are nearing their renewal dates have a higher lapse rate? Is there any time of the year when my churn rate increases?