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http://ir.mu.ac.ke:8080/jspui/handle/123456789/8128
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DC Field | Value | Language |
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dc.contributor.author | Yego, Nelson K. | - |
dc.contributor.author | Nkurunziza, Joseph | - |
dc.contributor.author | Kasozi, Juma | - |
dc.date.accessioned | 2023-10-12T06:51:30Z | - |
dc.date.available | 2023-10-12T06:51:30Z | - |
dc.date.issued | 2023 | - |
dc.identifier.uri | http://ir.mu.ac.ke:8080/jspui/handle/123456789/8128 | - |
dc.description.abstract | The low adoption of insurance by potential policyholders in developing countries like Kenya is a cause for concern for insurers, regulators, and other marketing stakehold- ers. To effectively design targeted marketing strategies to boost insurance adoption, it is crucial to determine the factors that affect insurance uptake among potential poli- cyholders. In this study, the 2021 FinAccess Survey, which interviewed sampled indi- viduals above 16 years in Kenya and machine learning techniques, including Random Forest, XGBoost, and Logistic Regression, were utilized to uncover the factors driving insurance uptake and the reasons for the low adoption of insurance among potential policyholders. Random Forest was the most robust model of the three classifiers based on Kappa score, recall score, F1 score, precision, and area under the operating charac- teristic curve (approaching 1). The paper explores eight reasons why people currently do not have insurance policies. The results indicated that affordability was the primary driver of uptake with 68.67% of having expressed a desire to possess insurance but are unable to afford it. The highest level of education being the next most significant fac- tor. Cultural and religious beliefs and mistrust of insurance providers were found to have a minimal impact on uptake. These findings imply that offering affordable insur- ance products and conducting awareness campaigns are critical to increase insurance adoption | en_US |
dc.language.iso | en | en_US |
dc.publisher | LLC “Consulting Publishing Company “Business Perspectives | en_US |
dc.subject | insurance uptake, | en_US |
dc.subject | Machine learning | en_US |
dc.subject | FinAccess data, | en_US |
dc.subject | Optimal classifie | en_US |
dc.title | Drivers of potential policyholders’ uptake of insurance in Kenya using Random Forest | en_US |
dc.type | Article | en_US |
Appears in Collections: | School of Biological and Physical Sciences |
Files in This Item:
File | Description | Size | Format | |
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Drivers_of_potential_policyholders_uptake_of_insu.pdf | 487.68 kB | Adobe PDF | View/Open |
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