A decision support tool for the Islamic insurance industry: A case study

Abdul Razak, Siti Fatimah and Tan, Shing Chiang and Lim, Way Soong (2013) A decision support tool for the Islamic insurance industry: A case study. In: Entrepreneurship Vision 2020: Innovation, Development Sustainability, and Economic Growth - Proceedings of the 20th International Business Information Management Association Conference, IBIMA 2013. International Business Information Management Association, IBIMA, pp. 663-673. ISBN 978-098214899-0

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Official URL: http://www.ibima.org/KL2013/papers/abda.html

Abstract

This study presents a fuzzy inference system for insurance advisors to identify and suggest appropriate policies to potential or existing clients which can minimize the subjective prejudice of the insurance advisors. The study applies an expert system framework and adapted Ketataet al. proposed method to integrate rules induced by expert and dataset. The dataset is a real life dataset from a major Islamic insurance operator which consists of five types of insurance policies under the Family Plan. Five influential variables are identified which are age, gender, marital status, salary and job class. These inputs are transformed into fuzzy variables using triangular membership functions and then used to construct the fuzzy rule base. Apart from machine learning, an expert with more than 10 years of experience is also engaged to determine common rules used in the practice of identifying suitable policies to prospects. Rules from both sources are compared based on similarity measures. Those with similarity measures above threshold are merged. The accuracy of the rule base is also measured.

Item Type: Book Section
Additional Information: 20th International Business Information Management Association Conference, IBIMA 2013; Kuala Lumpur; Malaysia; 25 March 2013 through 26 March 2013
Subjects: Q Science > QA Mathematics > QA75.5-76.95 Electronic computers. Computer science
Divisions: Faculty of Engineering and Technology (FET)
Faculty of Information Science and Technology (FIST)
Depositing User: Ms Nurul Iqtiani Ahmad
Date Deposited: 29 Aug 2014 04:12
Last Modified: 29 Aug 2014 04:12
URI: http://shdl.mmu.edu.my/id/eprint/5711

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