Zimnat Insurance Recommendation Challenge
$5,000 USD
Can you predict which insurance products existing clients will want next?
1577 data scientists enrolled, 614 on the leaderboard
Customer serviceFinancial ServicesInsurancePredictionStructured
1 July 2020—13 September 2020
75 days

Please note: To enter this competition, you must complete this survey https://www.surveymonkey.com/r/zindi

For insurance markets to work well, insurance companies need to be able to pool and spread risk across a broad customer base. This works best where the population to be insured is diverse and large. In Africa, formal insurance against risk has been hampered by lack of private sector companies offering insurance, with no way to diversify and pool risk across populations.

Understanding the varied insurance needs of a population, and matching them to appropriate products offered by insurance companies, makes insurance more effective and makes insurance companies more successful.

At the heart of this, understanding the consumer of insurance products helps insurance companies refine, diversify, and market their product offerings. Increased data collection and improved data science tools offer the chance to greatly improve this understanding.

In this competition, you will leverage data and ML methods to improve market outcomes for insurance provider Zimnat, by matching consumer needs with product offerings in the Zimbabwean insurance market. Zimnat wants an ML model to use customer data to predict which kinds of insurance products to recommend to customers. The company has provided data on nearly 40,000 customers who have purchased two or more insurance products from Zimnat.

Your challenge: for around 10,000 customers in the test set, you are given all but one of the products they own, and are asked to make predictions around which products are most likely to be the missing product. This same model can then be applied to any customer to identify insurance products that might be useful to them given their current profile.

To enter this competition, we require that you complete this 7-minute survey about your experience as a data scientist. All survey data will be anonymised, and will be used for research purposes only by the Research Unit for the Diffusion of Quality AI.

About Zimnat (zimnat.co.zw)

Zimnat has been a leading player in the Zimbabwean life assurance and short-term insurance industries since 1946. For over 70 years, Zimnat has been protecting the assets of Zimbabweans, managing their wealth and ensuring that their assets and funds are passed onto future generations, should that be their wish.

About the Research Unit for the Diffusion of Quality AI (quality-ai.org)

The Research Unit for the Diffusion of Quality AI is a multi-disciplinary and international team who examine the factors that determine the diffusion, adoption and quality of AI, and the implications thereof for society. The research project is funded by the Volkswagen Stiftung within its program on Artificial Intelligence and the Future of Society.