An Insurance organization wants to
classify it’s customers based on following parameters:
Annual Income -- < Rs. 3 lakhs;
Rs. 3 lakhs to < Rs. 8 lakhs; Rs. 8 lakhs to <Rs 20 lakhs; Rs. 20 lakhs
and above.
Premium paid in current policies
-- < Rs. 5 K; Rs. 5K to < 8 K; 8 K to < 15 K; 15 K and above.
Past Claim – Yes; No.
A customer is classified as an
Excellent customer if his annual income is Rs. 3 lakhs or more, premium paid is
Rs. 8 K or more and has no past claim.
A customer is classified as a Good
customer if (i) he has past claim but his annual income is greater than equal
to Rs. 8 lakhs and has paid premium of Rs. 15 K or above; (ii) he has no past
claim and premium paid by him is Rs 8 K or above.
In all other cases, a customer is
classified as a valuable customer.
Check the consistency of this
system and suggest an algorithm to do such classification.
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