I am currently working on a side-project and stuck up in the possible approach/technique to solve this problem.
I currently have a mock data-set for Insurance Domain which consists of fields like;
- Martial Status
- Current Product
- Premium Paid
- Claims Made
- Annual Salary
I would like to suggest the Next Best Product for the Client (Cross-Sell/Up-Sell), for this approach I decided to first perform Customer Segmentation followed by using Apriori Algorithm and find out the most suitable product for the current customer.
For Customer Segmentation I am using k-Prototype Algorithm.
I would like to know whether my approach is right or is there any better technique to determine which the next best product for Cross-Sell/Up-Sell.
I am using R for solving this problem, and any inputs and suggestion will be helpful.