Published: 2024-01-01
Analysis of The Millennial View on Insurance as a Key Financial Priority Using K-Means and Decision Tree
DOI: 10.35870/jtik.v8i1.1445
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Abstract
Millennials, despite being the largest population segment in Indonesia, show little interest in insurance, with only 6-7% having coverage. This raises concerns about their financial preparedness and protection against unforeseen events. Many lack well-thought-out financial plans, focusing on immediate gratification and overlooking risk management, including insurance. This study aims to discover ways to revive millennials' awareness about the importance of insurance in achieving financial stability and well-being. This study employs a questionnaire for data collection and analyzes the data using k-means and decision tree algorithms. Based on the k-means algorithm and decision tree, it was found that many millennials lack insurance coverage. Reasons include lack of understanding, financial constraints, fear of deception, and considering insurance, not a priority. Young adults aged 21-29 showed a better understanding of insurance, but still, a significant portion remains uninsured. These insights can be used to develop educational programs and communication strategies that aim to bridge the awareness gap and increase insurance literacy among millennials
Keywords
Millennials ; Insurance ; Data Analysis ; K-Means ; Decision Tree
Article Information
This article has been peer-reviewed and published in the Jurnal JTIK (Jurnal Teknologi Informasi dan Komunikasi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.
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Issue: Vol. 8 No. 1 (2024)
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Section: Computer & Communication Science
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Published: %750 %e, %2024
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License: CC BY 4.0
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Copyright: © 2024 Authors
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DOI: 10.35870/jtik.v8i1.1445
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Giany Caroline Theresia Limanauw
Information Systems Study Program, Faculty of Engineering and Informatics, Universitas Multimedia Nusantara, Tangerang Regency, Banten Province, Indonesia
Raymond Oetama
Information Systems Study Program, Faculty of Engineering and Informatics, Universitas Multimedia Nusantara, Tangerang Regency, Banten Province, Indonesia
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Kunreuther, H. and Schupp, J., 2021. Evaluating the Role of Insurance in Managing Risk of Future Pandemics (No. w28968). National Bureau of Economic Research.
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