How the Need Matrix Works in LINAT

The Need Matrix serves as the foundation of the AI-based need analysis, enabling the identification of the most suitable insurance product based on user responses. The process is structured as follows:

Step 1: Capturing User Inputs (Risk Parameter Analysis)

LINAT collects structured user responses based on the selected benefit type, such as Family Protection, Retirement, Key Man Insurance, or Wealth Creation.

For each insurance need, the chatbot gathers essential risk-related information, including:

• Age, income, dependents, financial goals, and existing insurance coverage.
• Business role, liabilities, and revenue impact (for Key Man Insurance).
• Investment preferences and payout flexibility (for Wealth Creation).

These inputs are systematically mapped to a structured table known as the Need Matrix, which categorizes various risk factors.

Step 2: Risk Profiling and Weight Assignment

Once user data is collected, the system performs risk profiling as follows:

1. Categorization of Risk Parameters – Factors such as age, income, liabilities, and dependents are classified according to their relevance to the selected insurance need.
2. Weight Assignment – Each factor is assigned a weight based on its impact on the insurance requirement.
   • For instance, if the user is the sole breadwinner with no savings, the weight assigned to "Family Protection" would be high.
   • If a business has outstanding loans, the Key Man Insurance sum assured may be calculated as five times the revenue impact.

The system utilizes predefined rules and AI-driven insights to analyze risk and prioritize user needs accordingly.

Step 3: Generating the Need Score and Product Mapping

• Each risk factor is scored based on predefined criteria and AI predictions.
• A final "Need Score" is calculated for each insurance category.
• The system then matches the user with the most suitable insurance products available in the database.

Example Output of a Need Matrix for Key Man Insurance: