Introduction

In an increasingly dynamic and competitive car insurance market, staying updated with emerging trends and customer preferences is necessary for sustained success.

Aims and Objectives

This data analysis report aims to provide stakeholders with a comprehensive understanding of key insights from an in-depth examination of our car insurance business's data. This report seeks to provide actionable insights to serve as a foundation for informed decision-making and a deeper understanding of customer interactions.

Flow of Process

Data Source: The dataset used in this analysis was obtained from the Onyx Car Insurance Challenge.

Data Preparation: The data had already been cleaned and new columns were created from existing columns. Exploratory Data Analysis (EDA) was done using Microsoft Excel and visualization was done using Microsoft PowerBI.

Findings

• The average age of our customers is 48.15 years.

• The total claim amount reaches an impressive 2 billion units.

• The total count of insurance claims made by all customers is 19,000.

• The combined household income of our customers stands at an impressive 6 billion units.

• More customers hold bachelor's degrees compared to those with a PHD.

• An overwhelming majority of our customers are single and without children.

• Cars are mainly used privately rather than for commercial purposes.

• The most prevalent car make among our customers is Ford, closely followed by Chevrolet.

• A noticeable trend reveals that higher household income correlates with lower claim frequency.

• Claim amounts are notably higher in urban zones compared to highly rural ones.

• Interestingly, claim frequency decreases as the number of children increases.

• The male-to-female ratio is relatively balanced, with males at 49.44% and females at 50.56%.

• Chevrolet emerges as the car make associated with the highest claim amount, closely followed by Ford.

Strategic Recommendations

• Tailored Family Coverage: Create insurance options catering to families with children, offering specialized coverage.

• Singles Engagement Strategies: Design strategies like loyalty programs to engage and retain single customers.

• Car Make-Specific Policies: Offer coverage options tailored to specific car makes for targeted customers.

• Inclusive Marketing Approach: Develop gender-inclusive marketing and communication strategies.

• High-Income Customer Focus: Focus on premium services for high-income customers to build loyalty.

Implementing these concise recommendations can drive better results and strategic alignment.

Visual Insights

Figure 1.1 shows different car make vs the sum of amount claim.

Figure1.2 shows the ratio between male and female claim amount

Figure 1.3 Indicates that the majorities are single.

Figure 1.4 shows that the highest claim amount is in the urban zone

Conclusion

In conclusion, this car insurance report comprehensively explores prevailing industry trends and customer demographics. It firmly underscores the fundamental role of data-driven decision-making and the strategic significance of tailored coverage options. Additionally, the report strongly emphasizes harnessing cutting-edge technology to heighten customer engagement and streamline operational efficiency.