Car Insurance Report
Tags: report, writing, car, career
Published: 2023-09-11 12:22:29

#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 

![a bar-chart showing relation between car-make and claim_amount](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/ycxkl87tifzjsu57bi62.png)
Figure 1.1 shows different car make vs the sum of  amount claim.

![A pie-chart showing sum of amount claim by gender](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/p6y4ojnnbytps4rohc8l.png)

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


![A bar-chart showing customers status](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/dt03r37xpoc5fyjk4qfx.png)

Figure 1.3 Indicates that the majorities are single.

![A line chart showing claim_amount of different coverage zone](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/pb4tc17endw9gmo45nm0.png)

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.