ANL203: An insurance company plans to offer vehicle insurance to its customers: Analytics for Decision-Making Assignment, SUSS

Section A (100 marks)
Answer all questions in this section.

Question 1

An insurance company plans to offer vehicle insurance to its customers. This requires customers to pay an annual premium, ensuring that they receive compensation from the insurance provider in the event of a vehicle-related accident. The dataset, titled ‘ECA_Vehicle_Insurance.xlsx’, captures detailed information about the customers.

It includes demographics, vehicle specifics, policy details, and their interest in the insurance product. This dataset is organized into two distinct sheets: ‘Data’, which contains recorded customer information, and ‘Dictionary’, which provides explanations for each field in the dataset.

Question 1a

Identify one (1) business problem that can be addressed by analysing the data.
Elaborate on the related data fields and how they can provide insights to address the problem. (Max word count: 100 words) (10 marks)
Question 1b

Prepare a tabular summary of the dataset, indicating the data types and summary measures, and any relevant data issues. Explain how you deal with the data issues. (Max word count: 150 words) (20 marks)

Question 1c

Employ visualization methods to create a dashboard that incorporates at least three (3) graphical charts, each showing valuable insights from the dataset. Attach screenshots of every individual chart, along with the entire dashboard. Describe the steps for creating the charts and how the components of the dashboard collectively address the business problem identified in Question 1a.

Question 2

Develop a proposal for a business analytics solution to tackle the business problem identified in Question 1a. It should include the discussion of at least two (2) appropriate business analytics techniques, such as spreadsheet analysis, clustering, association analysis, or predictive/prescriptive analytics. Explain how the relevant data fields can be used to generate useful information to address the business problem. (Max word count: 300 words)

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