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Business Data Analysis

Assignment 1

Memorandum from Natalia Navarska

To: Edmond Kendrick- Editor

From: Natalia Navarska- Analyst, Research and Analysis

Subject: Analysis of Insurance Brokers

Dear Edmond,

In regards to your previous memorandum, I have summarized the recently purchased dataset from the Australian Bureau of Statistics. I was able to answer your questions relating to the overall annual savings on car insurance premiums, factors that have an influence on insurance premiums, the performance of insurance brokers, the most popular or favoured insurance provider and overall customer satisfaction.

1. The average amount that brokers saved consumers on car insurance premiums was $230.24. The maximum saved for a consumer was $1956, however the minimum was a loss of $(-)87 for the consumer. Judging from my research, I found that 50% of consumers saved between $12 and $357. This is also an indication that there was wide spread of savings from the average. The most frequent number in the sample was $0, meaning that a large amount of consumers did not save any money on their car insurance premiums.

2. The performance of individual brokers did not vary significantly. YChoose brokering service is the second most popular, with 96 out of 400 consumers choosing to use their services. The average amount that they saved consumers on insurance premiums was $204.19. The maximum amount saved was $1651, however the minimum was a loss to the consumer of $(-)87. Evidence indicates that 50% of YChoose consumers having saved between $0 and $340. IChoose is the most popular brokering service with 190 out of 400 consumers choosing to use this particular broker. The average amount that they saved consumers on insurance premiums is $262.44. The maximum amount saved was $1956, however the minimum was a loss to the consumer of $-78. 50% of IChoose consumers saved between $0 and $416. UChoose is the consumers 3rd choice with 72 out...