Report 2
Introduction
In this
report I have been given Car Insurance Information which seems to show the
pricing of the Policies and extra costs that comes with the policy, from what I
can make out it all seems to about 1 year unlike the other spreadsheet. The
data is all organised in 1 sheet with different categories which make things
simpler for me to organise. First I well have to make sure the data is correct
in different level such as if it’s accurate and how up to date it is. Then once
I have verified everything I will then make 3 different graphs from the
information and make recommendations the manager can use hopefully.
Data
With all the
data I collected from the spreadsheet I had to make sure a couple of things
which was the information’s validity, accuracy, relevance and currency. Not
knowing these things could result into me getting the wrong information and
redundant data.
Validity –
First I had to verify the information for its validity and making sure it was
the correct for my purpose. I already knew the source where the data has come
from which is FSA Car Insurance Information, so I went on their website to
check what kind of information they provide. To further verify the information
was correct I checked 3 of the car insurance companies websites to make sure
the pricing is correct or at least similar.
Accuracy –
The information seems to be accurate as there is no odd patterns or spikes in
the data, for example none of the data seems to jump in pricing and it’s all
normally in the range of £50, £250 so this way I know the information is
accurate,
Relevance –
All the data in spreadsheet was relevant to what I needed for because I was
asked to analyse data for the business linked with Motor vehicles and the
spreadsheet shown different car insurance policies prices with excess
compulsory and voluntary.
Currency- The
information has not been updated because it is from the past, the data shows
information from 2013 and 2012 which I can still analyse and get important
facts but it is not the latest information to something like this current year
2015. Also even though it has 4 months’ worth of information it doesn’t show
every month which means it was not regularly updated.
Investigation
From the
spreadsheet I will then investigate this data and sort it in ascending order so
I can find the top and lowest selling like I found in the other spreadsheets.
From the graphs I will take about the
First I
decided to make a graph for the top 3 highest selling premiums and as you can
see it is Admiral, 1st central and Autonet, these were the
companies. Above the individual bars you can see how much each of the premiums
cost with Admiral being the highest at 249.99 and Autonet begin the third
lowest 199.99, however you can see by the both of the other ones it’s the same
in price so there isn’t much of a difference.
The second
graph I decided to make is the Top 3 Lowest selling premiums which turned out
to be Endsleigh, RAC and Sheila’s Wheels. I have found out the two of them were
similar which were Endsleigh and RAC both pricing at 99.99 whereas Sheila’s
Wheel was 9.99 lower.
This is the
third graph I decided to make which shown all the Policy Extras which consists
of Courtesy Car, Breakdown Cover Cost, Personal Accident Cover Cost and Legal
Cover which all added up together for each Insurance company. You can see at
the bottom axis the different insurance companies and the bars representing the
prices. From this graph you can see that Esure, Churchill, Barclays are the
highest for the insurance policies extras. The cheapest insurance policies
extras are for Admiral, Tesco and Swift cover which charge £0 which is quite
amazing.
Recommendations/Conclusion
From the
Graphs I have created there is some important information I have collected that
I think the managers will find useful.
My first
recommendation would be to rethink the pricing strategy to make it suitable
with the other competitors for example with the third graph the top 3 insurance
companies seem be way more overpriced than the other companies as there Policy
extras are much lower. Of course it would be the best if the policies were £0
because it would mean the company would attract more customers but they still
need to be making a bit of profit
In my conclusion
all of the different insurance companies could use the information for the
graphs so a company can have similar pricing strategies. From what I have also
find out
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