Car Insurance Assignment

BSAL Assignment Car Insurance Group SB 7 Dwaipayan Mukherjee – 15F519 Prashant Kumar Verma – 15F535 Reeturaj Bannerjee – 15F538 Sapan Dinesh Khanna – 15F543 Siddharth Varma – 15F549

AGENDA Background

• Auto Insurance in India • Queries

Analysis • • • • • • • •

Age Gender Relationship b/w Relationship b/w Relationship b/w Relationship b/w Relationship b/w Relationship b/w Type & City • Final analysis

Age, Gender & State Age, Cover Type & Channel Channel, City & Gender Car Insurance & Models Models, Covers & Payments Manufacturing Model, Cover

Conclusions • Possibility of Lead Generation • Geographical Distribution

Background

Auto Insurance in India • Auto Insurance in India deals with the insurance covers for the loss or damage caused to the automobile or its parts due to natural and man-made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability. There are certain general insurance companies who also offer online insurance service for the vehicle. • Auto Insurance in India is a compulsory requirement for all new vehicles used whether for commercial or personal use. The insurance companies have tie-ups with leading automobile manufacturers. They offer their customers instant auto quotes. Auto premium is determined by a number of factors and the amount of premium increases with the rise in the price of the vehicle. The claims of the Auto Insurance in India can be accidental, theft claims or third party claims. Certain documents are required for claiming Auto Insurance in India, like duly signed claim form, RC copy of the vehicle, Driving license copy, FIR copy, Original estimate and policy copy.

Queries

• What kind of segments generate better leads? • What would be a “good” target segment? And which is a “bad” target segment?

Analysis

Age • Out of the 7702 records considered, it is seen that 27. 12% of the population belongs to the age group of 30 – 40 years • The second most populous age group is 40 – 50, accounting for 21.47%

• Another aspect that has been considered Gender is whether the gender affects the lead generation process for auto insurances • It is seen here that almost 72% who have an insurance are Males & women account for just 28%

Relationship b/w Age, • After having analyzed Gender & State age & gender specifically, we try to understand the two relative to the geographic areas mentioned • It is seen that the biggest cluster is formed in the belts of NCR which largely consists of Males who are 25 to 50 years old • This is an indication that this is a lucrative market that should be targeted by the insurance salesmen

Relationship b/w Age, Cover • Type We have to see &tried Channel

which insurance cover & which channel is preferred & how this varies with respect to age groups

• It is seen that there is a clear preference for a Comprehensive Insurance cover which is handled by a Broker. The age group which caters to this ranges from 30 – 40 • The least preferred is a Comprehensive Insurance Cover from the

•

Relationship b/w Channel, We haveGender tried to City,

understand if the channel of preference for buying auto insurances varies with respect to City & Gender • The results validate the earlier stats and the biggest clusters being Males preferring to buy from Brokers in Delhi & Bangalore areas. Hence it is confirmed that this cluster is valuable • The worst cluster seems to be the one of Females

Relationship b/w Car Insurance & Models • It is seen that the highest number of car insurances sold are in New Delhi followed by Bangalore • The most number of insured cars in Delhi are Tata Indica & Wagon – R. In case of Bangalore also the statistic stays true

Relationship b/w Models, Cover & Payments • Here we analyze the relationship between the Model, Frequency of Payment & the type of Cover • It is seen that the highest preference is for Annual frequency of payments covered comprehensively

•

b/w Manufacturing Model, Cover This visualization is to Type & City understand which cluster should be targeted keeping in mind the manufacturing model, insurance cover type & the city

• The largest cluster seems to be from the New Delhi. The car insured the most number of times is Tata Indica & the insurance type is

Final Analysis after taking into consideration Gender, Age, State, Channel, Payment Frequency, Type & Model

Age : 30 -40 Channel : Broker Gender : Male Mft Model : Tata Indica Payment Frequency : Annual State : NCR

Conclusions

Possibility of Lead Generation Good Segment

Bad Segment

 Age Group : 30 -40

 Age Group : 60 - 70

 Channel : Broker

 Channel : Direct

 Gender : Male

 Gender :Female

 Car Specifications : 1200 cc & above

 Car Specifications : 1100 cc & above

 Frequency of Payment : Annual

 Frequency of Payment : Monthly

 State : NCR

 State : Gujarat

Geographical Distribution

Thank You