Week 8 Continued: Practice SAC
Practice SAC:
Case Study:
The task of an insurance company is to know when and how often, insurable events are likely to take place.
Take motor insurance, for example, red cars will be involved in accidents more often than silver or black cars. It does not matter why; it only matters that insurers will have to pay out more money on red cars than on silver ones. That is why, for insurance companies, data are the "be-all and end-all" of existence.
(For the actual SAC you will need to research and find your own information. Ensure you have gone over previous weeks to know where good reliable sources are.)
Examine the file U2Outcome2RoadToll.xlsx below:
Take motor insurance, for example, red cars will be involved in accidents more often than silver or black cars. It does not matter why; it only matters that insurers will have to pay out more money on red cars than on silver ones. That is why, for insurance companies, data are the "be-all and end-all" of existence.
(For the actual SAC you will need to research and find your own information. Ensure you have gone over previous weeks to know where good reliable sources are.)
Examine the file U2Outcome2RoadToll.xlsx below:
u2outcome2roadtoll.xlsx |
It shows a variety of circumstances under which fatal accidents occurred.
Where the risk of payout is the greatest, the insurer will have to charge higher premiums to make back costs. When the risk is lower, they can afford to charge less.
You are to find out and present what factors might affect premium rates for certain types of drivers and driving habits, based on the TAC Fatality database provided in your excel file.
1. Answer the following questions:
2. Create a Data Dicitionary based on the data you have.
3. Determine how you will display your results through creating an annotated diagram.
Remember your visualisation should make it easy for the user to be able to identify specific data for different age groups, gender, location, types of road user and years.
4. Create an evaluation criteria for your data visualisation.
5. Create your data visualisation based on your design through a program of your choice. Such as Piktochart or Photoshop.
6. Based on your data visualisation, write an evaluation report:
Where the risk of payout is the greatest, the insurer will have to charge higher premiums to make back costs. When the risk is lower, they can afford to charge less.
You are to find out and present what factors might affect premium rates for certain types of drivers and driving habits, based on the TAC Fatality database provided in your excel file.
1. Answer the following questions:
- What might be reason to create a data visualisation for this type of data?
- Where was the data sourced from?
- List factors that could affect the integrity of data
- What are the constraints of the data that may limit how you create your data visualisation?
2. Create a Data Dicitionary based on the data you have.
3. Determine how you will display your results through creating an annotated diagram.
Remember your visualisation should make it easy for the user to be able to identify specific data for different age groups, gender, location, types of road user and years.
4. Create an evaluation criteria for your data visualisation.
5. Create your data visualisation based on your design through a program of your choice. Such as Piktochart or Photoshop.
6. Based on your data visualisation, write an evaluation report:
- Explain how your data visualisation helps insurers to determine premium rate?
- Explain your findings in terms of which age group, gender, location, types of road users should pay higher premiums and why?