MIS771: Descriptive Analytics and Visualisation - Statistics Assessment Answer

TASK:

Case Study
You are Natalia Navarska, a data analyst in the Research and Analysis group at Financial Review Magazine. Your primary role is to evaluate new products and services. You are often required to report outcomes of your analysis to senior editors at the Magazine who have little or no knowledge of data analysis.
Of specific interest to Financial Review magazine are the increasing numbers of companies that offer brokerage services for car insurance and potentially what this means for consumers. An insurance broker is an independent insurance agent who works with many insurance companies to find the very best available policies for his or her customers. Most of these brokers are advertising that they can save vehicle owners hundreds of dollars each year on insurance premiums.
Just recently, your research and analysis group secured a dataset from the Insurance Brokers Association (IBA), which is a random sample of 400 customers who obtained the services of car insurance brokers. You have performed an exploratory analysis and have emailed the results (see pages 6-7) to Edmond Kendrick, one of the senior editors of Financial Review Magazine. Edmond has replied to your email regarding the Insurance Brokers. His email is reproduced next page:

1. From what I can gather from your notes, iChoose was able to save their customers more money than other brokers. Can I now conclude that iChoose, on average, can save more on insurance premiums than uChoose?
2. Your analysis of 400 customers showed that the proportion of dissatisfied (i.e. either ‘Dissatisfied’ or ‘Very Dissatisfied’) urban customers is smaller than the proportion of dissatisfied rural customers. Can we argue that this difference would hold across all urban and rural customers?
3. I did my own analysis of the sample and came to the following conclusions:
a. The average savings on insurance premiums differ between rural and urban customers.
b. On average, customers with ‘Agreed Value’ policy saved more on their insurance premiums than the customers with ‘Market Value’ policy;
c. The proportion of female customers with a diamond level no claim bonus rating (NCBR) is less than male customers with a diamond level no claim bonus rating (NCBR);
What would be great is if you can verify my findings and tell me how much the difference is in each of the three scenarios mentioned above.
4. I would like you to expand the analysis and look at whether:
a. The average savings on insurance premiums significantly differ between Victoria, NSW and Queensland.
b. The average savings on insurance premiums significantly differ between 4WD, Luxury and Sports car.

5. Does the proportion of customers who approached their insurance provider before reaching out to a broker differ between the insurance providers?
6. I asked Raj to design an experiment to see the effects of the valuation method and the vehicle type on savings on insurance premiums, he sent me a table with some numbers (see Appendix-
A). Can you complete the analysis?

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