PowerBI_Project_Shield_Insurance

Shield Insurance Company is a leading provider of comprehensive coverage and reliable policies, prioritizing customer satisfaction and offering tailored solutions through advanced data analytics

Objective :

The objective of this pilot project is to conduct a thorough examination of customer growth and revenue patterns at Shield Insurance Company. The project's primary emphasis lies in extracting significant observations regarding customer behavior, revenue generation, geographical distribution, and age group-based statistics. By analyzing these metrics, the project offers valuable insights to comprehend the company's performance and facilitate informed decision-making based on data

Tools Used :

• Database- MS Excel
• BI Tool- Power BI

Data Model

General View

Sales Mode Analysis

Age Group Analysis

Key Insights :

• Total Customers: The insurance company has a customer base of 26,841
• Revenue Generation: The company has achieved a revenue of 989.3 million
• Delhi has the highest number of customers and revenue generated, with a total of 11,007 customers and 401.6 million revenue
• The age group of 31-40 years has the heighest number of customers, with total of 11,455 also contributes the heighest revenue, generating a total of 356 million. This indicates the company has succefully attracted customers the younger and midlle-aged demographics
• The trend by month chart reveals March month showed significant growth in revenue and customers,with an 85 % and 82 % approx respectively, while April month experienced a sharp decline of 41.7 % in revenue and 41.4 % in customer numbers
• The majority of customers are acquired through the offline agent channel, with a share of 55.4 % and 55.6 % of revenue, respectively. This indicates that the traditional method of selling insurance through agents remains the primary channel for the company’s business
• The revenue percentages for each sales mode are relatively similary, ranging from 12.6 % to 15.6 %
• The policy ID “POL4321HEL” has a customer base of 4,434. This indicates a significant number of customer who have chosen this particluar policy for their insurance needs
• The polciy ID “POL2005HEL” has generated a substantial revenue of 324.3 million

Actionable Recommendations :

• The 18-24 age group has relatively lower number of customers and revenue compared to other age groups . This indicates an opportunity to focus on this demogrpahics and develop products or marketing strategies
• The 65+ age groups has a substantial number of customers and generates significance revenue. This suggests that the company has a strong presence in the senior market. To capitalize on this success, the company could consider expanding its offerings tailored specifically to the needs of older customers
• Consider strategic partnerships with healthcare providers, financial institutions, or other relevant business to expand the company’s reach and offer exclusive discounts to customer in different age groups
• Online sales modes, including the online app and online website, contribute to a smaller proportion of both customer acquistion and revenue. This suggests that the company has room for growth in the online domain
• Agent training and support: Provide ongoing training and support to agents to enhance their skills, product, knowledge, and customer service capabilities. This can further stregthen the performance of the offline-agent sales mode