Research Methods for Insurance Company Customer Analysis

This document discusses the research methods used to analyze customer behavior and reasons for customer loss in an insurance company. It includes a description of the sampling strategy, survey design, and a small questionnaire to capture relevant information.

Research methods

Project 2- Research methods
Please prepare an answer for the following scenario. You need to answer all three sections.
Your answer should fit in the boxes provided. The word limit is 400 words.
Q. You are working for an insurance company. In the last financial year, you had 110,000
customers but the number of your customers has dropped about 9% this year to 100,000. Given
the acute situation, you want to understand the reasons for this and want to investigate whether
you are losing more customers in a certain segment of the market and what might be the reasons
for that.
Please answer the following questions:
Section A. Assuming that you want to implement a survey design, describe the sampling
strategy that you will use and explain how you plan to conduct the study (describe research
population, sampling frame, sampling strategy and execution plan in detail) 40 points
Section B. To incentivise participation in the survey you are offering participants a 10% reduction
for their next annual subscription. What is the minimum number of people that you need to
contact, to give you the required sample size to be able to make a claim about your customer base
with 95% confidence level and accept a 5% margin of error? Explain the basis of your decision and
the assumptions you made (20 points)
Section C. Design a small questionnaire (8 questions) to capture questions that you could ask in
The present study is based on an insurance company and a research is mainly of two types qualitative
and quantitative research design, therefore, the appropriate selection of methodology is required for
the researcher to execute overall investigation in right manner. Therefore, qualitative research is
based on gathering non numeric information that are significant based on qualitative aspects. As in
this information is mainly accumulated through interview, focus group and observation. On the
opposite site, quantitative research is efficacious in gathering data in numeric aspects as it is mainly
encompasses over quantitative aspects, thus in this information is mainly gathered through survey,
experiment and so on. In the context of this present investigation work, quantitative research design
is the most suitable tool which is effective in gathering numerical information with the support of
numerical data. Quantitative research is effective in providing in-depth information with the support
of gathering data in actual facts and figures. Therefore, in this the sampling selection is required to
assist the work in right manner. Sampling is mainly encompasses over probabilistic and non-
probabilistic sampling. In the context of this present exploration work, sampling has been select at
random basis therefore, in this people are randomly select for gathering valuable information. In this
sample size of 40 respondents has been taken into actual action.
In the present investigation work, around 40 participants are needed to be contact for the
purpose of gathering valuable information. Therefore, 40 customers of the insurance company
are appropriate to gather relevant information, that are significant information to assist the
work in right manner. In this existing analysis the consent has been provided to the 40
respondents as these 40 people are enough to provide accurate data and also helps the business
in attaining progress by enhancing the 5 percent level of profit margin of the insurance
company profitability.

this survey (40 points)
Questionnaire
Q1) Are you having an appropriate idea about the insurance firm?
Yes
No
Q2) Are you taking regular benefits of insurance company?
Yes
No
Q3) How long you have been using the facilities offered by the insurance company?
6 Months
1 Year
5 Year
More than 5 Years
Q4) Is company is providing beneficial services to their customers ?
Agree
Disagree
Q5) According to you, in which manner, insurance company is effective for the customers?
Positive
Negative
Neutral
Q6) As per your view, is there any requirement for the insurance company to make any sort of
changes in their operations to grab the attention of customers?
Yes
No
Q7) Are you happy with the offerings of insurance company?
Yes
No
Q8) Provide recommendation to the insurance company to make appropriate changes in their
operations to grab the attention of more customers.