Survey Analysis Paper Example
Survey Analysis Paper
Name
University of Phoenix
Instructor
Date
Survey Analysis Paper
Problem Statement: Identifying potential customers for insurance services.
The survey put together in Appendix One (See Survey page 6) will assist in identifying the potential customers for insurance services by analyzing the several factors such as the customer household characteristics, demographics, lifestyle, current levels of satisfaction and their interest in pursuing the new products. It is commonly thought that the insurance companies should upgrade their sales representatives through modern training practices to enhance the quality and reliability of the services.
The survey questionnaire is designed by involving a combination of variable as the given business …show more content…
problem is statistical in nature. The questions selected are intended to determine the most common customer age, status to determine when and what their inclinations are towards purchasing insurance. In addition, the statistical analysis can be conducted by gathering the data provided by the customer responses to these questions.
Level of measurement
Categorical variables Nominal variable including age, gender, educational status and lifestyle of the respondents. Ordinal variables including level of interest of buying new products and customer satisfaction levels.
Quantitative variables Interval variable including the annual income of the respondent.
Ratio variable including the number of policies or insurance products possessed by an individual.
Sample size- 100.
Level Description
Nominal 50% of the respondents have a median age group of 41, 60% respondents were government employees, 65% of the respondents had 3 dependants.
Ordinal Respondents are moderately satisfied with the existing products & have fair interest in the new products. As per the respondents, highest preference is given to life insurance followed by the health insurance. At the third rank is the property insurance followed by the disability and causality insurance.
Interval The median annual income is $55,000.
Ratio The central tendency of the number of insurance policies held by the respondents is 2.
On the basis of the primary data collected with the help of the survey, it is found that the median age group of 41 is most interested in purchasing the insurance products. The survey has analyzed that the customers are moderately satisfied with the existing services; this reveals that there is a need to train sales representatives to provide excellent services for luring customers to buy other products of the company. On an average, the respondents hold two insurance policies, so there are a lot of opportunities to lure customers towards buying other
policies.
Ethical Implications
There are several ethical implications that need to be considered when putting together and distributing a survey questionnaire. Some of these include the privacy of information included in the responses the survey takers must assure privacy for the customers. Secondly, the means of getting responses to be non- coercive and finally addressing sensitive issues like income, age, etc. are asked in ranges is important to allow the customer to feel at ease. Finally, there shouldn’t be any bias when distributing the surveys amongst the customers.
Conclusion The above statistical research reveals that for selling insurance, companies should target the customers of middle age group. The companies should focus on business and private employees. The families with more number of dependents will be beneficial for the companies. The aim of selling can be met by training the sales representatives to provide quality and reliable services. Life and health insurance should be focused on.
Appendix One
Question Survey
1. What is your current age? ____________
2. What is your current educational status?
a. Some High School.
b. High School Graduate.
c. Some College.
d. College Graduate.
3. What category does your occupation fall under?
a. Business.
b. Government.
c. Private-sector.
d. Other________________________.
4. Do you have any dependents? No Yes If yes how many?_________ (not including self)
5. What is your interest level when purchasing new insurance policies?
a. High
b. Moderate
c. Mild
d. Not interested.
6. Are you satisfied with the current customer services provided by your insurance company?
a. Highly satisfied.
b. Just satisfied.
c. Not satisfied.
7. What is your current annual income?
a. Under 25K
b. 25 – 50K
c. 50 – 75K
d. 75 – 100K
e. 100K +
8. How many insurance policies do you currently hold? (Including, health, property, causality, disability, and life) _____________________________
9. What insurance is most important to you?
a. Health.
b. Life.
c. Property.
d. Car.
10. When is the best time to acquire life insurance?
a. Before 20 yrs old.
b. Between 21 and 40.
c. Between 41 and 60.
d. Post-retirement.
11. What is your primary objective when purchasing an insurance policy?
a. Security.
b. Investment.
c. Protection from government taxes.
d. Other.
Name
University of Phoenix
Instructor
Date
Survey Analysis Paper
Problem Statement: Identifying potential customers for insurance services.
The survey put together in Appendix One (See Survey page 6) will assist in identifying the potential customers for insurance services by analyzing the several factors such as the customer household characteristics, demographics, lifestyle, current levels of satisfaction and their interest in pursuing the new products. It is commonly thought that the insurance companies should upgrade their sales representatives through modern training practices to enhance the quality and reliability of the services.
The survey questionnaire is designed by involving a combination of variable as the given business …show more content…
problem is statistical in nature. The questions selected are intended to determine the most common customer age, status to determine when and what their inclinations are towards purchasing insurance. In addition, the statistical analysis can be conducted by gathering the data provided by the customer responses to these questions.
Level of measurement
Categorical variables Nominal variable including age, gender, educational status and lifestyle of the respondents. Ordinal variables including level of interest of buying new products and customer satisfaction levels.
Quantitative variables Interval variable including the annual income of the respondent.
Ratio variable including the number of policies or insurance products possessed by an individual.
Sample size- 100.
Level Description
Nominal 50% of the respondents have a median age group of 41, 60% respondents were government employees, 65% of the respondents had 3 dependants.
Ordinal Respondents are moderately satisfied with the existing products & have fair interest in the new products. As per the respondents, highest preference is given to life insurance followed by the health insurance. At the third rank is the property insurance followed by the disability and causality insurance.
Interval The median annual income is $55,000.
Ratio The central tendency of the number of insurance policies held by the respondents is 2.
On the basis of the primary data collected with the help of the survey, it is found that the median age group of 41 is most interested in purchasing the insurance products. The survey has analyzed that the customers are moderately satisfied with the existing services; this reveals that there is a need to train sales representatives to provide excellent services for luring customers to buy other products of the company. On an average, the respondents hold two insurance policies, so there are a lot of opportunities to lure customers towards buying other
policies.
Ethical Implications
There are several ethical implications that need to be considered when putting together and distributing a survey questionnaire. Some of these include the privacy of information included in the responses the survey takers must assure privacy for the customers. Secondly, the means of getting responses to be non- coercive and finally addressing sensitive issues like income, age, etc. are asked in ranges is important to allow the customer to feel at ease. Finally, there shouldn’t be any bias when distributing the surveys amongst the customers.
Conclusion The above statistical research reveals that for selling insurance, companies should target the customers of middle age group. The companies should focus on business and private employees. The families with more number of dependents will be beneficial for the companies. The aim of selling can be met by training the sales representatives to provide quality and reliable services. Life and health insurance should be focused on.
Appendix One
Question Survey
1. What is your current age? ____________
2. What is your current educational status?
a. Some High School.
b. High School Graduate.
c. Some College.
d. College Graduate.
3. What category does your occupation fall under?
a. Business.
b. Government.
c. Private-sector.
d. Other________________________.
4. Do you have any dependents? No Yes If yes how many?_________ (not including self)
5. What is your interest level when purchasing new insurance policies?
a. High
b. Moderate
c. Mild
d. Not interested.
6. Are you satisfied with the current customer services provided by your insurance company?
a. Highly satisfied.
b. Just satisfied.
c. Not satisfied.
7. What is your current annual income?
a. Under 25K
b. 25 – 50K
c. 50 – 75K
d. 75 – 100K
e. 100K +
8. How many insurance policies do you currently hold? (Including, health, property, causality, disability, and life) _____________________________
9. What insurance is most important to you?
a. Health.
b. Life.
c. Property.
d. Car.
10. When is the best time to acquire life insurance?
a. Before 20 yrs old.
b. Between 21 and 40.
c. Between 41 and 60.
d. Post-retirement.
11. What is your primary objective when purchasing an insurance policy?
a. Security.
b. Investment.
c. Protection from government taxes.
d. Other.