Question

Consider the various data elements that would be gathered for prospective health insurance customers. Think about other situations which could be developed to target customers and the associated structured decisions. Discuss the data that could be collected.

Answer 1

Solution:

The collection of data is a crucial element of any business these days where the data generated is growing day by day. It is necessary to gather such data, analyze it and then make it presentable to gain insights and make informed business decisions. Hence, the importance of data for any business is extremely huge.

In order to collect data for a particular case, it must be clear what the exact objective is for the data collection. The collection of data depends greatly on the objective we have for our data collection exercise. Here, the objective is the prospective health insurance client and hence the data collected should be able to analyze for the objective function. For health insurance, some of the most common data elements are the Age, Income, Profession, Medical History, Previous health insurance, Insurance claims so far, creditworthiness and other psychographic variables useful for our objective of data collection.

The data has to be collected from the people identified as the target audience and the identified data elements are to be collected from the target audience to match the data to our objective function of prospective health insurance buyers.

Hence, this is how one should collect the data and the data elements to be collected can be found with this technique.