Insurance companies take the risk of loss or damage caused to an asset on behalf of the owner. Auto insurance is an example of insurance that I have chosen since it protects me from risk in case of uncertainty. Auto insurance policy entails six fields namely comprehensive, collision, bodily injury liability, Personal Injury Protection (PIP) or medical payments, property damage liability, and Uninsured and Underinsured Motorist Coverage (Duan et al., 2018). This paper explains an insured risk and the application of Excel and technological skills to analyze and organize data for appropriate decision-making.
Technology skills can help analyze and organize data to help determine whether insurance coverage is appropriate for an Auto Insurance cover. Insurance aggregator sites such as the PLCBZR or ZBR facilitate the identification of competitive coverage and access to quotes from various providers. The platform enables consumers to obtain beneficial information making it possible to select the most appropriate option in real-time based on the individual needs. Data on excel can facilitate analysis of the available information and support the making of the right decision as shown below.
The above template can make it easy for insurers to compare quotes and identify the insurance offering the maximum value. The consequences and cost of not having insurance can sometimes be too high and unfordable in the case of an uncertain event. The insurance cover can protect the property owner from facing liability particularly when the involved cost is high. However, the cost of the insurance over time can exceed the insured cost of the asset when premiums are paid for an extended period.
Reference
Duan, Z., Chang, Y., Wang, Q., Chen, T., & Zhao, Q. (2018). A logistic regression-based auto insurance rate-making model designed for the insurance rate reform. International Journal of Financial Studies, 6(1), 18.