I want 2 replies on 2 discussion posts each reply should be 300 word

The first discussion: Introduction: First of all, data is information that collected by based on long term researches, repetitions, reflections and analyzes. In this discussion, I am going to describe how companies collect their data on what basis and terms, whether the effects of the data are essential and the reasons why companies collect data by analyzing Suncorp company’s method of collecting data, stated in the case study. Not so long ago when there is no internet, social network, smart phone, and the data created by people’s own everyday life activity. Also, the companies collect our information physically through questionnaire and surveys and later add them to their own database. Their data was based on customer relationship, instead of technological or software usage. The insurers used to offer their proposals only based on their own data. However, thanks to the technological development and globalization, internet helps not only for them to find data whether it has to be quantitative or qualitative. Companies find their data easily through the use of different networking systems. As an example, social network demonstrates the big impact on data since millions of people use Facebook, Instagram and so on. Our everyday life has been recorded by social network, even we as users do not know. Many software networks record our ethnographic information, timeline, locations, schedule, hobbies and interests where I want to go or what I would like to eat. Collected data can be available to the companies that would like to use for their own by spreading information worldwidely. For example, if i hit like on Facebook any store’s page, not only does it start sending me notifications and advertisements, but also it appears on my friends’ newsfeed. About Suncorp: According to the case study, I chose Suncorp Company as my topic. Suncorp is one of the biggest companies that provide insurance, financial services, and banking services throughout Australia and New Zealand. It was established in Queensland, Australia in 1902. (Suncorp website) As Suncorp runs the insurance business, data is the key tools that they can use it to keep the business successfully over the years. What and how data was collected: The company does not just keep the data. The companies in same industry exchange their data to each other, which helps them to keep their business successfully for long term. This is an efficient, smart way to compete with each other fairly, especially in insurance industry. The point is when insurance companies estimate the offer to their consumers, they always take close consideration into finding the terms such as, the value, price, size, location, type, age, gender, history and so on. Ethnographical data is important for insurance companies to analyze exact, proper offer. Effects of the data collection: The statement of David Stewardson, as Suncorp’s executive manager in the commercial insurance business technology department, data automatically sorts their consumers which one is more important, and let the less important one go. Collecting data gives company opportunity to analyze whether or not they should accept customers to their insurance depending on the situation. For instance, it is stated that Suncorp looks at data on the altitude of farms above sea level to help it gauge the relative risk of insuring the thousands of kilometres of fences that ring the typical Australian farm. This clearly explains that decision making is depended on the data. Data has become Suncorp’s important part of efficiency. What would have happened if the companies had not collected: David Stewardson mentioned that the claims are the biggest part of all insurer’s expenses. Therefore, Suncorps find their suppliers using their database provider to ask that least what they can offer, how they can do that in decent price to keep their business reliable while making customers’ satisfaction higher. It helps Suncorp Company to maintain the price reasonable and retain the costs in balance. My prediction is, it would be lose-lose situation for the companies as well as consumers, suppliers, advertisers and people who work for those companies, if there was no analyzed data. Especially, Suncorp is the company that runs its business on the basis of people. They would not be able to keep their existing consumers and to reach more consumers while compete with others. References: https://www.suncorp.com.au/about-us/ http://digitalresearch.eiu.com/levellingtheplayingfield/case-studies/case-study-suncorp The second post: Describe what and how data was collected by each company? Data was collected by doing the market segmentation by Suncorp, and in this regard, the identification of the market was first of all done by Suncorp so that they could know about the response of the particular market segment towards the pricing of the company. Data was collected with the objective of knowing that which of the customers are switching to the competitors for availing the insurance plans and what are the reasons for their switching behavior. Moreover, the data was collected regarding the sea level especially the flood insurance purpose so that higher price can be charged for the insurance plan from the clients which are having their farms in Australia below the sea level where the chance of floods is normally high. Pricing seems to be the major reason for the collection of data because the more the chance of the event for which the insurance is done the more will be the cost of covering the event and definitely the insurance plan will be of a higher price for the client. The existing database of the customers was used to get the data related to the market segments ("Levelling the playing field “ Case Studies," 2018). Analyze the effects of the data collection and use The data collected by Suncorp was intended to know about the costs related to the particular market segment and to find the ways by which they could get the competitive advantage in the market. For this, the behavior of the clients needs to be studied in detail which would give the ideal direction in this regard because without knowing the latest preferences of the clients the strategies for getting a competitive advantage cannot be designed and implemented. The data collected affected the pricing strategy of the company because the data provided the details of the clients having the more probability of coming across the events against which they have availed the insurance plans like in the case of flood insurance the clients which have farms in Australia below the sea level and are living at the lower levels have the higher probability of coming across the event like the flood in their farms so the data has helped the company in identifying this market segment which would cost more to the company if the company provide the insurance plan to such a client because the company needs to provide the coverage of the loss which is most likely to incur if the flood hits the farm. Predict what would have happened if the companies had not collected and analyzed the data? If Sucncrop wouldn’t have collected the data relating to the market segments through the customer database, then the company would never have come to know about the reasons due to which the clients have switched to the competitors, and they would have lost a huge market share in the insurance industry. Therefore, it was necessary to collect the data which they have collected in order to survive in the market pressures and to overcome the pressures created due to price war by the competitors in the market. Moreover, if the data would not have been collected by the company, then it is more likely that the gap between the clients emerging needs and the company’s strategies especially the pricing strategies. If the data wouldn’t have been collected, then the market situation would not have been clear to the company and the company would not have properly identified the insurance plans which are costing more to the company and which insurance plans shall be provided to the clients at lower prices (Bone & Houck, 2017). References Bone, A., & Houck, K. (2017). The benefits of data mining. Elife, 6. doi: 10.7554/elife.30280 Leveling the playing field – Case Studies. (2018). Retrieved from http://digitalresearch.eiu.com/levellingtheplayingfield/case-studies/case-study-suncorp