In a nutshell
Increasing numbers of businesses are improving their decision-making processes by using data to rationalize their decisions. This strategy can only be successful if the data used is visualized in a clear and convincing way, hence reducing its perceived complexity. Hopefully, the following notion on the value of human body parts is worth reading. The accompanying visualization should offer the “aha effect”.
Visualize data and convince emotionally
What would guitarists be without fingers, football players without feet or designers without eyes? The loss of certain body functions can be the end of one's career. Celebrities such as Jennifer Lopez or Daniel Craig have insured their bodies to the tune of millions of euros for this reason.
Bespoke insurance policies are also possible in Germany, however, the complexity of factors feeding into their terms and conditions result in a loss of interest in, what should be, an emotional topic. This is therefore a good example of how data visualizations can make complex issues understandable and emotionally accessible to the public. This case, data and appropriate visualization result in a holistic data story.
Recognize the relevance of data
The foundation of this research was the comparison of limb rates of Germany's ten largest insurance companies, based on their market share in damage and casualty insurance and their gross income for 2019. We have assumed an insurance sum of 100,000 euros and a progression of 300 percent to calculate the financial value of each body part.
Total worth of the human body
The largest German insurance companies assess the value of our body parts at around two million euros.
Cracking complexity through visualization
How much do you receive for arms and legs, or for the big toe? You can find these amounts above. However, reading a full list of amounts for each body part and creating a written comparison is relatively time-consuming. The corresponding infographic (see download below), however, is time-efficient and easy to understand. The excerpt shown here clearly demonstrates how visualization helps to make the data accessible at a glance.
Data visualization cannot replace the communication of information entirely. However, it reduces complexity for one of our “body parts”: the human brain, as it is specialized in processing visual information. For this reason, we pay more attention to images than text, process them more easily and are more likely to remember them.
The body parts graphic reduces the complexity for consumers, helping to explain the cost structure of insurances as well as their benefits and will simplify the decision-making process for consumers. In turn, this increases the consumers’ trust and improves the relationship.