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Author : Mercedes Ayuso
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book Improving Automobile Insurance Ratemaking Using Telematics written by Mercedes Ayuso and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Pierpaolo Marano
Publisher : Springer Nature
ISBN 13 : 3030527387
Total Pages : 439 pages
Book Rating : 4.0/5 (35 download)
Download or read book Insurance Distribution Directive written by Pierpaolo Marano and published by Springer Nature. This book was released on 2021 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation offers the first comprehensive legal and regulatory analysis of the Insurance Distribution Directive (IDD). The IDD came into force on 1 October 2018 and regulates the distribution of insurance products in the EU. The book examines the main changes accompanying the IDD and analyses its impact on insurance distributors, i.e., insurance intermediaries and insurance undertakings, as well as the market. Drawing on interrelations between the rules of the Directive and other fields that are relevant to the distribution of insurance products, it explores various topics related to the interpretation of the IDD - e.g. the harmonization achieved under it; its role as a benchmark for national legislators; and its interplay with other regulations and sciences - while also providing an empirical analysis of the standardised pre-contractual information document. Accordingly, the book offers a wealth of valuable insights for academics, regulators, practitioners and students who are interested in issues concerning insurance distribution.--
Author : Roel Verbelen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book Unraveling the Predictive Power of Telematics Data in Car Insurance Pricing written by Roel Verbelen and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rajabi, Milad
Publisher : KIT Scientific Publishing
ISBN 13 : 3731513013
Total Pages : 272 pages
Book Rating : 4.7/5 (315 download)
Download or read book Gamification of telematics data to enhance operators’ behaviour for improvement of machine productivity in loading cycles written by Rajabi, Milad and published by KIT Scientific Publishing. This book was released on 2023-09-12 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Construction industry is suffering from low productivity rate in various projects such as excavation. Although this issue is discussed in literature and several approaches are proposed to address it, productivity rate is still low in construction industry compared to other domains like manufacturing. A gamified platform in which different operators from different organizations can share their achievements, or can get scored and ranked in a leader-board will potentially address this issue.
Author : Qiao Jiang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Application of Hidden Markov Model to Auto Telematics Data and the Effect of Universal Demand Law Change on Corporate Risk Taking in the U.S. Property & Casualty Insurance Industry written by Qiao Jiang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are two themes in this dissertation, that is, the effect of universal demand law change on corporate risk-taking in the U.S. property & casualty insurance industry, and the application of hidden Markov model to auto telematics data. The first chapter presents my study in the first theme and the rest two chapters present the other theme. In Chapter 1, "Does Shareholder Litigation Affect Corporate Risk-Taking? Evidence from the Property-Casualty Insurance Industry", I explore whether shareholder litigation affects corporate risk-taking differently depending on distinct organizational structures. I use a law change, called Universal Demand (UD) Law, as an exogenous shock and develop three risk-taking measures that are unique in the U.S. property-casualty insurance industry: leverage risk, asset risk, and underwriting risk. The insurance industry provides an interesting opportunity for the study as shareholders in mutual insurers are an ambiguous concept in the legal world, as opposed to the common argument in the insurance literature. The results show that along with UD law adoption, insurers increase their risk-taking. After taking organizational structures into account, the impact of the law change differentiates. Stock insurers increase all three risk-taking measures while mutual insurers decrease their Leverage Risk and increase Asset Risk measures. For different time windows, stock insurers respond faster with respect to their Asset Risk compared to mutual insurers. In addition, I proceed to examine the main economic channel for the impact and find that the free cash flow argument is not the main channel. Chapters 2 and 3 present the study in auto telematics data using a proprietary data source. Both studies are based on the application of hidden Markov model (HMM). Specifically, Chapter 2, "Auto Insurance Pricing Using Telematics Data: Application of a Hidden Markov Model", develops an HMM-based clustering framework to predict auto insurance losses using driving characteristics extracted from telematics data. Through a simulation experiment based on a proprietary telematics data set, I show that HMM can effectively classify driving trips using model-implied hidden states, and HMM-based pricing methods provide better predictive power measured by both deviance statistics and mean squared error. Importantly, the proposed framework not only enables us to price usage-based insurances at a granular level, but it is also viable for estimating long-term insurance losses utilizing the limiting properties of HMM. Chapter 3, "Theoretical Framework of a 3-Layer Hidden Markov Model for Auto Insurance Pricing", is a theoretical extension of the second chapter to improve the framework at a more granular level. I develop a 3-layer HMM for risk classification, which links driving behavior characteristics with risk classes and loss estimation. The proposed model presents a direct structure among all variables and utilizes time series data without aggregation. Furthermore, this study provides a theoretical framework to estimate the 3-layer HMM using the Expectation-Maximization (EM) algorithm. The parameters of Bernoulli distributed loss count (per unit of time) and Gamma distributed loss severity can be solved at least numerically, and the negative definite Hessian matrix indicates that the solution of the first-order condition of the log-likelihood function achieves its local maximum.
Author : Jens Perch Nielsen
Publisher : MDPI
ISBN 13 : 3039364472
Total Pages : 260 pages
Book Rating : 4.0/5 (393 download)
Download or read book Machine Learning in Insurance written by Jens Perch Nielsen and published by MDPI. This book was released on 2020-12-02 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Machine learning is a relatively new field, without a unanimous definition. In many ways, actuaries have been machine learners. In both pricing and reserving, but also more recently in capital modelling, actuaries have combined statistical methodology with a deep understanding of the problem at hand and how any solution may affect the company and its customers. One aspect that has, perhaps, not been so well developed among actuaries is validation. Discussions among actuaries’ “preferred methods” were often without solid scientific arguments, including validation of the case at hand. Through this collection, we aim to promote a good practice of machine learning in insurance, considering the following three key issues: a) who is the client, or sponsor, or otherwise interested real-life target of the study? b) The reason for working with a particular data set and a clarification of the available extra knowledge, that we also call prior knowledge, besides the data set alone. c) A mathematical statistical argument for the validation procedure.
Author : Michel Denuit
Publisher : John Wiley & Sons
ISBN 13 : 9780470517413
Total Pages : 384 pages
Book Rating : 4.5/5 (174 download)
Download or read book Actuarial Modelling of Claim Counts written by Michel Denuit and published by John Wiley & Sons. This book was released on 2007-07-27 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are a wide range of variables for actuaries to consider when calculating a motorist’s insurance premium, such as age, gender and type of vehicle. Further to these factors, motorists’ rates are subject to experience rating systems, including credibility mechanisms and Bonus Malus systems (BMSs). Actuarial Modelling of Claim Counts presents a comprehensive treatment of the various experience rating systems and their relationships with risk classification. The authors summarize the most recent developments in the field, presenting ratemaking systems, whilst taking into account exogenous information. The text: Offers the first self-contained, practical approach to a priori and a posteriori ratemaking in motor insurance. Discusses the issues of claim frequency and claim severity, multi-event systems, and the combinations of deductibles and BMSs. Introduces recent developments in actuarial science and exploits the generalised linear model and generalised linear mixed model to achieve risk classification. Presents credibility mechanisms as refinements of commercial BMSs. Provides practical applications with real data sets processed with SAS software. Actuarial Modelling of Claim Counts is essential reading for students in actuarial science, as well as practicing and academic actuaries. It is also ideally suited for professionals involved in the insurance industry, applied mathematicians, quantitative economists, financial engineers and statisticians.
Author : Hailey Johnson
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book The Impact of Telematics in the Auto Insurance Industry written by Hailey Johnson and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition in the insurance industry is driven by each insurer's ability to accurately assess risk. One innovation in the auto insurance industry is the use of telematics to assess a consumer's driving behaviors. Progressive started the innovation in 2008 when it introduced Snapshot. Companies have adapted this method since then, as they realized it gives superior causal data that out-performs assumptions. Telematics also encourages drivers to reduce their risky driving behaviors, potentially reducing accidents and distracted driving. While there are benefits for both the consumer and insurer, insurers are struggling to increase adoption rates by the consumer due to privacy concerns, regulations, and more. The first part of this paper explains the auto insurance underwriting process and the traditional pricing variables used. It then introduces telematics and evaluates the pros and cons for insurers and consumers. It proceeds to go more in-depth with telematics, looking at regulations in insurance and its potential growth. The goal of this paper is to determine whether telematics will grow enough to become the future of auto insurance.
Author : Fred D. Davis
Publisher : Springer Nature
ISBN 13 : 3030600734
Total Pages : 379 pages
Book Rating : 4.0/5 (36 download)
Download or read book Information Systems and Neuroscience written by Fred D. Davis and published by Springer Nature. This book was released on 2020-10-26 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the proceedings of the virtual conference NeuroIS Retreat 2020, June 2–4, hosted in Austria, reporting on topics at the intersection of information systems (IS) research, neurophysiology and the brain sciences. Readers will discover the latest findings from top scholars in the field of NeuroIS, which offer detailed insights on the neurobiology underlying IS behavior, essential methods and tools and their applications for IS, as well as the application of neuroscience and neurophysiological theories to advance IS theory.
Author : Hou-Jan Sun
Publisher :
ISBN 13 :
Total Pages : 186 pages
Book Rating : 4.:/5 (244 download)
Download or read book The Development of Automobile Insurance Ratemaking in the United States written by Hou-Jan Sun and published by . This book was released on 1938 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Theo Lynn
Publisher : Springer
ISBN 13 : 3030023303
Total Pages : 194 pages
Book Rating : 4.0/5 (3 download)
Download or read book Disrupting Finance written by Theo Lynn and published by Springer. This book was released on 2018-12-06 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry.
Author : Maurizio Borghi
Publisher : Taylor & Francis
ISBN 13 : 1000830357
Total Pages : 370 pages
Book Rating : 4.0/5 (8 download)
Download or read book Law, Regulation and Governance in the Information Society written by Maurizio Borghi and published by Taylor & Francis. This book was released on 2022-12-30 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited collection seeks to map the landscape of contemporary informational interests, to evaluate a range of recognised and putative rights and wrongs associated with modern information societies, and to consider how law, regulation, and governance should be deployed in response. New technologies and new applications constantly disrupt our values, our framing of our world, and our sense of where we are and who we are. In our ‘information societies’, we entertain mixed hopes and expectations, as well as significant fears and concerns. At the root of these, there are a number of informational interests, on the basis of which certain rights are claimed and particular wrongs denounced. This book addresses these interests, considering them as relating primarily to the integrity of the informational ecosystem, to the accessibility, accuracy, and authenticity of public information, and to our individual ability to control the outward and inward flows of information that relates directly to ourselves. Covering a wide range of subjects, the book’s interrogation of our contemporary information society is oriented around two questions: first, whether the information society in which we live is the kind of society that we think it should be and, second, if not, what we can reasonably expect law, regulation, and governance to do in providing the basis for improving it. This book will be of considerable interest to those working at the intersection of law and technology, as well as others concerned with the legal, political, and social aspects of our information society.
Author : Casualty Actuarial Society
Publisher :
ISBN 13 :
Total Pages : 392 pages
Book Rating : 4.3/5 (91 download)
Download or read book Automobile Insurance Rate Making written by Casualty Actuarial Society and published by . This book was released on 1961 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Volker Liermann
Publisher : Springer Nature
ISBN 13 : 3030788210
Total Pages : 278 pages
Book Rating : 4.0/5 (37 download)
Download or read book The Digital Journey of Banking and Insurance, Volume III written by Volker Liermann and published by Springer Nature. This book was released on 2021-10-27 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, the third one of three volumes, focuses on data and the actions around data, like storage and processing. The angle shifts over the volumes from a business-driven approach in “Disruption and DNA” to a strong technical focus in “Data Storage, Processing and Analysis”, leaving “Digitalization and Machine Learning Applications” with the business and technical aspects in-between. In the last volume of the series, “Data Storage, Processing and Analysis”, the shifts in the way we deal with data are addressed.
Author : Farha Usman
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Claim Prediction and Premium Pricing for Telematics Auto-Insurance Data Using Poisson Regression with Lasso Regularisation written by Farha Usman and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse a large telematics data with 65 driving variables (DVs) and insurance claim counts for 14,157 drivers. Our aim is to predict future claims according to driving behaviour measured by the DVs, to identify important DVs that differentiate driving behaviours, classify drivers according to their driving behaviours and calculate the premium that reflects actual driving risk. We use two-stage Poisson, Poisson mixture and zero-inflated Poisson regression models with lasso regularisation to minimise the chance of over-fitting for this noisy data with over 92 percent of zero claims. We consider different lasso regularisation techniques and further robustify the results with 100 repeats. DVs are selected only if they are frequently selected over the repeats. We assess model performances with several criteria, namely Bayesian Information Criterion, Mean Square Error, Pearson correlation and area under receiver operating characteristic curve. Finally, we propose a usage-based experience-rating premium calculation method using the predicted claims.
Author : Stuart A. Klugman
Publisher : John Wiley & Sons
ISBN 13 : 0470391332
Total Pages : 758 pages
Book Rating : 4.4/5 (73 download)
Download or read book Loss Models written by Stuart A. Klugman and published by John Wiley & Sons. This book was released on 2012-01-25 with total page 758 pages. Available in PDF, EPUB and Kindle. Book excerpt: An update of one of the most trusted books on constructing and analyzing actuarial models Written by three renowned authorities in the actuarial field, Loss Models, Third Edition upholds the reputation for excellence that has made this book required reading for the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) qualification examinations. This update serves as a complete presentation of statistical methods for measuring risk and building models to measure loss in real-world events. This book maintains an approach to modeling and forecasting that utilizes tools related to risk theory, loss distributions, and survival models. Random variables, basic distributional quantities, the recursive method, and techniques for classifying and creating distributions are also discussed. Both parametric and non-parametric estimation methods are thoroughly covered along with advice for choosing an appropriate model. Features of the Third Edition include: Extended discussion of risk management and risk measures, including Tail-Value-at-Risk (TVaR) New sections on extreme value distributions and their estimation Inclusion of homogeneous, nonhomogeneous, and mixed Poisson processes Expanded coverage of copula models and their estimation Additional treatment of methods for constructing confidence regions when there is more than one parameter The book continues to distinguish itself by providing over 400 exercises that have appeared on previous SOA and CAS examinations. Intriguing examples from the fields of insurance and business are discussed throughout, and all data sets are available on the book's FTP site, along with programs that assist with conducting loss model analysis. Loss Models, Third Edition is an essential resource for students and aspiring actuaries who are preparing to take the SOA and CAS preliminary examinations. It is also a must-have reference for professional actuaries, graduate students in the actuarial field, and anyone who works with loss and risk models in their everyday work. To explore our additional offerings in actuarial exam preparation visit www.wiley.com/go/actuarialexamprep.
Author : Banghee So
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book Actuarial Models for Understanding Driver Behavior with Telematics Data written by Banghee So and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Powered with telematics technology, insurers can now capture a wide range of data to better decode driver's behavior, such as distance traveled and how drivers brake, accelerate or make turns. Such additional information helps insurers improve risk assessments for usage-based insurance (UBI), an increasingly popular industry innovation. In this thesis, we first explore how to integrate telematics information to improve understanding of driver heterogeneity, as well as to better predict accident counts. For motor insurance during a policy year, we typically observe a large proportion of drivers with zero accidents, a less proportion with exactly one accident, and far fewer with two or more accidents. We introduce the use of a cost-sensitive multi-class adaptive boosting algorithm, which we call SAMME.C2, to handle such imbalances in a classification model. Using the SAMME.C2 algorithm, we find improved assessment of driving behavior with telematics relative to traditional risk variables. We next demonstrate the theoretical justification of the SAMME.C2 algorithm in two respects: (1) it is equivalent to Forward Stagewise Additive Modeling with exponential loss, and (2) it is a Bayes classifier. When cost-sensitive learning is added, we find the superiority of SAMME.C2 in controlling for issues related to class imbalances, especially when compared to just the SAMME algorithm. We performed numerical experiments to better understand the distinguishing characteristics of the algorithm. Finally, this thesis describes the techniques employed in the production of a synthetic dataset of driver telematics that is emulated from a real insurance dataset. The method uses a three-stage process that involves deploying machine learning algorithms. It is aimed to produce a resource that can be used to advance models to assess risks for usage-based insurance. It is the hope of this work to provide and encourage the research community to explore innovative methods relevant to such data. The synthetic dataset produced includes 100,000 observations about driver's claims experience (both claim counts and amounts were generated) together with associated classical risk variables and telematics-related variables. We further show, using visualization, model fitting, and data summarization, how remarkable the similarities are between the synthetic and the real datasets.
