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Telematics Data In Motor Insurance
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Book Synopsis Insurance Distribution Directive by : Pierpaolo Marano
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.--
Book Synopsis Telematics Data in Motor Insurance by : Tobias Ippisch
Download or read book Telematics Data in Motor Insurance written by Tobias Ippisch and published by . This book was released on 2010 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Actuarial Modelling of Claim Counts by : Michel Denuit
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.
Book Synopsis Unraveling the Predictive Power of Telematics Data in Car Insurance Pricing by : Roel Verbelen
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:
Book Synopsis The Impact of Telematics in the Auto Insurance Industry by : Hailey Johnson
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.
Book Synopsis Improving Automobile Insurance Ratemaking Using Telematics by : Mercedes Ayuso
Download or read book Improving Automobile Insurance Ratemaking Using Telematics written by Mercedes Ayuso and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show how data collected from a GPS device can be incorporated in motor insurance ratemaking. The calculation of premium rates based upon driver behaviour represents an opportunity for the insurance sector. Our approach is based on count data regression models for frequency, where exposure is driven by the distance travelled and additional parameters that capture characteristics of automobile usage and which may affect claiming behaviour. We propose implementing a classical frequency model that is updated with telemetrics information. We illustrate the method using real data from usage-based insurance policies. Results show that not only the distance travelled by the driver, but also driver habits, significantly influence the expected number of accidents and, hence, the cost of insurance coverage. Telemetry should facilitate the inclusion within insurance pricing of those factors that traffic authorities identify as being associated with risky drivers, including, for example, traffic violations.
Book Synopsis 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 by : Qiao Jiang
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.
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.
Book Synopsis The INSURTECH Book by : Sabine L.B VanderLinden
Download or read book The INSURTECH Book written by Sabine L.B VanderLinden and published by John Wiley & Sons. This book was released on 2018-07-02 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive compendium for the Insurance Digital Revolution From slow beginnings in 2014, InsurTech has captured US$7billion in investment since 2010 — a 10% annual compound growth rate is predicted until at least 2020. Three in four insurance companies believe some part of their business is at risk of disruption and understanding the trends, drivers and emerging technologies behind Insurance’s Digital Revolution is a business-critical priority for all growth-minded firms. The InsurTech Book offers essential updates, critical thinking and actionable insight — globally — from start-ups, incumbents, investors, tech companies, advisors and other partners in this evolving ecosystem, in one volume. For some, Insurance is either facing an existential threat; for others, it is a sector on the brink of transforming itself. Either way, business models, value chains, customer understanding and engagement, organisational structures and even what Insurance is for, is never going to be the same. Be informed, be part of it. Learn from diverse experiences, mindsets and applications of technologies Discover new ways of defining and grasping growth opportunities Get the inside track from innovators, disruptors and incumbents Be updated on the evolution of InsurTech, why it is happening and how it will evolve Explore visions of the future of Insurance to help shape yours The InsurTech Book is your indispensable guide to a sector in transformation.
Book Synopsis Competitiveness in Emerging Markets by : Datis Khajeheian
Download or read book Competitiveness in Emerging Markets written by Datis Khajeheian and published by Springer. This book was released on 2018-05-14 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a collection of interrelated research advances in the field of technological entrepreneurship from the perspective of competition in emerging markets. Featuring contributions by scholars from different fields of interest, it provides a mix of theoretical developments, insights and research methods used to uncover the unexplored aspects of competitiveness in emerging markets in an age characterized by disruptive technologies.
Book Synopsis Integration of Traditional and Telematics Data for Efficient Insurance Claims Prediction by : Kalugama Gardige Hashan Peiris
Download or read book Integration of Traditional and Telematics Data for Efficient Insurance Claims Prediction written by Kalugama Gardige Hashan Peiris and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: While driver telematics has gained attention for risk classification in auto insurance, the scarcity of observations with telematics features has been problematic, which could be owing to either privacy concerns or adverse selection compared to the data points with traditional features. To handle this issue, we propose a data integration technique based on calibration weights. It is shown that the proposed technique can efficiently integrate the so-called traditional data and telematics data and also cope with possible adverse selection issues on the availability of telematics data. Our findings are supported by a simulation study and empirical analysis on a synthetic telematics dataset.
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309392527 Total Pages :273 pages Book Rating :4.3/5 (93 download)
Book Synopsis Commercial Motor Vehicle Driver Fatigue, Long-Term Health, and Highway Safety by : National Academies of Sciences, Engineering, and Medicine
Download or read book Commercial Motor Vehicle Driver Fatigue, Long-Term Health, and Highway Safety written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2016-09-12 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are approximately 4,000 fatalities in crashes involving trucks and buses in the United States each year. Though estimates are wide-ranging, possibly 10 to 20 percent of these crashes might have involved fatigued drivers. The stresses associated with their particular jobs (irregular schedules, etc.) and the lifestyle that many truck and bus drivers lead, puts them at substantial risk for insufficient sleep and for developing short- and long-term health problems. Commercial Motor Vehicle Driver Fatigue, Long-Term Health and Highway Safety assesses the state of knowledge about the relationship of such factors as hours of driving, hours on duty, and periods of rest to the fatigue experienced by truck and bus drivers while driving and the implications for the safe operation of their vehicles. This report evaluates the relationship of these factors to drivers' health over the longer term, and identifies improvements in data and research methods that can lead to better understanding in both areas.
Book Synopsis Data Science and Knowledge Engineering for Sensing Decision Support by : Jun Liu
Download or read book Data Science and Knowledge Engineering for Sensing Decision Support written by Jun Liu and published by World Scientific Proceedings C. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: FLINS, originally an acronym for Fuzzy Logic and Intelligent Technologies in Nuclear Science, is now extended to include Computational Intelligence for applied research. The contributions of the FLINS conference cover state-of-the-art research, development, and technology for computational intelligence systems, with special focuses on data science and knowledge engineering for sensing decision support, both from the foundations and the applications points-of-view.
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.
Book Synopsis Automotive Telematics by : Axel Fuchs
Download or read book Automotive Telematics written by Axel Fuchs and published by SAE International. This book was released on 2002-08-23 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report discusses automotive telematics from a technical perspective, with reference to the business model and to the value for the user. The three main entities of the end-to-end system framework of telematics are discussed; in-vehicle system, infrastructure, and service center with its voice and data portal.
Book Synopsis Actuarial Models for Understanding Driver Behavior with Telematics Data by : Banghee So
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.
Book Synopsis Information Systems and Neuroscience by : Fred D. Davis
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.
