The transformation of the insurance industry and road safety by driver safety behaviour telematics

Ζιακόπουλος, Απόστολος; Petraki, Virginia; Kontaxi, Armira; Yannis, George

doi:10.1016/j.cstp.2022.10.011

Cited by 15 publications

(3 citation statements)

References 42 publications

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“…Taking the bus or carpooling with friends is one way to avoid driving alone. Telematics devices are also helpful since they allow insurance firms to reward cautious drivers with lower rates (Ziakopoulos et al, 2022).…”

Section: Resultsmentioning

confidence: 99%

Harnessing the Power of Globalization: A Study of the Association between Globalization, Transportation Energy, and Insurance and Financial Services in Europe and Central Asia

Sriyanto

Imran

Khan

et al. 2023

IJEEP

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The increasing globalization and information communication associated with commerce are confronted with the risk experienced over the years in the various production sectors of the economies. The research studied the influence of ICTs capital goods exports, industrial value addition, transportation energy, and globalization on insurance & financial services in a panel of 29 selected European and Central Asian nations. The research spanned from 2012 to 2021 and used a Panel quantile regression model. It was shown that insurance and financial services increased dramatically between the 0.40th and 0.90th quantiles due to technological progress. In addition, for quantiles between 0.10th and 0.90th, industrial value added is positively correlated with increased insurance and financial services. Quantile 0.10t show a negative and significant association between transportation energy and insurance risks. In contrast, quantiles between 0.40th and 0.90th show a positive and significant relationship, indicating a U-shaped relationship between these two variables. The causality findings validated the technology-led industrialization and transportation energy, while a bidirectional association was identified between globalization and transportation energy across nations. The variance decomposition results suggested that industrial value added, globalization, and technological advancement would exert greater variance shocks on the insurance and financial services sector over time. The study concludes that the progression of technology contributes to the maintenance of insurance performance in the age of globalization. This performance might be enhanced by developing more effective transportation energy services and industrial production.

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Section: Resultsmentioning

confidence: 99%

Harnessing the Power of Globalization: A Study of the Association between Globalization, Transportation Energy, and Insurance and Financial Services in Europe and Central Asia

Sriyanto

Imran

Khan

et al. 2023

IJEEP

View full text Add to dashboard Cite

show abstract

“…For a more extensive overview of the benefits of UBI, we refer to the works of Litman (2007), Bordoff and Noel (2008), and Ziakopoulos et al . (2022).…”

Section: Introduction and Motivationsmentioning

confidence: 99%

“…Additionally, telematics provide insurers with viable alternatives to sensitive risk factors, thereby helping to prevent unfair discrimination. For a more extensive overview of the benefits of UBI, we refer to the works of Litman (2007), Bordoff and Noel (2008), and Ziakopoulos et al (2022).…”

Section: Introduction and Motivationsmentioning

confidence: 99%

Telematics combined actuarial neural networks for cross-sectional and longitudinal claim count data

Duval,

Boucher,

Pigeon

2024

ASTIN Bull.

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We present novel cross-sectional and longitudinal claim count models for vehicle insurance built upon the combinedd actuarial neural network (CANN) framework proposed by Wüthrich and Merz. The CANN approach combines a classical actuarial model, such as a generalized linear model, with a neural network. This blending of models results in a two-component model comprising a classical regression model and a neural network part. The CANN model leverages the strengths of both components, providing a solid foundation and interpretability from the classical model while harnessing the flexibility and capacity to capture intricate relationships and interactions offered by the neural network. In our proposed models, we use well-known log-linear claim count regression models for the classical regression part and a multilayer perceptron (MLP) for the neural network part. The MLP part is used to process telematics car driving data given as a vector characterizing the driving behavior of each insured driver. In addition to the Poisson and negative binomial distributions for cross-sectional data, we propose a procedure for training our CANN model with a multivariate negative binomial specification. By doing so, we introduce a longitudinal model that accounts for the dependence between contracts from the same insured. Our results reveal that the CANN models exhibit superior performance compared to log-linear models that rely on manually engineered telematics features.

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Providing State-Supported Financial Incentives and Benefits for Vehicle Insurance Policies Using Telematics

Petraki,

Ziakopoulos,

Fragkiadaki

et al. 2024

Strengthening European Mobility Policy

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We recommend providing state-supported financial incentives and benefits for vehicle insurance policies using telematics. To achieve this policy recommendation, we propose the following: (1) Provision for financial incentives and benefits by the state for vehicle insurance policies using telematics across the European Union member states; (2) Conduct comprehensive social cost–benefit analysis (CBA) to assess policy feasibility, either at a European Union or at a national level; (3) Advocate for European Union-level policy implementation supported by a centralized fund to promote telematics via insurance policies, aligning with the EU Green Deal and Vision Zero targets; and (4) Showcase benefits of interdisciplinary collaboration involving experts from transportation engineering, economics, psychology, and law for policy design and evaluation.

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The transformation of the insurance industry and road safety by driver safety behaviour telematics

Cited by 15 publications

References 42 publications

Harnessing the Power of Globalization: A Study of the Association between Globalization, Transportation Energy, and Insurance and Financial Services in Europe and Central Asia

Harnessing the Power of Globalization: A Study of the Association between Globalization, Transportation Energy, and Insurance and Financial Services in Europe and Central Asia

Telematics combined actuarial neural networks for cross-sectional and longitudinal claim count data

Providing State-Supported Financial Incentives and Benefits for Vehicle Insurance Policies Using Telematics

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