Florida law requires drivers to have car insurance that provides financial protection in the event of a mishap. This 4-page publication provides an overview of auto insurance requirements in Florida ...as well as a glossary of car insurance terms for college students. Written by Nicholas Horvath, Jorge Ruiz-Menjivar, and Sarah M. Ellis, and published by the UF/IFAS Department of Family, Youth and Community Sciences, January 2021.
The annual cost of vehicle insurance fraud is estimated to exceed 40 billion dollars. This is an enormous amount considering the number of new vehicles insured yearly. In terms of higher premiums, it ...implies that insurance fraud incurs an additional annual cost to each U.S. family of $400 to $700, on average. Many frauds can be attributed to previously reported damages, which are submitted a second time to the insurance company. In these cases, it does not suffice to check the customer’s history to identify them: Damaged car panels can be removed from one vehicle and reassembled on another to make an insurance claim on the second car. To deal with these fraud attempts, in this paper, we propose an end-to-end solution to support the special investigation unit of the insurance companies in their antifraud investigations. For each claim, we organize the images sent to the insurance company and analyze them to extract basic vehicle information. Subsequently, we use these images to identify any damage to the bodywork, and, finally, we verify that the damage has not already been processed in previous claims. To the best of our knowledge, this is the first published work that deals with this problem through a pipeline that covers the entire claim management process. To validate our proposal, we compare our solution with other state-of-the-art models for estimating image similarity. Our results show that our solution is, on average, superior by 15.27% in terms of mean average precision (mAP). In addition, we report the challenges faced in scaling such a system in a production environment. This aspect is often ignored, but applying these solutions to industrial settings is of fundamental importance. Our proposed end-to-end system can reduce by up to 18% the number of false positives produced by the damage reidentification system. We show that encapsulating several specialized components and merging their intermediate results leads to a 72% reduction in possible alerts. Finally, to support the discussion and comparison of explanations for this new task, we introduce a new dataset as a benchmark for damage reidentification.
•Insurance frauds can include the repurposing of a previously reported damage.•Recognition of similar damages can be treated with re-identification techniques.•Image similarity is not enough to scale these systems to production.•Combining image similarity with vehicle information improves performance.•New benchmark dataset for the recognition of similar damages.
It is well known that auto insurance companies (ICs) use personalized car insurance (PCI) to continuously track drivers' behavior to determine their auto premiums. However, drivers inevitably have ...concerns about the transparency of data collection/processing and the potential privacy leakage. In this paper, we propose a new PCI scheme to achieve privacy preservation and transparency with the assistance of a consortium blockchain. Specifically, a blockchain is first established by a group of consortium members, and each IC can deploy insurance contracts on the blockchain to support public verification of data collection/processing and thus fulfill the transparency requirement. Then a verifiable and privacy-preserving driving behavior evaluation protocol is designed by tailoring partially homomorphic encryption and zero-knowledge proof techniques. Drivers can use the protocol to interact with ICs through the contracts, and ICs can learn drivers' behavior and set corresponding auto premiums by analyzing encrypted driving data. Furthermore, a third-party auditor (TPA) is authorized by drivers and ICs to audit encrypted driving data on the contracts and resist fraud attacks. We model the contract-based auditing as a recursive inspection game where TPA can minimize the number of audits to detect data fraud and penalize malicious drivers according to Nash equilibrium. Therefore, the proposed PCI scheme can guarantee that most of the collected driving data are not biased. Formal simulation-based security analysis is given to prove the security of the proposed scheme, and a proof-of-concept prototype is also developed on an open-source blockchain to demonstrate the feasibility.
In 2008, the usage-based insurance (UBI), that insurance premium was calculated based on driving behavior data recorded with a plug-in telematics device or a mobile APP on board was introduced. ...Between years 2016 and 2019, 8 insurance companies providing UBI insurance policies were on Taiwanese market. However, this innovated insurance policy was not successful. The possible reason might be the insurance premium were simply measured by distance traveled. This study is to understand customers’ attitude towards UBI insurance policy and find out appropriate UBI pricing factors. A total of 580 valid samples were obtained. This study found respondents are not familiar with UBI car insurance. The factors of hand-hold mobile phone usage, speeding, sudden lane-changing, and following distance are more acceptable to the public. To campaign UBI policy, we suggest providing customers on-board telemetric in their own cars. It will help to increasing the public’s acceptance of UBI insurance policy.
PurposeThe objective of this paper is to understand the relationships between service quality, perceived value and satisfaction because several studies endeavored to model these linkages. It is ...important to test these relationships with loyalty and word-of-mouth (WOM). Thus, it is important to test these relationships in the insurance sector since the relationship between these variables and WOM has not been studied in insurance.Design/methodology/approachThis investigation proposes a theoretical model tested using structural equation modeling (SEM). A questionnaire survey was developed to explore the relationships among service quality, perceived value, satisfaction, loyalty and WOM. For this study, 744 valid questionnaires were collected from a sample of Portuguese car insurance holders.FindingsThe results revealed that service quality has a direct relationship with perceived value and satisfaction. In turn, perceived value has a direct relationship with satisfaction. Perceived value and satisfaction influence loyalty and WOM. Finally, loyalty influences WOM.Originality/valueThis investigation examines the mediating role of perceived value and satisfaction in the relationship between service quality (facility and interactive) and loyalty and WOM in the insurance industry. It fills a gap in the literature by exploring the variables that lead to positive WOM in the insurance industry; the authors do not know any study that links these variables with WOM. Also, the relationship between loyalty and WOM has been poorly studied, although it is well known that in services, loyal customers speak well of the companies. Thus, the authors try to fill this gap in the academic literature by analyzing these relationships.
Due to frequent traffic accidents around the world, people often take out car insurance to mitigate their losses and receive compensation in a traffic accident. However, in the existing car insurance ...claims process, there are problems such as insurance fraud, inability to effectively track and transmit insurance data, cumbersome insurance procedures, and high insurance data storage costs. Since the immutability and traceability features of blockchain technology can prevent data manipulation and trace past data, we have used the Elliptic Curve Digital Signature Algorithm (ECDSA) to sign and encrypt car insurance data, ensuring both data integrity and security. We propose a blockchain and IPFS-based anticounterfeiting and traceable car insurance claims system to improve the above problems. We incorporate the Interplanetary File System (IPFS) to reduce the cost of storing insurance data. This study also attempts to propose an arbitration mechanism in the event of a car insurance dispute.
With the continuous development of machine learning, enterprises using machine learning methods to mine potential data information has become a hot topic in the research of major insurance companies. ...In this paper, the features of auto insurance data are analyzed, and the most important features affecting auto renewal are mined. The random forest (RF), gradient lifting tree (GBDT) and lifting machine algorithm (LightGBM) are compared. The test results show that: LightGBM model with the best superiority and robustness. Features of car insurance business channel, NCD, car age and new car purchase price have a greater impact on whether to renew insurance or not.
Connected and Automated vehicles (CAVs) are transforming road-transport. Within this transformation, motor vehicle insurers are one of the key involved stakeholders. This paper explores car insurers' ...expectations, challenges and activities around the development of CAVs. It draws on a literature review and 31 semi-structured interviews with insurers and other experts in the United Kingdom and the Netherlands. The analysis confirms challenging, simultaneous local and international, discussions about 1) the shift in liability from drivers to automated driving systems, 2) a commercial conflict over in-vehicle data access and 3) the future of shared mobility. Interviewees anticipate that the outcome of these discussions will affect their underwriting, risks, claims processes, business models, product offerings and competitive strategies. Simultaneously, insurers respond to these challenges and affect them as they move forward, thereby helping shape the regulatory frameworks of future CAV mobility. They do so in various ways, which differ across countries and insurers, yet generally can be classified into three typical activities: (non) participation in pilot-projects, lobbying and learning. The paper concludes with a number of political and scholarly reflections.
This paper aims to find customer satisfaction towards online car insurance at south Tamilnadu, especially Madurai and Sivaganga district. According to the various literature reviews, the researcher ...has found the factors of the study such as trust, service-quality and risk. All the three factors have different variables. In the study used in primary data through questionnaire method, 115 sample size have been collected for analysis of research study. The results evince a strong correlation between trust and service-quality, and positive correlation between trust and risk. All the three factors are considered as a strong impact of online customer satisfaction
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