ULME: How will telematics and driving data change ratemaking in automobile insurance?

Ort : Universität Ulm, Helmholtzstraße 18, Raum 1.20

Das Institut für Wirtschaftswissenschaften lädt herzlich zum nächsten Vortrag in diesem Wintersemester innerhalb des Forschungsseminars ULME ein. 

Der Vortrag findet am Donnerstag, 05. Dezember,  16:15 - 17:15 Uhr (Raum  120, Helmholtzstrasse 18) statt. Den Vortrag mit dem Titel „How will telematics and driving data change ratemaking in automobile insurance?“ hält Montserrat Guillen. Sie hat hat einen Lehrstuhl am Department für Ökonometrie der Universität Barcelona und ist Direktorin des Riskcenters der Universität Barcelona, einer Forschungsgruppe zu Versicherungs- und Finanzrisiken.

 

Das weitere ULME Programm für dieses Semester finden Sie wie gewohnt hier: http://www.uni-ulm.de/mawi/mawi-wiwi/forschung-und-lehre/forschungsseminar-ulme/

 

 

Abstract:

 

Many insurance companies collect telematics data about drivers’ exposure to traffic (i.e. distance driven and type of road) and their driving behaviour (excess speed and aggressiveness). This information can improve the insurance ratemaking process and increase driving safety. After analysing telematics information on exposure to risk and driving habits from a Pay-as-you-Drive sample of insureds, we will review the methods for pricing and we will revise three key findings: (1) There is a learning effect for large values of distance travelled, which impacts the way pay-per-mile schemes should be designed. (2) Advanced driver assistance systems are expected to contribute to a lower frequency of motor accidents. (3) Inertial measurement units collect large streams of data, but the challenge is to extract valuable knowledge from these data. We will discuss how data analytics can be used to design better insurance products.