Recent Findings in Machine Learning Described by Researchers from Hangzhou Dianzi University (Driving Risk Prevention In Usage-based Insurance Services Based On Interpretable Machine Learning and Telematics Data): Machine Learning

2023 SEP 13 (NewsRx) -- By a News Reporter-Staff News Editor at Disease Prevention Daily -- New research on Machine Learning is the subject of a report. According to news originating from Hangzhou, People’s Republic of China, by NewsRx correspondents, research stated, “Usage-based insurance (UBI) adjusts premiums based on an individual policyholder’s dynamic risk evaluation, incentivizing policyholders to maintain safe driving behavior in pursuit of a lower insurance premium. Although post-trip interventions can improve driving behavior significantly, most interventions do not provide risk mitigation strategies tailored to long-term driving behavior.”

Financial support for this research came from National Natural Science Foundation of China (NSFC).

Our news journalists obtained a quote from the research from Hangzhou Dianzi University, “This study proposes a novel approach for driving risk prevention in UBI services, providing risk analysis services and tailoring driving suggestions for policyholders. Advanced prediction models and model interpretation methods were adopted to assess and analyze personal driving risks, respectively. A multi-objective counterfactual model was developed to generate risk mitigation strategies for policyholders. The significance of driving behavior in risk mitigation and its actionability were assessed to provide realistic and actionable suggestions for policyholders.”

According to the news editors, the research concluded: “The case study, based on a real dataset from an insurance company in China, showed that the proposed approach can be directly embedded in the existing UBI service framework to provide personalized feedback and services to policyholders.”

This research has been peer-reviewed.

For more information on this research see: Driving Risk Prevention In Usage-based Insurance Services Based On Interpretable Machine Learning and Telematics Data. Decision Support Systems, 2023;172. Decision Support Systems can be contacted at: Elsevier, Radarweg 29, 1043 Nx Amsterdam, Netherlands. (Elsevier - www.elsevier.com; Decision Support Systems - http://www.journals.elsevier.com/decision-support-systems/)

The news correspondents report that additional information may be obtained from Xing-Gang Luo, Hangzhou Dianzi University, School of Management, Hangzhou, People’s Republic of China. Additional authors for this research include Hong-Jie Li, Zhong-Liang Zhang, Shen-Wei Huang and Wei Jiang.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1016/j.dss.2023.113985. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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