Reducing delivery insurance costs through risk score model for food delivery company

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dc.contributor.authorPanham, Diogo Silva
dc.contributor.authorLouzada, Francisco
dc.contributor.authorRamos, Pedro L.
dc.date.accessioned2025-01-20T16:14:24Z
dc.date.available2025-01-20T16:14:24Z
dc.date.issued2024
dc.description.abstractIn this paper, we propose a novel pricing model for delivery insurance in a food delivery company in Latin America, with the aim of reducing the high costs associated with the premium paid to the insurer. To achieve this goal, a thorough analysis was conducted to estimate the probability of losses based on delivery routes, transportation modes, and delivery drivers' profiles. A large amount of data was collected and used as a database, and various statistical models and machine learning techniques were employed to construct a comprehensive risk profile and perform risk classification. Based on the risk classification and the estimated probability associated with it, a new pricing model for delivery insurance was developed using advanced mathematical algorithms and machine learning techniques. This new pricing model took into account the pattern of loss occurrence and high and low-risk behaviors, resulting in a significant reduction of insurance costs for both the contracting company and the insurer. The proposed pricing model also allowed for greater flexibility in insurance contracting, making it more accessible and appealing to delivery drivers. The use of estimated loss probabilities and a risk score for the pricing of delivery insurance proved to be a highly effective and efficient alternative for reducing the high costs associated with insurance, while also improving the profitability and competitiveness of the food delivery company in Latin America.
dc.fuente.origenWOS
dc.identifier.doi10.1038/s41598-024-57548-3
dc.identifier.issn2045-2322
dc.identifier.urihttps://doi.org/10.1038/s41598-024-57548-3
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/90439
dc.identifier.wosidWOS:001223110500060
dc.issue.numero1
dc.language.isoen
dc.revistaScientific reports
dc.rightsacceso restringido
dc.subjectDelivery insurance
dc.subjectInsurance costs
dc.subjectMachine learning
dc.subjectRisk classification
dc.subject.ods08 Decent Work and Economic Growth
dc.subject.odspa08 Trabajo decente y crecimiento económico
dc.titleReducing delivery insurance costs through risk score model for food delivery company
dc.typeartículo
dc.volumen14
sipa.indexWOS
sipa.trazabilidadWOS;2025-01-12
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