Abstract
Background: Warranty shares similarities with insurance in many aspects. Research on insurance data analysis has attracted much more attention than on warranty data analysis.
Objective: This paper aims to provide a general comparison between warranty and insurance in terms of their coverages, policies and data collection.
Method: The paper reviews existing approaches to insurance data analysis with regard to modelling of claim frequency, modelling of claim size and policy pricing. Some recent patents relating to statistical models are also discussed.
Results: The paper concludes with suggestions for improving warranty data analysis.
Conclusion: Copulas are becoming more widely used in insurance data analysis than in warranty data analysis. The paper suggests some aspects in which copulas can be utilised in improving warranty data analysis.
Keywords: Insurance claim, warranty claim, statistical modelling.
Graphical Abstract
Call for Papers in Thematic Issues
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Advanced materials for energy production, transmission, and utilization
Hydrogen storage and production materials: Developing high-performance hydrogen generation and storage materials, as well as researching the mechanism of hydrogen-material interaction. The emphasis for supercapacitors is on carbon-based materials derived from various biomass carbonization methods, as well as carbon-containing electrode materials such as metal sulfide, oxides, and other similar compounds. ...read more
Advancements in Machine Learning for Medical Applications in Material Science
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Computational Methods in Engineering
In recent decades, computational methods have revolutionized the field of engineering, playing a pivotal role in enhancing efficiency, accuracy, and innovation across various disciplines. This proposed thematic issue aims to explore and showcase the latest advancements, challenges, and applications of computational methods in engineering. As technology continues to evolve, computational ...read more
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