A Comprehensive Review of Driving Style Evaluation Approaches and Product Designs Applied to Vehicle Usage-Based Insurance

Vehicle insurance is a very important source of income for insurance companies, and it is closely related to the driving style performed by driving behavior. Different driving styles can better reflect the driving risk than the number of violations, claims, and other static statistic data. Subdivide the vehicle insurance market according to the personal characteristics and driving habits of the insured vehicles, and studying the personalized vehicle insurance products, will help the insurance companies to improve their income, help the drivers to change their bad driving habits, and thus help to realize the healthy development of the vehicle insurance industry. In the past 20 to 30 years, more and more insurance companies around the world have launched vehicle usage-based insurance (UBI) products based on driving style analysis. However, up to now, there are few comprehensive reports on commercial vehicle UBI products and their core driving risk assessment methods. On the basis of literature indexing on the Web of Science and other academic platforms by using the keywords involved in vehicle UBI, over 100 relevant works of literature were screened in this paper, and a detailed and comprehensive discussion on the driving style evaluation methods and the design of commercial vehicle UBI products during the past 20 to 30 years has been made, hoping to get a full understanding of the possible factors affecting driving style and the collectible data that can reflect these factors, and to get a full grasp of the developing status, challenges and future trends in vehicle insurance branch of the Internet of Vehicles (IoV) industry.