Providing personalized recommendations for insurance products is particularly challenging due to the intrinsic and distinctive features of the insurance domain. First, unlike more traditional domains like retail, movie and so on, a large amount of user feedback is not available and the item catalog is smaller. Second, due to the higher complexity of products, the majority of users still prefer to complete their purchases over the phone instead of online. We present different recommender models to address such data scarcity in the insurance domain. We use recurrent neural networks with three different types of loss functions and architectures (cross-entropy, censored Weibull, and attention). Our models cope with data scarcity by learning from multiple sessions and different types of user actions. Moreover, differently from previous session-based models, our models learn to predict a target action that does not happen within the session. Our models outperform state-of-the-art baselines on a real-world insurance dataset, with ca. 44K users, 16 items, 54K purchases, and 117K sessions. Moreover, combining our models with demographic data boosts the performance. Analysis shows that considering multiple sessions and several types of actions are both beneficial for the models, and that our models are not unfair with respect to age, gender, and income.

While recommender systems with multi-modal item representations (image, audio, and text), have been widely explored, learning recommendations from multi-modal user interactions (e.g., clicks and speech) remains an open problem. We study the case of multi-modal user interactions in a setting where users engage with a service provider through multiple channels (website and call center). In such cases, incomplete modalities naturally occur, since not all users interact through all the available channels. To address these challenges, we publish a real-world dataset that allows progress in this under-researched area. We further present and benchmark various methods for leveraging multi-modal user interactions for item recommendations, and propose a novel approach that specifically deals with missing modalities by mapping user interactions to a common feature space. Our analysis reveals important interactions between the different modalities and that a frequently occurring modality can enhance learning from a less frequent one.

The FinRec workshop series offers a central forum for the study and discussion of the domain-specific aspects, challenges, and opportunities of RecSys and other related technologies in the financial services domain. Six years after the second edition of the workshop, the recent advances in the area of personalization and recommendation in financial services fostered the need for a new workshop aiming at bringing together researchers and practitioners working in financial services-related areas. Accordingly, the third edition of the event aims to: (1) understand and discuss open research challenges, (2) provide an overview of existing technologies using recommender systems in the financial services domain, and (3) provide an interactive platform for information exchange between industry and academia.

While personalised recommendations are successful in domains like retail, where large volumes of user feedback on items are available, the generation of automatic recommendations in data-sparse domains, like insurance purchasing, is an open problem. The insurance domain is notoriously data-sparse because the number of products is typically low (compared to retail) and they are usually purchased to last for a long time. Also, many users still prefer the telephone over the web for purchasing products, reducing the amount of web-logged user interactions. To address this, we present a recurrent neural network recommendation model that uses past user sessions as signals for learning recommendations. Learning from past user sessions allows dealing with the data scarcity of the insurance domain. Specifically, our model learns from several types of user actions that are not always associated with items, and unlike all prior session-based recommendation models, it models relationships between input sessions and a target action (purchasing insurance) that does not take place within the input sessions. Evaluation on a real-world dataset from the insurance domain (ca. 44K users, 16 items, 54K purchases, and 117K sessions) against several state-of-the-art baselines shows that our model outperforms the baselines notably. Ablation analysis shows that this is mainly due to the learning of dependencies across sessions in our model. We contribute the first ever session-based model for insurance recommendation, and make available our dataset to the research community.

While personalised recommendations have been most successful in domains like retail due to large volume of users’ feedback on items, it is challenging to implement traditional recommender systems into the insurance domain where such prior information is very small in volume. This work addresses the problem of sparse feedback by studying users’ click sessions as signals for learning insurance recommendations. Our preliminary results show limitations in representing click sessions by manually engineered features. The proposed framework uses an autoencoder approach to automatically learns representation of sessions, then a neural network approach to model dependencies across sessions that can be used to predict recommendations. Thereby, it is further able to capture users’ dynamic needs of insurance products evolving over time.