The challenge for Product Recall Insurance companies and their policyholders to manually explore their customer product’s defects from online customer reviews (OCR) delays product risk analysis and product recall recovery processes. In today's product life cycle, product recall events happen almost every day and there is no practical method to automatically transfer the massive amount of valuable online customer reviews, such as defect information, performance issue, and serviceability feedback, to the Product Recall Insurance team as well as their policyholders’ engineers to analyze the product risk and evaluate their premium. This lack of early risk analysis and defect detection mechanism often increases the risks of a product recall and cost of claims for both the insurers and policyholder, potentially causing billions of dollars in economic loss, liability resulting from the bodily injury, and loss of company credibility. This research explores two different kinds of Recurrent Neural Network (RNN) models and one Latent Dirichlet Allocation (LDA) topic model to extract product defect information from OCRs. This research also proposes a novel approach, combined with RNN and LDA models, to provide the insurers and the policyholders with an early view of product defects. The proposed approach first employs the RNN models for sentiment analysis on customer reviews to identify negative reviews and reviews that mention product defects, then applies the LDA model to retrieve a summary of key defect insight words from these reviews. Results of this research show that both the insurers and the policyholders can discover early signs of potential defects and opportunities for improvement when using this novel approach on eight of the bestselling Amazon home furnishing products. This combined approach can locate the keywords of these products’ defects and issues that customers mentioned the most in their OCRs, which allows the insurers and the policyholders to take required mitigation actions earlier, proactively stop the diffusion of the detective products, and hence lower the cost of claim and premium.
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