Evaluation of Competitive Intelligence Using a Machine Learning Approach in the Insurance Industry
Keywords:
Competitive Intelligence, Machine Learning, Insurance IndustryAbstract
This systematic review article examines the role of competitive intelligence and machine learning in the insurance industry. Given the rapid advancements in information technology and the increasing need for accurate strategic decision-making in the face of intensifying competition, competitive intelligence has emerged as a vital tool for data analysis and predicting competitor behavior in this sector. This study analyzes various methods of applying machine learning to process both structured and unstructured data within the insurance industry and explores the associated challenges and opportunities. The article first analyzes the fundamental concepts of competitive intelligence and developments in information technology in this domain. It then investigates the challenges and requirements of the insurance industry in utilizing advanced data analytics techniques, including machine learning. The findings indicate that integrating machine learning with competitive intelligence can assist insurance companies in conducting large-scale data analysis, thereby enabling more accurate predictions of competitor behavior and market trends. Moreover, the article identifies existing research gaps and presents a conceptual model for the application of competitive intelligence in the insurance industry, offering recommendations for future research and practical applications for insurance industry managers.
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