The function of competitive intelligence in South African insurance post-COVID-19 outbreak
South African Journal of Information Management
| Field | Value | |
| Title | The function of competitive intelligence in South African insurance post-COVID-19 outbreak | |
| Creator | Maluleka, Mpho L. Chummun, Bibi Z. | |
| Description | Background: Competitive intelligence (CI) involves monitoring competitors and providing organisations with actionable and meaningful intelligence. Some studies have focussed on the role of CI in other industries post-COVID-19 pandemic.Objectives: This article aims to examine the impact of COVID-19 on the South African insurance sector and how the integration of CI and related technologies can sustain the South African insurance sector post-COVID-19 epidemic.Method: Qualitative research with an exploratory-driven approach was used to examine the impact of the COVID-19 pandemic on the South African insurance sector. Qualitative secondary data analyses were conducted to measure insurance claims and death benefits paid during the COVID-19 pandemic.Results: The research findings showed that the COVID-19 pandemic significantly impacted the South African insurance industry, leading to a reassessment of pricing, products, and risk management. COVID-19 caused disparities in death benefits and claims between provinces; not everyone was insured. Despite challenges, South African insurers remained well-capitalised and attentive to policyholders. Integrating CI and analytical technologies could enhance the flexibility of prevention, risk management, and product design.Conclusion: COVID-19 requires digital transformation and CI for South African insurers’ competitiveness. Integrating artificial intelligence (AI), big data (BD), and CI enhances value, efficiency, and risk assessments.Contribution: This study highlights the importance of integrating CI strategies and related technologies into South African insurance firms’ operations to aid in their recovery from the COVID-19 crisis. It addresses a research gap and adds to academic knowledge in this area. | |
| Publisher | AOSIS | |
| Date | 2024-01-19 | |
| Identifier | 10.4102/sajim.v26i1.1738 | |
| Source | South African Journal of Information Management; Vol 26, No 1 (2024); 13 pages 1560-683X 2078-1865 | |
| Language | eng | |
| Relation |
The following web links (URLs) may trigger a file download or direct you to an alternative webpage to gain access to a publication file format of the published article:
https://sajim.co.za/index.php/sajim/article/view/1738/2583
https://sajim.co.za/index.php/sajim/article/view/1738/2584
https://sajim.co.za/index.php/sajim/article/view/1738/2585
https://sajim.co.za/index.php/sajim/article/view/1738/2586
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