BUSINESS INTELLIGENCE MODEL FOR MULTIDIMENSIONAL ANALYSIS OF THE INSURANCE MARKET BASED ON OPEN DATA
Abstract:This paper explores the role of open data and business intelligence (BI) in analyzing the insurance market, with a specific focus on Bosnia and Herzegovina. Using available vehicle registration data, a system has been developed that enables territorial and temporal analysis of insurance companies’ market shares. The system contributes to making informed business decisions through an overview of key indicators, such as the number of policies issued, changes compared to previous periods, and the geographic distribution of the market. The use of open data has enhanced transparency, accessibility, and repeatability of analysis, thereby encouraging broader adoption of analytical tools. The system does not require advanced analytical knowledge from users but facilitates result interpretation through visual indicators and automated reports. In addition to presenting the existing solution, the paper proposes expanding the system through the application of artificial intelligence, including predictive analysis, market segmentation and identification of customer churn risk. The proposed model shows how open data can serve as the basis for powerful BI systems, accessible even to smaller organizations, with the potential for wider application in the public sector, industry and scientific research. This paves the way for intelligent business analytics that support strategic decision-making, improve efficiency, and promote the development of data-driven practices.
Keywords: business intelligence, artificial intelligence, open data, analytics, insurance
