The collaborative filtering (CF) recommendation algorithm predicts the purchases of specific users based on their characteristics and purchase history. This study empirically analyzes the possibility of applying CF to the insurance industry using real customer data from South Korea. Using three different CF models, we examined the relevance of applying the CF model to insurance products under various situations by comparing them with logistic-regression-based recommendation models. Through experiments, we empirically show that CF models apply to the insurance industry, especially when customer purchase information is added to the model.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.