Document Type : Original Research Paper

Authors

• H. Aghazadeh ¹
• Gh. Mahdavi ²
• A.R. Elahi Choren ¹

¹ Department of Marketing Management and Business Strategy Training, Faculty of Management, University of Tehran, Tehran, Iran

² Department of Insurance, Eco Insurance Institute of Higher Education, Allameh Tabatab’i University, Tehran, Iran

Abstract

The effective companies in the Iranian insurance industry have a strong competition disregarding especial components and the importance of a service industry. This has made a red ocean in the insurance industry. Hence, it is necessary to follow innovation strategies and to reduce or eliminate unnecessary activities in order to focus on the real demands of the costumers. This will create value innovation which will facilitate any access to the blue ocean industry. In this descriptive-survey study, the performances of some active companies in the insurance industry have been investigated in terms of convenience, internet services, relational quality, quality of services, brand, physical evidence, price, and creativity using One Sample T-Test, Analysis of Variance (ANOVA), Tukey, and LSD.
Then, utilizing the Strategy Canvas and Four Actions Framework as the tools of blue ocean strategy, the innovation strategy in the insurance industry has been investigated The results indicated that the dimensions of internet services, physical evidence, and creativity have incompetent performance and active companies of the insurance industry have similar performance in all dimensions but the physical evidence. Next, to obtain blue ocean of Iranian insurance industry in terms of Four Actions Framework, four actions of creating, raising, reducing, and eliminating have been characterized.