Document Type : Original Research Paper

Authors

• Alireza Hadi ¹
• Hasan Boudlaie ²
• Alireza Koushkie ³

¹ PhD Student, Department of Management and Accounting, Islamic Azad University (Roudehen Branch), Tehran, Iran.

² Professor, Department of Management, Tehran University, (International Kish Pardis), Tehran , Iran.

³ Professor, Department of Management and Accounting, Allameh Univercity, Tehran, Iran.

Abstract

BACKGROUND AND OBJECTIVES: The insurance industry, as one of the fundamental pillars of the country’s financial and economic system, plays an irreplaceable role in ensuring the security and safety of economic activities, reducing individual and organizational risks, and providing peace of mind for policyholders. Beyond its direct contribution to economic stability, this industry indirectly fosters investment growth, encourages production, and supports high-risk activities. Despite such a vital position, the performance of the insurance industry is heavily dependent on the quality of human capital and the professional competencies of its workforce. Global experience and numerous studies have shown that in financial industries, the most important factor in building customers’ trust and ensuring organizational sustainability is the professional competency of key employees and managers. Nevertheless, a review of domestic and international research reveals that many existing competency models lack several qualities. These include insufficient validity, an overemphasis on correlations between competency variables and managerial performance, and a retrospective orientation of the models. In other words, such models rarely focus on identifying the competencies required for the future needs of organizations. In Iran, too, the regulations concerning the professional competencies of key employees in the insurance industry emphasize educational qualifications and work experience rather than actual capabilities and skills. This has led to inefficient appointments, subjective and preference-based selections, and reduced motivation among qualified specialists to enter the insurance industry. Consequently, the necessity of designing a comprehensive, scientific, and localized model to identify and assess the professional competencies of key employees in Iran’s insurance industry has become increasingly evident.
METHODS: This study adopted a mixed-methods approach, comprising both qualitative and quantitative phases, in order to benefit from the strengths of each method. In the qualitative phase, the statistical population consisted of insurance industry experts and related academics. Using the snowball sampling technique, 15 experts were selected. Data were collected through semi-structured interviews and analyzed using thematic analysis. At this stage, the researcher first reviewed and coded the data, then grouped similar or related codes into organizing themes. Ultimately, 39 initial codes were extracted and classified into 18 organizing themes and four overarching themes. In the quantitative phase, the statistical population included key employees of Iranian insurance companies. To enhance accuracy and generalizability, a sample of 88 employees was selected using simple random sampling. The data collection instrument was a researcher-developed questionnaire, which was refined based on expert feedback and confirmed for content validity. The reliability of the questionnaire was calculated using Cronbach’s alpha and found to be 0.89, indicating good reliability. Data analysis in this phase was conducted using Partial Least Squares (PLS) through SmartPLS software, which allowed for the simultaneous examination of variable relationships and the validation of the conceptual model.
FINDINGS:
The qualitative results showed that the main dimensions of professional competencies of key employees in the insurance industry consist of four areas: individual competency (ability to evaluate and select technology, use artificial intelligence algorithms, ensure data security, and participate in research), interpersonal competency (conflict management, effective communication, negotiation and persuasion, and emotional intelligence), functional competency (time management, data management, decision-making and problem-solving, change management, and human resource management), and organizational competency (strategic planning, effective leadership, performance monitoring and control, market analysis, and marketing). In the quantitative phase, all relationships in the fitted model were statistically significant; specifically, the t-values for the paths were greater than 1.96, and the significance levels were reported to be less than 0.05, confirming the validity of the final model. The analysis of effect sizes further indicated that competencies such as decision-making and problem-solving, and effective leadership had the greatest influence, while competencies such as cybersecurity and participation in research projects ranked lower in importance.
CONCLUSION: By presenting a localized and validated model of professional competencies for key employees in the insurance industry, this study offers several theoretical and practical contributions. From a theoretical perspective, the research addresses a gap in the domestic literature by providing a comprehensive framework that incorporates individual, interpersonal, functional, and organizational competencies. From a practical standpoint, the final model provides managers and policymakers in the insurance industry with a scientific, competency-based framework for recruitment, selection, training, performance evaluation, and succession planning. Moreover, the model serves as a foundation for designing targeted training programs, enhancing human resource development, improving customer satisfaction, and strengthening the competitive advantage of insurance companies at both national and international levels. Although the study faced limitations such as a relatively small sample size and difficulties in accessing some experts, its findings can inspire future research to develop broader, more forward-looking models using larger datasets. Overall, the results highlight that the success of the insurance industry depends on a systematic focus on the professional competencies of its key employees. The implementation of such models can pave the way for a more sustainable and competitive future for the industry.

Keywords

• Human Resource Management
• Insurance industry
• Key employees
• Professional competencies

Main Subjects

• Industrial organization of insurance markets