Document Type : Original Research Paper
Authors
1 MS.c. Student, , Management and Entrepreneurship Department, Faculty of Social Sciences, Economic and Accounting, Razi University, Kermanshah, Iran.
2 Assistant Professor, Department of Management and Entrepreneurship, Faculty of Social Sciences, Economic and Accounting, Razi University, Kermanshah, Iran.
3 Associate Professor, Department of Management and Entrepreneurship, Faculty of Social Sciences, Economic and Accounting, Razi University, Kermanshah, Iran.
Abstract
BACKGROUND AND OBJECTIVES: The most important feature of the present era is change, and nothing is permanent in today's world. These changes have also left their mark on the financial services sector, and the insurance industry should also welcome these major changes. Therefore, using insurance technologies to increase value and improve business can be recognized as a competitive advantage for insurance companies, and the suitability of these technologies with the product required by customers plays a significant role in how it affects this industry. Therefore, given the technological developments and rapid changes in customer behavior, insurers need to innovate and adapt to these changes, and startups with a new attitude and awareness of the challenges of the insurance industry can act as the main engines of transformation and development in this industry. However, a review of the background shows a theoretical gap in this area. Therefore, considering the importance of applying technology through insurance startups and the development of startups such as Azki, Bimah.com, Bimah Bazar, etc., this research seeks to answer the question of what factors affect the paradigmatic model of startup development in the insurance industry and how it is presented.
METHODS: This research was applied-developmental in terms of its purpose, descriptive-analytical in nature, and exploratory in type, and qualitative in terms of its research implementation method. The data of this research were obtained from first-hand data, including interviews, and second-hand data, including books, articles, documents, evidence, and published experiences. The study population consisted of insurance industry managers and experts, startup sector practitioners, and experienced relevant university professors within the country. The sampling method was purposeful, judgmental, and snowball. Data collection continued until theoretical saturation was achieved (14 people). The data collection tool was semi-structured interviews. Finally, the Strauss and Corbin method was used to analyze the findings. The analysis of the findings was conducted using the Strauss and Corbin coding method, which includes three coding stages: open coding, axial coding, and selective coding. Open coding is an analytical process through which concepts, identities, characteristics, and dimensions are discovered in the data. Axial coding involves integrating data that has been broken down in the open coding stage. In axial coding, one of the open coding categories will be selected as the central category or phenomenon and placed at the center of the process, and then the categories will be related to it. Finally, selective coding will complete the previous two coding stages by integrating and refining the categories into a theoretical framework. To verify the validity, the researcher self-reviewed methods, triangulation (asking a question in several ways and confirming key informants) were used. To verify the reliability, careful interview flow guidance methods were used to collect data.
FINDINGS: In this study, 53 open codes were classified into 15 concepts, and in the paradigmatic model, the development of insurance industry startups was selected as the central phenomenon. The results indicate that causal factors such as technological development and infrastructure, and technology commercialization affect the central phenomenon. Also, intervening and contextual factors, along with the central phenomenon, formed the strategies, and finally, the consequences of startup development, which included the growth and development of the insurance industry, improved productivity, economic and social development, and improved customer experience, were classified. Based on the results obtained, the following narrative can be presented: "Creating and developing technological infrastructures and applying and commercializing technology are among the factors that underlie the development of startups in the insurance industry. The strategies identified from this phenomenon include collaboration and networking, the creation and development of technological innovations, customer orientation, marketing, and organizational strategy and development, all influenced by factors such as digital transformation and risk management. Also, contextual factors such as external factors and internal factors of the startup affect the identified strategies. Ultimately, factors as growth and development of the insurance industry, improving productivity, economic and social development, and improving customer experience are among the important consequences of the development of startups in the insurance industry."
CONCLUSION: Startup development is one of the important topics in the insurance industry. Based on the paradigm model presented, the following suggestions can be made: using artificial intelligence algorithms to analyze individual data (e.g., medical history, driving habits, lifestyle) and provide personalized insurance offers; using blockchain to create smart insurance contracts that automatically pay out when certain conditions occur (e.g., flight delays, car damage); and designing and providing simple and affordable insurance products that are suitable for covering the financial risks of low-income populations (e.g., farmers, seasonal workers).
Keywords
Main Subjects
)
Letters to Editor
Send comment about this article