Document Type : Original Research Paper
Authors
1 Department of Business Management, NT.C, Islamic Azad University, Tehran, Iran.
2 Leadership and Human Capital Department, college of Management, Tehran University, Tehran, Iran.
3 Department of Business Administration, Faculty of Management and Accounting , Allameh Tabatabaei University, Tehran, Iran.
Abstract
BACKGROUND AND OBJECTIVES: In recent years, branding in service industries, including the insurance sector, has gained growing attention as a strategic instrument for achieving competitive differentiation, enhancing public trust, and improving overall organizational performance. Unlike tangible products, services—and particularly insurance—are highly intangible, complex, and often subject to uncertainty, which makes branding even more essential as a means of reducing customers’ perceived risks and increasing their confidence in service providers. In the context of Iran, where the penetration rate of insurance remains considerably lower than the global average, the importance of branding becomes more pronounced. Despite the growing recognition of branding in management literature, the insurance industry in Iran still lacks a comprehensive and localized conceptual framework that captures the unique economic, regulatory, and socio-cultural complexities of this sector. Existing approaches often remain superficial, focusing mainly on advertising or fragmented marketing campaigns, rather than addressing the deeper organizational, cultural, and institutional dimensions of branding. Hence, there is a pressing need for a holistic, theory-driven, and context-specific model to explain the branding process in the Iranian insurance industry. The main aim of this study is to design and articulate such a conceptual model by applying a qualitative approach and the grounded theory methodology, thereby filling a critical gap in both academic research and industry practice.
METHODS: To achieve this objective, the research employed a qualitative approach based on grounded theory, specifically following Glaser’s emergent methodology. Data were collected through semi-structured, in-depth interviews with 16 experts and practitioners in the insurance industry, including senior managers, marketing executives, brand consultants, policymakers, and researchers. Participants were selected through purposive and snowball sampling to ensure maximum relevance and diversity of perspectives. Interviews continued until theoretical saturation was reached, meaning no new themes or concepts were emerging from the data. The collected data were coded and analyzed using MAXQDA software in three systematic stages: open coding, axial coding, and selective coding. This iterative process allowed the researchers to move from raw interview transcripts to conceptual categories and finally to the construction of an integrative theoretical model. The grounded theory approach was considered appropriate because it allows for the generation of theory directly from empirical data, ensuring that the resulting framework is firmly rooted in the lived experiences of industry stakeholders rather than being imposed from existing but potentially irrelevant theories.
FINDINGS: The analysis resulted in the identification of 175 final codes during the open coding stage. These codes were further synthesized and grouped into 52 main concepts, 20 subcategories, and ultimately 6 core categories. The findings revealed that branding in the insurance industry is shaped by a complex interplay of causal, intervening, and contextual conditions. Causal conditions include factors such as shifts in customer behavior, growing distrust toward insurance companies due to negative past experiences, macroeconomic instability, and the absence of an overarching branding framework at the industry level. Intervening conditions highlight the enabling or constraining role of organizational resources, particularly financial and technological capacities, managerial support, and the internal capabilities of insurance firms. Contextual conditions emphasize the broader institutional and cultural environment, such as restrictive regulations, inconsistent government policies, structural barriers within firms, and weak societal awareness of insurance as a value-creating mechanism.
CONCLUSION: The results indicate that adopting appropriate strategies in insurance branding can lead to positive economic outcomes such as increasing insurance penetration rates, boosting the share of insurance in the gross domestic product, and ensuring organizational sustainability. On the socio-cultural side, the findings highlight the creation of competitive differentiation, reduced price sensitivity, and the transformation of the brand into a trusted market reference. Overall, this research shows that branding in the insurance industry is a multidimensional and interdisciplinary process, shaped by environmental and organizational factors, and plays a pivotal role in enhancing the position of insurance companies and strengthening the role of insurance in the national economy. It is recommended that insurance managers enhance their brand positioning by establishing specialized branding units, fostering a participatory organizational culture, and leveraging modern technologies (CRM, data mining, and digital marketing). Among the limitations of this study were difficulties in accessing certain key experts and challenges in analyzing the highly volatile insurance market environment in Iran. Moreover, the study’s focus on the insurance industry may restrict the generalizability of its findings to other service sectors. Future research is suggested to adopt a comparative approach across different service industries or to conduct broader field studies in order to develop or validate similar models.
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