Document Type : Original Research Paper
Authors
1 PhD in business management, Insurance Research Center,Tehran,Iran.
2 Ph.D. in Knowledge and Information Science, Director of the Library, Academic Documents, and Publications Department at Insurance Research Center,Tehran,Iran.
Abstract
BACKGROUND AND OBJECTIVES: The insurance industry, as one of the vital and important pillars of every country's economy, has always faced various challenges, including increased competition, the complexity of risk management, and changes in customer behavior and needs over time. The introduction of new information and communication technologies, as well as the use of up-to-date technologies, has provided new opportunities for the transformation of the insurance industry. With the rapid advancement of digital technologies and increasing competition in the insurance industry, insurtechs and insurance startups are emerging as key players in providing innovative services and playing a vital role in improving customer experience and providing more efficient services to policyholders. However, the success of insurance startups and their operationalization depends on the proper design and implementation of appropriate strategies in various areas of new technologies. The present study aims to identify and prioritize key strategies for implementing InsurTech in insurance startups in the dimensions of data and information exchange, market and customer, competition and differentiation, technology and infrastructure, business model, operations and organization, and risk and compliance.
METHODS: The research method of the present study is of an applied type in terms of purpose and of a descriptive-analytical type in terms of the nature of the research. The research methodology is a mixed approach (qualitative-quantitative) And in the qualitative stage, effective strategies for implementing InsurTech in insurance startups were identified through an extensive review of specialized theoretical literature in the fields of insurance and new technologies related to the insurance industry, as well as through interviews with experts, including insurance startup managers, senior insurance technology experts, and insurance company managers and specialists. In the quantitative phase, using the Analytic Hierarchy Process (AHP) technique and multi-criteria decision-making tools, the strategies identified from the qualitative phase were prioritized based on importance, feasibility, and impact on the success of startups.
FINDINGS: The results of the research show that, in line with the research objectives and using qualitative analysis, seven key strategies were identified based on the experts' opinions: data and information exchange, technology and infrastructure, market and customer competition and differentiation, business model, operations and organization, and risk and compliance. On the other hand, according to one of the other objectives of the present study, prioritization of identified key strategies has been carried out based on the analytic hierarchy process technique. Based on the ranking, data and information exchange strategies, technology, and infrastructure play the greatest role in implementing InsurTech in insurance startups. In addition, competitive and differentiation, market and customer strategies, as well as increasing customer loyalty and increasing the speed of response to market changes, play a significant role. On the other hand, business model, operations and organization strategies, as well as risk and compliance, have a less important role and importance in the implementation of InsurTech in insurance startups.
CONCLUSION: Digital transformation has fundamentally changed the insurance industry in recent years. Insurtech, as a combination of new technologies and insurance services, plays a significant role in developing innovative products, improving customer experience, reducing costs, and increasing operational efficiency. Insurance startups, as pioneers in this field, need to adopt coherent and coordinated strategic approaches to succeed. Identifying and prioritizing key strategies helps insurance startups allocate their resources optimally and effectively, make more effective strategic decisions, and pave the way for sustainable growth and development and creating competitive advantage. A simultaneous focus on technology and infrastructure, business model innovation, data and customer management, and risk adaptation provides the foundation for long-term success and differentiation in the competitive insurance market. The research results show that Insurtech implementation strategies lead to effective results when they are implemented in an integrated, phased manner, and in proportion to the strength and capacity of insurance startups.CONCLUSION: Digital transformation has fundamentally changed the insurance industry in recent years. Insurtech, as a combination of new technologies and insurance services, plays a significant role in developing innovative products, improving customer experience, reducing costs, and increasing operational efficiency. Insurance startups, as pioneers in this field, need to adopt coherent and coordinated strategic approaches to succeed. Identifying and prioritizing key strategies helps insurance startups allocate their resources optimally and effectively, make more effective strategic decisions, and pave the way for sustainable growth and development and creating competitive advantage. A simultaneous focus on technology and infrastructure, business model innovation, data and customer management, and risk adaptation provides the foundation for long-term success and differentiation in the competitive insurance market. The research results show that Insurtech implementation strategies lead to effective results when they are implemented in an integrated, phased manner, and in proportion to the strength and capacity of insurance startups.
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