Original Research Paper
Comparative studies in the field of insurance
Mozhdeh Shokri; Saba Amiri; Bijan Rezaee
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 ...
Read More
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).
Original Research Paper
Future research in the insurance industry
Seyed Mojtaba Karimi; Seyed Najmeddin Mousavi; Hojat Vahdati; Reza Sepahvand
Abstract
BACKGROUND AND OBJECTIVES: In the current era of digital transformation and data dominance, knowledge has emerged as one of the most valuable and strategic resources alongside traditional organizational assets such as capital, labor, and technology. Businesses across various sectors increasingly recognize ...
Read More
BACKGROUND AND OBJECTIVES: In the current era of digital transformation and data dominance, knowledge has emerged as one of the most valuable and strategic resources alongside traditional organizational assets such as capital, labor, and technology. Businesses across various sectors increasingly recognize that sustainable competitive advantage no longer depends solely on tangible assets, but on the effective creation, sharing, and application of knowledge. Within this broader context, the cooperative sector—explicitly recognized as one of the three fundamental components of the national economy according to the IR Constitution—holds a distinctive position. Cooperatives play a vital role in promoting social equity, community participation, and inclusive economic growth.At the same time, the insurance industry has become a key mechanism for managing and mitigating diverse types of risks faced by individuals, organizations, and economic sectors. Insurance provides not only financial protection but also a framework for stabilizing enterprises and promoting sustainable development through risk pooling and redistribution. Given these overlapping concerns, this paper seeks to introduce a market-based knowledge management model as a fundamental component for the development of the cooperative sector, while simultaneously integrating the risk coverage functions of the insurance industry into the conceptual framework. The overarching objective is to explore how knowledge-based management practices—when aligned with market dynamics and supported by insurance mechanisms—can contribute to the sustainable growth and resilience of cooperative enterprises.METHODS: This research adopts an applied and exploratory approach, reflecting its dual focus on both theoretical model-building and practical implications for organizations. To gather in-depth qualitative data, semi-structured interviews were conducted with key professionals and industry experts. These interviews provided rich insights into the intersection between knowledge management, cooperative development, and insurance-based risk management.The collected data were analyzed using the ATLAS.ti software and processed according to the Strauss and Corbin grounded theory methodology, which includes open, axial, and selective coding phases. This approach allowed the researchers to extract, categorize, and connect the core dimensions and subcomponents of the model in a systematic manner. Sampling was conducted purposefully, targeting individuals with substantial expertise in the business and cooperative domains, particularly those possessing experience in the insurance industry. A total of twelve (12) semi-structured interviews were performed with senior experts, managers, and practitioners who have worked in both cooperative organizations and insurance institutions. The diversity of their backgrounds ensured that the resulting model captured multiple perspectives across managerial, operational, and policy-making levels.FINDINGS: The findings of this study reveal that risk management and the utilization of insurance capacities occupy a central place among the structural factors influencing the implementation of market-based knowledge management within cooperatives. The data analysis identified a complex network of causal, contextual, and intervening variables shaping the success of such initiatives. From a causal perspective, the study highlighted managerial support for knowledge implementation, the overall knowledge level and competency of managers, human resource management strategies, and the existence of strategic managerial planning for the execution of knowledge management systems as critical drivers. Moreover, several intervening factors were identified, including organizational restructuring and adaptation, the development of formal and informal social networks, the promotion of structural professionalism, the cultivation of a participatory culture, the strengthening of value-based governance, and the creation of organizational trust. Finally, contextual factors influencing the effective implementation of the model comprised the provision of adequate facilities and infrastructure, financial support for the continual updating of organizational knowledge, and the fair and transparent distribution of resources within the cooperative framework. Overall, the results underscore that an integrated approach—one that connects knowledge management processes, market mechanisms, and insurance-based risk management—can significantly enhance organizational learning, reduce vulnerabilities, and promote innovation within the cooperative sector.CONCLUSION: The proposed model offers a comprehensive framework that can strengthen the role and share of cooperatives in the national economy. By embedding insurance-related risk management practices into a knowledge-driven system, cooperatives can better ensure the stability and sustainability of their enterprises. The synergy between knowledge management and insurance allows cooperatives to anticipate potential risks, design preventive strategies, and allocate resources more efficiently. In conclusion, this research demonstrates that it is possible to design and implement a knowledge management model tailored specifically for the cooperative sector, where the insurance industry’s contribution is explicitly integrated. Such a model not only enhances organizational performance but also reinforces resilience against market uncertainties and operational risks. Consequently, the framework can serve as a guiding tool for policymakers, managers, and practitioners seeking to leverage the dual power of knowledge and insurance to foster sustainable economic development within the cooperative ecosystem. By emphasizing both theoretical and practical dimensions, the study provides a foundation for future empirical research on the interaction between knowledge management and risk governance. It also encourages decision-makers to view knowledge as a strategic economic asset and to utilize insurance mechanisms as a means of safeguarding and expanding that asset. Ultimately, this integrative approach can contribute to the broader goal of achieving inclusive, knowledge-based, and risk-resilient growth across all segments of the cooperative economy.
Original Research Paper
Comparative studies in the field of insurance
Mehdi Molaei
Abstract
BACKGROUND AND OBJECTIVES: With the increasing frequency and severity of natural disasters such as earthquakes, floods, storms, and wildfires, the need for effective and efficient insurance coverage to compensate for damages to individuals and property is increasingly felt. In many countries, including ...
Read More
BACKGROUND AND OBJECTIVES: With the increasing frequency and severity of natural disasters such as earthquakes, floods, storms, and wildfires, the need for effective and efficient insurance coverage to compensate for damages to individuals and property is increasingly felt. In many countries, including Iran, natural disaster insurance is recognized as a key tool for risk management and reducing the financial burden of such disasters. However, numerous challenges in the field of natural disaster coverage, including the limitations of the insurer's responsibilities and obligations, weaknesses in insurance contracts, and the like, can affect the efficiency of insurance systems. Therefore, the main objective of this study is to identify the responsibilities of insurers in fulfilling their obligations and paying for damages resulting from natural disasters and the related challenges.METHODS: To analyze the responsibilities of insurers for damages caused by natural disasters, existing legal texts, including jurisprudential, legal books, and published domestic and foreign articles, were studied. Accordingly, the method of this article was library-based, analytical, and descriptive. First, the jurisprudential and legal foundations and the responsibility of insurers for damages caused by natural disasters were examined, and then the provision of insurance services and the legal challenges faced by insurers in paying damages caused by natural disasters in various countries, including Iran, the United States, the United Kingdom, France, and some other countries, were analyzed.FINDINGS: The analysis reveals substantial legal and operational disparities in how insurer liability for natural disasters is legislated and implemented. In Iran, while Articles 19 to 22 of the Insurance Law stipulate that the insurer's fundamental obligation is to compensate for damages incurred based on the specific terms stipulated in the contract, this framework is often inadequate due to its optional nature regarding comprehensive disaster coverage. Despite the existence of Article 953 of the Civil Code (concerning force majeure) and ongoing legislative efforts to expand the scope of insurance coverage, catastrophic damages resulting from major natural disasters still fail to receive adequate and full compensation under the current general insurance framework, primarily due to the ambiguity regarding coverage exclusions and the non-mandatory nature of comprehensive natural disaster policies. A significant procedural hurdle in Iran is that the burden of proof for the occurrence and causality of the incident lies squarely with the policyholder, a requirement that often prolongs and complicates the damage payment process, leading to consumers’ dissatisfaction and increased litigation. This contrasts sharply with developed countries, where legislative frameworks are designed with a stronger emphasis on consumer protection and streamlined claims processing. In countries like France and the United States, laws mandate contract transparency and strategically shift the burden of proof to the insurer, thereby facilitating the damage payment process considerably. Furthermore, in these leading countries, the occurrence of major disasters is frequently verified by official government documents (e.g., presidential declarations or ministerial decrees in France), which automatically trigger claims processing and eliminate the need for complex and independent proof by the policyholder. The legal philosophy in these jurisdictions often dictates that insurer obligations include compulsory disaster insurance as a basic coverage component, thereby creating a minimum floor of protection. For instance, Japan operates a specialized, partially state-backed earthquake insurance system, which ensures the continuity of coverage despite unique seismic risk. Additionally, the Natural Disaster Insurance Fund (NDIF) in Iran currently operates under severe constraints, collecting low premiums and relying heavily on government-supervised support services, which frequently encounter both financial and implementation challenges. Conversely, in the United States, Japan, and France, commercial disaster insurance is highly developed, operates under strict governmental oversight (e.g., through reinsurance pooling or state guarantee mechanisms), and adheres to established global standards and rapid claim settlement protocols, which translates into much faster, fairer, and more transparent claims payments to the affected populace.CONCLUSION: Iran's existing legislative and regulatory approach to natural disaster coverage is characterized by a significant structural difference compared to developed countries such as the United States, France, and Japan. The model in Iran is heavily reliant on a dominant governmental role in providing disaster compensation and support, with the private insurance sector playing a comparatively smaller, and often supplemental, role. This disproportionate reliance on state intervention creates systemic vulnerabilities. To dramatically improve the status of natural disaster coverage and enhance societal resilience, comprehensive reform is recommended. Key necessary steps include: reforming general insurance laws to mandate clearer inclusion of natural disaster risks and eliminate coverage ambiguity; providing stronger legislative and procedural support for insured individuals by reversing the burden of proof; establishing clear and unambiguous definitions of insurer obligations and exclusions in policy language; and, crucially, strengthening the role and capacity of the private sector through public-private partnerships, mandatory reinsurance mechanisms, and regulatory incentives to increase premium collection and market penetration. Learning from the robust, multi-layered risk-sharing and swift compensation experiences of best practices like France (CatNat model) and Japan (specialized risk pooling) can provide the necessary blueprint to improve claims processes, reduce existing structural problems, and ensure timely financial recovery for policyholders.
Original Research Paper
Corporate Governance in Insurance Companies
Hamidreza Ganji; Fatemeh Ferdowsmakan
Abstract
BACKGROUND AND OBJECTIVES: Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Internal auditing helps the organization achieve its objectives by providing a systematic and disciplined approach to evaluate and ...
Read More
BACKGROUND AND OBJECTIVES: Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Internal auditing helps the organization achieve its objectives by providing a systematic and disciplined approach to evaluate and improve the effectiveness of governance, risk management, and control processes. The quality of internal auditing, as one of the pillars of corporate governance, affects the accuracy, transparency, and completeness of the information and performance presented. Improving financial performance is one of the goals of organizations, and the application of adequate internal auditing practices will contribute to achieving it. The purpose of this study is to determine the impact of internal audit quality on financial performance in insurance companies. Since previous research has not specifically examined the impact of internal audit quality on the financial performance of insurance companies, and considering that the quality of internal auditing in insurance companies can lead to assurance and facilitate economic activities, while a dedicated examination of the insurance industry as an influential and important financial institution can strengthen the country economically, in this study we intend to investigate the impact of internal audit quality on performance based on both financial and non-financial results of insurance companies, as well as strategies for its continuous development. To address the existing research gap regarding how internal audit quality affects the financial performance of insurance companies, the present study aims to answer the question of whether there is a significant relationship between internal audit quality and the financial performance of insurance companies.METHODS: The research is classified as applied in terms of purpose, meaning it seeks to generate practical insights that can inform real-world decision-making, rather than purely theoretical contributions. The approach is framed within inductive reasoning, where specific observations from the data are used to draw broader generalizations. The statistical population of the current research is listed insurance companies whose audit committee and internal audit unit information has been disclosed on the CODAL website, www.codal.ir. Internal audit quality from the perspective of internal auditor's qualification, internal auditor's independence, and internal audit's efficiency were also considered as independent variables. This study adopts a correlational research design, which involves examining the relationships between variables without manipulating them, making it suitable for exploring associations in real-world settings. To measure the internal audit independence criterion from the audit committee independence index, for internal audit competence from the financial expertise of the director of the internal audit unit, and also, to measure the efficiency of internal audit, the size of the internal audit unit was used as an index. Return on assets (ROA) ratio was used to measure financial performance. The data of this dependent variable were obtained from the audited financial statements of insurance companies. Multiple linear regression analysis is used as a data analysis technique.FINDINGS: Since the insurance sector is considered one of the important sectors that plays a fundamental role in the dynamism of financial markets and the provision of investable funds, leading to confidence and facilitating economic activities, we investigated the impact of internal audit quality on the financial performance of insurance companies. The results of this research showed that the independence of internal audit has no significant effect on the financial performance of insurance companies. On the contrary, the competence of internal audit and the efficiency of internal audit have a significant positive effect on the financial performance of insurance companies. The results of the examination regarding the control variables indicate that there is a significant negative relationship between financial leverage and financial performance, given the negative coefficient, and also a significant positive relationship exists between company growth and company size, with the financial performance of insurance companies. Given the importance of having a high-quality internal audit, further studies should examine the areas related to the quality of this type of audit.CONCLUSION: This study aimed to increase the importance of internal audit for insurance companies. This research provides empirical evidence that enriches the existing literature on the subject, with a specific focus on the insurance sector in Iran. On behalf of policymakers and regulatory bodies, such as the Central Insurance of Iran and the Securities and Exchange Organization of Iran, these findings can guide the development of governance standards and reporting mandates. Based on the above findings, this study provides regulators and policymakers with insights into the importance and actionable insights of internal audit quality in enhancing financial performance for various stakeholders, especially the need for monitoring potential reforms in corporate practices to align with global trends. This study supports broader goals and practices in the development of the insurance sector. Additionally, more research may be conducted to explore the potential value of audit quality for other stakeholders, particularly to determine whether the quality of internal audit affects independent auditor reports.
Original Research Paper
Insurance pricing
Mitra Ghanbarzadeh
Abstract
BACKGROUND AND OBJECTIVES: One of the strategies to increase the penetration rate in the country's insurance industry is to create diversity in life insurance products. In this context, one of the expanding life insurance products is joint life insurance, which can cover two individuals under a single ...
Read More
BACKGROUND AND OBJECTIVES: One of the strategies to increase the penetration rate in the country's insurance industry is to create diversity in life insurance products. In this context, one of the expanding life insurance products is joint life insurance, which can cover two individuals under a single policy in two scenarios: upon the first death and upon the second death or the last survivor. Joint life insurance policies are designed to cover the risk of death for couples or business partners in the event of one spouse’s death. In fact, these types of life insurance policies cover two lives, but the premium collected from the policyholder is approximately equivalent to the premium of a single life insurance policy. Based on the lower premium of joint life insurance compared to two individual life insurance policies, this policy will be economically beneficial for young couples. To purchase joint life insurance policies or two individual life insurance policies, many factors should be considered, including the family budget, the expected coverage amount, and the future of the spouse or children. Although two individual life insurance policies offer more coverage, paying two premiums in a family requires a high income. Therefore, for couples who do not have an ideal economic situation, it is recommended to use joint life insurance policies. This paper aims to introduce joint life insurance as a product that has growth potential in the life insurance industry in Iran, focusing on the design of new products and calculating premiums and joint death probabilities based on the technical foundations of Regulation 107 of the Supreme Insurance Council.METHODS: In this study, actuarial calculations and net premium rates for four classic types of joint life insurance have been examined. Based on this analysis, joint death probabilities have been extracted using the TD88-90 table and the national life table of Iran (ILT1400) and compared accordingly. Also, the impact of life table on the revenue and profit of insurance company has been investigated.FINDINGS: The joint death probabilities using the national life table of Iran are significantly lower. Additionally, among the four classic types of joint life insurance, term joint life insurance has the lowest premium rates. In joint life insurance policies, such as whole life and joint endowment insurance, premiums increase with age due to the rising probability of death. However, in joint pure endowment life insurance policies, premiums decrease with age because, as individuals grow older, their probability of death increases while their probability of survival decreases. Therefore, lower premiums should be charged for these age groups in pure endowment life insurance policies. Next, we examined the impact of premium reduction on the revenue of an insurance company. For this purpose, an analytical model was used, which includes simulating various premium scenarios and calculating their associated financial results. First, it is assumed that there is a five-year joint term life insurance policy with annual premium payments, and 1000 customers have purchased this policy. To identify the impact of premium reduction, two different premium rates were considered: the rate derived from the local life table and the rate derived from the life table of France. Additionally, to calculate revenue and profit, we used stepped technical interest rates in accordance with Regulation 107 of the Supreme Insurance Council throughout the policy term, which are determined separately for each year. These rates are as follows: 16% for the first two years, 13% for the next two years, and 10% for the final year in the 5-year policy. To calculate revenue, we first converted all received premium funds to present value, considering the relevant interest rates. This helps us understand how received premiums are affected by different interest rates and what their impact on the company's final revenue will be. Then, using established formulas, the company's revenue and profit were calculated. In these calculations, the loss ratio (approximately 49% based on the statistical yearbook of the insurance industry) and operational costs (20%) were also taken into account to observe more accurate results.CONCLUSION: Joint life insurance leads to a reduction in premium amounts, making it more economical compared to purchasing two separate individual life insurance policies for individuals. In the context of developing this product, the following recommendations may be implemented by the insurance industry: offering non-savings joint life insurance policies to diversify life insurance products, approving the general conditions for non-savings joint life insurance policies, and applying discounts to encourage more individuals to purchase joint life insurance.
Original Research Paper
Industrial organization of insurance markets
Alireza Hadi; Hasan Boudlaie; Alireza Koushkie
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 ...
Read More
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.
