Designing a Model for Implementing Technologies in Insurance: A Qualitative Study
Keywords:
Insurance technologies, InsurTech, open innovation, digital transformation, grounded theory, insurance companies, technology adoptionAbstract
Objective: The primary objective of this study is to present a paradigmatic model for the adoption and utilization of insurance technologies (InsurTech) in domestic insurance companies with a special emphasis on open innovation.
Methodology: This qualitative research utilized a grounded theory approach. Data were collected through semi-structured interviews with 12 experts, including university professors in the field of insurance, senior managers of insurance companies, stakeholders, and policyholders. Theoretical sampling was used, and the interviews continued until theoretical saturation was reached. Data analysis involved three stages of coding: open coding, axial coding, and selective coding, using MAXQDA software. In total, 150 open codes, 21 category codes, and 6 final axial codes were identified.
Findings: The results revealed that the adoption and utilization of insurance technologies in domestic insurance companies are influenced by several main components, including knowledge management, behavioral factors, practical factors, infrastructure, technology perception, and managerial factors. The study also highlighted the significance of open innovation in accelerating the transformation of the insurance industry. The findings are consistent with previous studies by Sionani et al. (2023), Wang (2021), and Kuitanovich (2021), which emphasize that technology adoption is a multi-dimensional phenomenon influenced by perceptions, attitudes, beliefs, and engagement levels of individuals and organizations.
Conclusion: This study concludes that the adoption of insurance technologies, supported by open innovation, is essential for the digital transformation of the insurance sector. Factors such as managerial behavior, customer engagement, technological infrastructure, and knowledge management play critical roles in the successful implementation of these technologies.
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Copyright (c) 2023 Mehdi Haddad Oskouee (Author); Samad Aali (Corresponding Author); Morteza Honarmand Azimi, Mohammad Pasban (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.