Designing a Model for Implementing Technologies in Insurance: A Qualitative Study

Mehdi  Haddad Oskouee; Samad  Aali; Morteza  Honarmand Azimi; Mohammad  Pasban

doi:10.61838/kman.ijimob.3.1.24

Authors

Mehdi Haddad Oskouee PhD student, Department of Business Administration, Tabriz Branch, Islamic Azad University, Tabriz, Iran

Samad Aali * Associate Professor of Department of Business Administration, Tabriz Branch, Islamic Azad University, Tabriz, Iran Samad.aali@iaut.ac.ir

Morteza Honarmand Azimi Assistant Professor, Department of Industrial Management, Tabriz Branch, Islamic Azad University, Tabriz, Iran

Mohammad Pasban Assistant Professor, Department of Industrial Management, Tabriz Branch, Islamic Azad University, Tabriz, Iran

https://doi.org/10.61838/kman.ijimob.3.1.24

Keywords:

Insurance technologies, InsurTech, open innovation, digital transformation, grounded theory, insurance companies, technology adoption

Abstract

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.