The trend of digital transformation and strategy of the country's insurance industry

 Introduction: In order to study the evolution of the country's insurance industry, this article has gathered data from emerging companies Bimetis, Bimebazar, Bimito, Azki and Bimeh.com. This research, which aims to increase productivity due to the digital transformation of the country's insurance industry, seeks to answer the following questions:

What is the digital transformation trend in the insurance industry?
What strategies are proposed to increase the success rate of insurance startups?

This research is important because all industries will be transformed with Digital Trends. These developments are such that the insurance industry will be radically transformed with technologies such as blockchain, big data mining, the Internet of Things, and so on. In the country's insurance industry, start-ups have been launched with mobile technology, but despite other industries, the start-ups of the insurance industry have not been able to develop this industry. Therefore, it is necessary to conduct research on the failure of the digital transformation of this industry in Iran.
Methodology: This research is descriptive in terms of applied purpose and is qualitative in terms of the type of input data. Due to the in-depth study of the mentioned cases, the comparative case study method has been used. In this study, in-depth interviews and participatory observation and review of documents were used to collect data, and content analysis was used to analyze the data. Purposeful sampling and library and fieldwork have been used to collect initial data. In the library research, in addition to sources based on books and scientific articles, Internet resources have also been used. In the fielwork, specialized interviews, observation and participation in the implementation process have been used to collect information. A total of face-to-face interviews were conducted for start-up companies Bemtis and Bimebazar, and for other start-ups, online interviews at Elecamp events and online resources were analyzed as complementary data.
In face-to-face interviews, interview questions are designed in five dimensions: cause of occurrence, contexts, intervening factors, strategies, and consequences based on a comprehensive or systematic approach. The interviews were then conducted and then coded by MaxQuMedi12 software using theme analysis method. Line-by-line method has been used in coding conceptualizing themes. In conceptualization, words that reflect a common meaning are put together and labeled a basic concept.
Then the second stage of coding the theme is done and the relationship between the concepts and categories is formed. Then a classification is made in one of the categories of cause, phenomenon, context, intervening, solution and consequence. After categorizing the previous interview, concepts that have not been constructed will be considered, and in subsequent interviews, the focus of the interview will be more on that part. In the case of Bimebazar, in addition to face-to-face interviews, information from Internet sources has also been used. In the case of Bemtis, the researcher had a participatory observation and the information was collected observationally and participatory.
Results and Discussion: After conducting each interview, from each case studied, a model was extracted in the six dimensions mentioned. These models were compared with each other and finally a comprehensive model was presented. In terms of the reasons for the formation of the insurance market backward gap, the gap in justice in the payment of premiums, technological pressure, ideation, the founding team, the initial capital.
In terms of economic factors such as economic instability and inflation, arrival time, global trends in insurance industry development, society's tendency to technology, weak sovereignty in the insurance industry, barriers to entry against foreign competitors, traditional market resistance, regulatory support, technology for Insurance, the existence of legal barriers to data access, include major technical problems of data integration.
In the dimension of intervening factors as the most important sectors that have hindered the transformation of the insurance industry, the cases of insurance culture, lack of contractual view to insurance, communication-oriented pricing, mandatory pricing of third party insurance, significant price difference in optional insurance, calculated on Algorithm basis, lack of creativity in the insurance industry, repeatability rate, paper insurance logistics, lack of awareness, recruitment of experts, low added value in online shopping, product market adequacy, slowness of government systems and service providers, entry of major competitors from industries Another is the exit of investors from the innovation ecosystem, the lack of motivation of employees, competition with the traditional market, the personal nature of insurance demand.
In terms of strategies used by start-ups, factors such as performance appraisal and incentive system, prioritization of partner representatives, effective marketing and receiving feedback, insufficient telephone consulting, agility, intelligence of start-ups, selling risk-based insurance, establishing OK system R, Sensitive event logging system, product development, partner agent prioritization, effective marketing and feedback received.
In terms of implications, two initial deployments of the business model, customer selection as a measure of survival, have been explored.
 Conclusion: Finally, a theorized model of insurance start-ups is presented and suggestions are made to help this evolutionary process. Creating the necessary infrastructure by the Insurance Industry Regulatory Authority to facilitate the field of start-ups in the digital transition phase can provide a clear path for market participants by designing an industry transformation strategy and drawing a map of the digital transformation of the insurance industry.
The results of this study show that the necessary conditions for the transformation of the country's insurance industry are not fully prepared and start-up companies are facing very serious challenges to achieve digital transformation in this industry. Creating the right technical infrastructure and agreeing on a macro-digital strategy in the insurance industry is one of the most important proposals. Considering the conflicts of interests of the actors in this industry can facilitate this process by creating a value-added sharing model resulting from the establishment of digital developments. It seems that the complete elimination of physical insurance can separate the behavior of insurance service from commodity behavior, and this is seen as a suggestion.