Identifying and strategically analyzing the needs and expectations of insurance industry stakeholders

Aim and Introduction: Review the performance of strategic and development plans of the Iran insurance industry over the past years, shows that in preparing of these plans, their main stakeholders have not been taken into account. In addition, in evaluating the components of the strategic plan, one of the key components of the mission is the key stakeholders. Also, in some programs, tasks have been considered by the stakeholders and upstream documents for the insurance industry, which may not be executive in some aspects or there is a need to consider specific strategies for their implementation and, at the same time, to realize the views of other stakeholders. So, it is necessary to pay more attention to the main stakeholders of the programs in the insurance industry, especially the stakeholders who are not in the field of strategic plans control, and also to use the participation of all stakeholders in reviewing the macro plans of the insurance industry. The purpose of this study is to identify, categorize and prioritize insurance industry stakeholders and examine their needs and expectations. Finally, interactive strategies will be proposed using the stakeholder interaction management model.Methodology: In the first stage, an online questionnaire was used to categorize the stakeholders, which was visited by 468 people and finally 125 answers were received. The target community is insurance industry experts and activists. Descriptive statistics (mean and standard deviation) were used to analyze the variables of the stakeholder questionnaire and the ranking of identified stakeholders. Power-interest and effective-affected models have been used to map the stakeholders of the insurance industry. To extract stakeholder expectations, library studies, web search and sending letters to stakeholders outside the industry, and interviews and descriptive structured questionnaires to stakeholders within the industry and deep analysis has been used. The total number of respondents from industry stakeholders in different roles to the questionnaires in this section was 341 who answered the questions of this research descriptively via the Internet.Findings: Central Insurance, the Ministry of Economic Affairs and Finance, legal policyholders, claims assessors, insurance startups (InsurTechs), insurers' syndicates and brokers are key players in the insurance industry. The greatest influence in the insurance industry is for Central Insurance, insurance companies, the judiciary and insurance agencies; agencies, insurance companies, real policyholders and brokers are most affected; the Ministry of Economic Affairs and Finance, the agencies and the judiciary are the most powerful; and insurance companies, central insurance and agencies have the most benefit. Also, the needs and expectations of internal and external stakeholders of the industry are extracted separately. There are some commonalities and differences in stakeholder views that can be extracted and considered.Discussion and Conclusion: The key stakeholders have abundant sources of power to influence the organization and therefore, in the final strategies set in the insurance industry should be in the center of attention and strategies to meet their needs and expectations should be considered and included in all cases development and related decisions. Based on the reviews and analysis, there are great potential markets for product development and new insurance services, but perhaps greater cooperation is needed in the industry to meet them and there is a need for investment and upstream support. Quantitative and qualitative analysis and prioritization of the total strengths and weaknesses and opportunities and threats identified from the perspective of strategic stakeholders can be used to extract strategies and programs to interact with them.Methodology: In the first stage, an online questionnaire was used to categorize the stakeholders, which was visited by 468 people and finally 125 answers were received. The target community is insurance industry experts and activists. Descriptive statistics (mean and standard deviation) were used to analyze the variables of the stakeholder questionnaire and the ranking of identified stakeholders. Power-interest and effective-affected models have been used to map the stakeholders of the insurance industry. To extract stakeholder expectations, library studies, web search and sending letters to stakeholders outside the industry, and interviews and descriptive structured questionnaires to stakeholders within the industry and deep analysis has been used. The total number of respondents from industry stakeholders in different roles to the questionnaires in this section was 341 who answered the questions of this research descriptively via the Internet.Findings: Central Insurance, the Ministry of Economic Affairs and Finance, legal policyholders, claims assessors, insurance startups (InsurTechs), insurers' syndicates and brokers are key players in the insurance industry. The greatest influence in the insurance industry is for Central Insurance, insurance companies, the judiciary and insurance agencies; agencies, insurance companies, real policyholders and brokers are most affected; the Ministry of Economic Affairs and Finance, the agencies and the judiciary are the most powerful; and insurance companies, central insurance and agencies have the most benefit. Also, the needs and expectations of internal and external stakeholders of the industry are extracted separately. There are some commonalities and differences in stakeholder views that can be extracted and considered.Discussion and Conclusion: The key stakeholders have abundant sources of power to influence the organization and therefore, in the final strategies set in the insurance industry should be in the center of attention and strategies to meet their needs and expectations should be considered and included in all cases development and related decisions. Based on the reviews and analysis, there are great potential markets for product development and new insurance services, but perhaps greater cooperation is needed in the industry to meet them and there is a need for investment and upstream support. Quantitative and qualitative analysis and prioritization of the total strengths and weaknesses and opportunities and threats identified from the perspective of strategic stakeholders can be used to extract strategies and programs to interact with them.