Proposing a Smartization Model in the Insurance Industry Based on Financial Technology

Abstract

Digital transformation and the development of financial technologies have created new opportunities for the insurance industry that can lead to improved efficiency, increased customer satisfaction, and reduced operational risks. The primary objective of this study is to propose a comprehensive model for smartizing the insurance industry based on financial technologies; a model that, through the integration of insurance processes, facilitates more accurate decision-making, enhances efficiency, and reduces uncertainty in insurance operations. This study adopts a mixed-methods approach. In the qualitative phase, using the grounded theory method, data were collected and analyzed through semi-structured interviews with 10 managers and experts from the insurance industry in order to extract the dimensions and components of smartization. In the quantitative phase, data were collected through researcher-designed questionnaires from a statistical population of 384 insurance customers, managers, and experts, and analyzed using structural equation modeling. The qualitative findings indicate that components such as data security, technological innovation, human skills, governance, and leadership play a key role in the success of smartization, while environmental factors and the digital ecosystem provide the context for achieving these outcomes. The quantitative findings also demonstrate that variables including data security, ease of use, perceived usefulness, and customer trust have a significant impact on the adoption of financial technologies and the utilization of smart insurance services. The proposed model can assist insurance companies in designing smartization strategies, optimizing processes, reducing risks, and delivering personalized services to customers. In addition to providing a practical and applicable framework, this study offers recommendations to policymakers and regulatory bodies for formulating supportive and supervisory policies aimed at the development of financial technology and the smartization of the national insurance industry. The results indicate that the use of modern insurance technologies not only contributes to increased productivity and cost reduction, but also leads to the creation of a sustainable competitive advantage in the insurance industry.