Providing a sustainable marketing model in the insurance industry with a focus on artificial intelligence
Subject Areas : MarketingElnaz Allaf Jafari 1 , علیرضا روستا 2 , farzad asayesh 3 , محمود احمدی شریف 4
1 - گروه مدیریت بازرگانی، واحد شهر قدس، دانشگاه آزاد اسلامی، تهران، ایران
2 - دانشگاه آزاد اسلامی ، واحد تهران جنوب دانشکده مدیریت ، گروه حسابداری ، سابقه داوری و استاد راهنما و استاد مشاور ، دانشجویان کارشناسی
3 - گروه مدیریت بازرگانی، علوم انسانی، دانشگاه آزاد اسلامی واحد شهرقدس، تهران، ایران
4 - هیئت علمی دانشگاه شهر قدس
Keywords: sustainable marketing, artificial intelligence, insurance industry, grounded theory,
Abstract :
The current research was conducted with the aim of providing a sustainable marketing model in the insurance industry with a focus on artificial intelligence. According to the type of data, the research method is mixed (qualitative-quantitative) of exploratory nature. In the statistical population, 12 people were selected from among the experts until the theoretical saturation was reached. The experts included professors of the faculty of business management and senior managers of Alborz insurance company, who were selected by non-probability, targeted and chain sampling. Quantitative part of 400 managers were insurance industry experts, using Cochran's formula, 196 people were selected by stratified random method. To collect data, semi-structured interviews and researcher-made questionnaires were used. The analysis method has been carried out in several consecutive steps. In the first stage, to identify the components of the model, the qualitative method and semi-structured interviews using the grounded theory have been used. In the next section, using interpretative structural modeling, the identified indicators were leveled. Finally, in order to fit the designed model in the qualitative part, a quantitative method with structural equation modeling approach was used with PLS4 software. The findings showed that 6 components were identified and there is a significant relationship between all components and sustainable marketing and the designed model has an acceptable fit. It can be concluded that AI can be incorporated as an essential component of a sustainable marketing strategy, enabling marketing professionals and businesses to make positive changes while increasing their brand reputation and profitability.
Acheampong, S., Pimonenko, T., & Lyulyov, O. (2023). Sustainable Marketing Performance of Banks in the Digital Economy: The Role of Customer Relationship Management. Virtual Economics, 6(1), 19-37.
Adeoye, O. B., Okoye, C. C., Ofodile, O. C., Odeyemi, O., Addy, W. A., & Ajayi-Nifise, A. O. (2024). Integrating artificial intelligence in personalized insurance products: a pathway to enhanced customer engagement. International Journal of Management & Entrepreneurship Research, 6(3), 502-511.
Ahmadi, S. (2024). A Comprehensive Study on Integration of Big Data and AI in Financial Industry and its Effect on Present and Future Opportunities. International Journal of Current Science Research and Review, 7(01), 66-74.
Al Adwan, A., & Altrjman, G. (2024). The role of social media marketing and marketing management promoting and developing brand sustainability strategy. Available at SSRN 4436265.
Alshadadi, M. A., & Deshmukh, P. (2024). Sustainability and Practices of Insurance Companies: Literature Review. Studies in Economics and Business Relations, 5(1), 66-75.
Amui, L. B. L., Jabbour, C. J. C., de Sousa Jabbour, A. B. L., & Kannan, D. (2017). Sustainability as a dynamic organizational capability: a systematic review and a future agenda toward a sustainable transition. Journal of Cleaner Production, 142, 308-322.
Bebbington, J., & Unerman, J. (2020). Advancing research into accounting and the UN sustainable development goals. Accounting, Auditing & Accountability Journal, 33(7), 1657-1670.
Bolton, R. N. (2022). The convergence of sustainability and marketing: Transforming marketing to respond to a new world. Australasian Marketing Journal, 30(2), 107-112.
Casidy, R., & Yan, L. (2022). The effects of supplier B2B sustainability positioning on buyer performance: The role of trust. Industrial Marketing Management, 102, 311-323.
Dhatterwal, J. S., Kaswan, K. S., Preety, D., & Balusamy, B. (2022). Emerging technologies in the insurance market. Big Data Analytics in the Insurance Market, 275-286.
Do, J., Uusitalo, O., Skippari, M., & Salimi, M. (2023). Artificial intelligence-assisted sustainable marketing: Contribution and agenda for research. Proceedings of the European Marketing Academy,
Effatpanah, A., Bodaghi Khajeh Noubar, H., Alavimatin, Y., & Farahmand, F.-h. (2023). A model of sustainable consumer behavior in the insurance industry (Case study: Insurance Company Asia). International Journal of Nonlinear Analysis and Applications, 14(2), 341-358.
Ghezelbash, A. (2021). Investigating the effect of sustainable marketing activities, brand image on customer loyalty with the mediating role of customer satisfaction and trust (Central Insurance Organization). Journal of Accounting and Management Vision, 4(50), 42-49.
Gong, Y., Xiao, J., Tang, X., & Li, J. (2023). How sustainable marketing influences the customer engagement and sustainable purchase intention? The moderating role of corporate social responsibility. Frontiers in Psychology, 14, 1128686.
Jia, T., Iqbal, S., Ayub, A., Fatima, T., & Rasool, Z. (2023). Promoting responsible sustainable consumer behavior through sustainability marketing: the boundary effects of corporate social responsibility and brand image. Sustainability, 15(7), 6092.
Jin, K., Zhong, Z. Z., & Zhao, E. Y. (2024). Sustainable digital marketing under big data: an AI random forest model approach. IEEE Transactions on Engineering Management.
Kamboj, S., & Rahman, Z. (2017). Market orientation, marketing capabilities and sustainable innovation: The mediating role of sustainable consumption and competitive advantage. Management Research Review, 40(6), 698-724.
Kushwah, S. V., & Mathur, G. (2022). Practices in sustainable finance: A neoliberal marketing model in insurance sector. Academy of Marketing Studies Journal, 26(1), 1-11.
Monfared, A. R. K., Mansouri, A., & Hosseini, E. (2023). Do environmental factors affect the market atmosphere, amount of purchases and customer attitude? International Journal of Business and Emerging Markets, 15(2), 194-217.
Nath, P., & Siepong, A. (2022). Green marketing capability: A configuration approach towards sustainable development. Journal of Cleaner Production, 354, 131727.
Nicholson, J. E. (2019). Challenges for the Insurance Industry in the Future. Journal of Insurance Regulation, 38(6).
Pranugrahaning, A., Donovan, J. D., Topple, C., & Masli, E. K. (2023). Exploring Corporate Sustainability in the Insurance Sector: A Case Study of a Multinational Enterprise Engaging with UN SDGs in Malaysia. Sustainability, 15(11), 8609.
Rajabi Farjad, H., & Toranian, N. (2024). Identifying Factors Affecting the Performance of Sustainable Human Resources in the Insurance Industry. Dynamic Management and Business Analysis, 2(4), 33-52.
Rashid, A., Baloch, N., Rasheed, R., & Ngah, A. H. (2024). Big data analytics-artificial intelligence and sustainable performance through green supply chain practices in manufacturing firms of a developing country. Journal of Science and Technology Policy Management.
Ronaghi, M. H. (2023). The influence of artificial intelligence adoption on circular economy practices in manufacturing industries. Environment, Development and Sustainability, 25(12), 14355-14380.
Sharma, S., Gahlawat, V. K., Rahul, K., Mor, R. S., & Malik, M. (2021). Sustainable innovations in the food industry through artificial intelligence and big data analytics. Logistics, 5(4), 66.
Sheth, J. N., & Parvatiyar, A. (2021). Sustainable marketing: Market-driving, not market-driven. Journal of Macromarketing, 41(1), 150-165.
Shaw, S., Rowland, Z., & Machova, V. (2021). Internet of Things smart devices, sustainable industrial big data, and artificial intelligence-based decision-making algorithms in cyber-physical system-based manufacturing. Economics, Management and Financial Markets, 16(2), 106-116.
Shibli, R., Saifan, S., Ab Yajid, M. S., & Khatibi, A. (2021). Mediating role of entrepreneurial marketing between green marketing and green management in predicting sustainable performance in Malaysia's organic agriculture sector. AgBioForum, 23(2), 37-49.
Wilkinson, D., Christie, A., Tarr, A. A., & Tarr, J.-A. (2024). Big Data, Artificial Intelligence and Insurance. In The Global Insurance Market and Change (pp. 22-46). Informa Law from Routledge.
Yadav, A., & Sondhi, H. (2023). Systematic Literature Review on Sustainable Marketing and Artificial Intelligence. 2023 10th International Conference on Computing for Sustainable Global Development (INDIACom),
Zhang, H., Wang, Y., & Song, M. (2019). Does competitive intensity moderate the relationships between sustainable capabilities and sustainable organizational performance in new ventures? Sustainability, 12(1), 253.