A revolution in insurance marketing innovation: sustainable marketing with an artificial intelligence approach

Subject Areas : Creativity and innovation from psychological, epistemological, educational and pedagogical

elnaz allaf jafari ¹ , Alireza Rousta ² , farzad asayesh ³ , Mahmoud Ahmadi Sharif ⁴

1 - Department of Business Management, Quds City Branch, Islamic Azad University, Tehran, Iran
2 - دانشگاه آزاد اسلامی ، واحد تهران جنوب دانشکده مدیریت ، گروه حسابداری ، سابقه داوری و استاد راهنما و استاد مشاور ، دانشجویان کارشناسی
3 - Department of Business Management, Humanities, Islamic Azad University, Shahre-e Qods Branch, Tehran, Iran.
4 - هیئت علمی دانشگاه شهید رجایی

Received: 2024-05-11 Accepted : 2024-10-15 Published : 2024-11-28

Keywords: Sustainable marketing, insurance industry, marketing innovation, artificial intelligence,

Abstract :

Purpose: The current research was conducted with the aim of designing a sustainable marketing model in Alborz Insurance with a focus on artificial intelligence. Method: According to the type of data, the research method is qualitative and exploratory in nature. In the qualitative statistical population, 15 people were selected from among the experts until the theoretical saturation limit was reached, which included university and Alborz insurance experts who were selected by targeted non-probability sampling. A semi-structured interview tool with 5W1H technique was used to collect data, and the foundation data method was used for data analysis. Findings: In the current research, 5 components including artificial intelligence capabilities, marketing innovation, organizational capabilities, cultural capabilities and sustainable marketing performance and 13 indicators and 40 codes have been identified. Causal conditions include the capabilities of artificial intelligence (competence of artificial intelligence, quality of artificial intelligence services, experience of using artificial intelligence). The intervening condition in the current research is marketing innovation (product innovation, process innovation). Similarly, strategies include organizational capabilities (entrepreneurial competencies, strategic competencies) and the background conditions in this research include cultural capabilities (innovative culture, changeable culture). Also, the results are sustainable marketing performance (sustainable purchase intention, achieving sustainable competitive advantage, sustainable marketing activity, sustainable smart marketing). Conclusion: The use of artificial intelligence algorithms and marketing innovation will improve the recognition of customer patterns, offer the best insurance for each customer, and improve communication with customers. These types of tools can help Alborz Insurance Company to improve its marketing process and thus achieve more success and stability.

References:

Athwal, N., Wells, V. K., Carrigan, M., & Henninger, C. E. (2019). Sustainable luxury marketing: A synthesis and research agenda. International Journal of Management Reviews, 21(4), 405-426.
Banker, R. D., Amirteimoori, A., & Sinha, R. P. (2022). An integrated Data Envelopment Analysis and generalized additive model for assessing managerial ability with application to the insurance industry. Decision Analytics Journal, 4, 100115.
Bastini, K., Getzin, F., & Lachmann, M. (2022). The effects of strategic choices and sustainability control systems in the emergence of organizational capabilities for sustainability. Accounting, Auditing & Accountability Journal, 35(4), 1121-1153.
Chatterjee, S., Chaudhuri, R., & Vrontis, D. (2021). Does data-driven culture impact innovation and performance of a firm? An empirical examination. Annals of Operations Research, 1-26.
Chaudhuri, R., Chatterjee, S., Mariani, M. M., & Wamba, S. F. (2024). Assessing the influence of emerging technologies on organizational data driven culture and innovation capabilities: A sustainability performance perspective. Technological Forecasting and Social Change, 200, 123165.
Chong, D., & Ali, H. (2022). LITERATURE REVIEW: COMPETITIVE STRATEGY, COMPETITIVE ADVANTAGES, AND MARKETING PERFORMANCE ON E-COMMERCE SHOPEE INDONESIA. Dinasti International Journal of Digital Business Management, 3(2), 299-309.
da Cunha Bezerra, M. C., Gohr, C. F., & Morioka, S. N. (2020). Organizational capabilities towards corporate sustainability benefits: A systematic literature review and an integrative framework proposal. Journal of Cleaner Production, 247, 119114.
Davenport, T., Guha, A., Grewal, D., & Bressgott, T. (2020). How artificial intelligence will change the future of marketing. Journal of the Academy of Marketing Science, 48, 24-42.
Davenport, T. H., & Ronanki, R. (2018). Artificial intelligence for the real world. Harvard Business Review, 96(1), 108-116.
Dwivedi, A., & Pawsey, N. (2023). Examining the drivers of marketing innovation in SMEs. Journal of Business Research, 155, 113409.
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.
Garayeta, A., De la Peña, J. I., & Trigo, E. (2022). Towards a global solvency model in the insurance market: A qualitative analysis. Sustainability, 14(11), 6465.
Giustiziero, G., Kretschmer, T., Somaya, D., & Wu, B. (2023). Hyperspecialization and hyperscaling: A resource‐based theory of the digital firm. Strategic Management Journal, 44(6), 1391-1424.
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.
Gürsev, S. (2023). Digital Transformation with Artificial Intelligence in the Insurance Industry. International Symposium on Intelligent Manufacturing and Service Systems,
Henao-García, E. A., & Cardona Montoya, R. A. (2023). Fostering technological innovation through management and marketing innovation. The human and non-technological linkage. European Journal of Innovation Management, 26(1), 183-206.
Jamadi, A., RajabipoorMeybodi, A., Hosseini, E., & Doaei, Z. (2023). Identifying the antecedents and consequences of phubbing. International Journal of Human Capital in Urban Management, 8(4).
Jung, J., Kim, S. J., & Kim, K. H. (2020). Sustainable marketing activities of traditional fashion market and brand loyalty. Journal of Business Research, 120, 294-301.
Kamran, S. S., Haleem, A., Bahl, S., Javaid, M., Prakash, C., & Budhhi, D. (2022). Artificial intelligence and advanced materials in automotive industry: Potential applications and perspectives. Materials Today: Proceedings, 62, 4207-4214.
Kemper, J. A., & Ballantine, P. W. (2019). What do we mean by sustainability marketing? Journal of Marketing Management, 35(3-4), 277-309.
Kumar, G., Meena, P., & Difrancesco, R. M. (2021). How do collaborative culture and capability improve sustainability? Journal of Cleaner Production, 291, 125824.
Kumar, N., Srivastava, J. D., & Bisht, H. (2019). Artificial intelligence in insurance sector. Journal of the Gujarat Research Society, 21(7), 79-91.
Manis, K., & Madhavaram, S. (2023). AI-Enabled marketing capabilities and the hierarchy of capabilities: Conceptualization, proposition development, and research avenues. Journal of Business Research, 157, 113485.
Mehralian, M. M. (2022). Effect of internet of things on marketing performance: the mediating role of entrepreneurship orientation. 25th Iranian Conference on Business Development and Digital Transformation,
Mikalef, P., Conboy, K., & Krogstie, J. (2021). Artificial intelligence as an enabler of B2B marketing: A dynamic capabilities micro-foundations approach. Industrial Marketing Management, 98, 80-92.
Mikalef, P., & Gupta, M. (2021). Artificial intelligence capability: Conceptualization, measurement calibration, and empirical study on its impact on organizational creativity and firm performance. Information & Management, 58(3), 103434.
Mikalef, P., Islam, N., Parida, V., Singh, H., & Altwaijry, N. (2023). Artificial intelligence (AI) competencies for organizational performance: A B2B marketing capabilities perspective. Journal of Business Research, 164, 113998.
Mitchell, R. W., Wooliscroft, B., & Higham, J. (2010). Sustainable market orientation: A new approach to managing marketing strategy. Journal of Macromarketing, 30(2), 160-170.
Olazo, D. B. (2023). Marketing competency, marketing innovation and sustainable competitive advantage of small and medium enterprises (SMEs): a mixed-method analysis. Asia Pacific Journal of Marketing and Logistics, 35(4), 890-907.
Paschen, J., Kietzmann, J., & Kietzmann, T. C. (2019). Artificial intelligence (AI) and its implications for market knowledge in B2B marketing. Journal of business & industrial marketing.
Purwanto, A. (2020). Did Servant, Digital and Green Leadership Influence Market Performance? Evidence from Indonesian Pharmaceutical Industry. Evidence from Indonesian Pharmaceutical Industry, 642-653.
Rahman, M. S., Bag, S., Hossain, M. A., Fattah, F. A. M. A., Gani, M. O., & Rana, N. P. (2023). The new wave of AI-powered luxury brands online shopping experience: The role of digital multisensory cues and customers’ engagement. Journal of Retailing and Consumer Services, 72, 103273.
Ramon Saura, J., Ribeiro-Soriano, D., & Palacios-Marqués, D. (2021). Setting B2B digital marketing in artificial intelligence-based CRMs: A review and directions for future research.
Ransbotham, S., Gerbert, P., Reeves, M., Kiron, D., & Spira, M. (2018). Artificial intelligence in business gets real. MIT Sloan management review.
Rathore, B. (2023). Digital Transformation 4.0: Integration of Artificial Intelligence & Metaverse in Marketing. Eduzone: International Peer Reviewed/Refereed Multidisciplinary Journal, 12(1), 42-48.
Saura, J. R., Ribeiro-Soriano, D., & Palacios-Marqués, D. (2021). Setting B2B digital marketing in artificial intelligence-based CRMs: A review and directions for future research. Industrial Marketing Management, 98, 161-178.
Sharma, S., & Vredenburg, H. (1998). Proactive corporate environmental strategy and the development of competitively valuable organizational capabilities. Strategic Management Journal, 19(8), 729-753.
Sheth, J. N., & Parvatiyar, A. (2021). Sustainable marketing: Market-driving, not market-driven. Journal of Macromarketing, 41(1), 150-165.
Vollero, A., Siano, A., & Bertolini, A. (2022). Ex ante assessment of sustainable marketing investments. Italian Journal of Marketing, 2022(3), 271-287.