Novin Insurance Company's product diversification strategies using product space theory
Subject Areas : Industrial Management
1 - Department of Economics, ُ Sanandaj Branch, Islamic Azad University, Sanandaj, Iran
Keywords: product space, insurance products, Insurance, Competitiveness, modern insurance,
Abstract :
Insurance industry in iran is a competitive industry and is of particular importance for companies operating in this industry . one of the competitiveness strategies is diversifying the supply of insurance products . diversification of products is one of the main solutions to increase income , profitability and reduce risk . the purpose of this paper is to identify the products that the new insurance company is exposed to comparative advantage or the relative advantage is hidden . the research is done using the mean of data related to the production right of each product during 2016 to 1398 but using the theory of product space and network science . the results of this study showed that the new insurance company has revealed relative advantage ( active ) among 16 insurance products examined in the supply of six products with obvious comparative advantage ( active ) , seven products have partial ( potentially active ) advantages and in supply of three inactive residual products and the probability of activation equal to zero . in the following , the sequence of seven crops with latent relative advantage was determined based on maximum , greedy , high and low grade strategies . finally Borda method were identified as the four strategy of combining and the activation sequence of products with the potential for activation of the new insurance company on the basis of this hybrid strategy of engineering , oil and energy , other aircraft , driver events and third parties .
References:
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Al-Khasswneh, R. S. J., Mohammad, A., Al-Shaikh, F. N., Melhem, Y. S., Al-Azzam, M. K. A., Alolayyan, M. N., ... & Al-Hawary, S. I. S. (2023). Impact of Strategic Vigilance on Competitive Capabilities in Jordanian Insurance Companies. In The Effect of Information Technology on Business and Marketing Intelligence Systems(pp. 1061-1076). Cham: Springer International Publishing.
Alshamsi, A., Pinheiro, F. L. & Hidalgo, C. A (2018). Optimal diversification Comercio de Zacualtipán, Hidalgo, 2007-2008. Revista Mexicana, 25(1345-2016-104256), 24 – 32.
Alshamsi, A., Pinheiro, F. L., & Hidalgo, C. A. (2018). Optimal diversification strategies in the networks of related products and of related research areas. Nature communications, 9(1), 1328.
Ansoff, H. I. (1957). Strategies for diversification. Harvard business review, 35(5), 113-124.
Balassa, B. (1965). Trade liberalisation and “revealed” comparative advantage 1. The manchester school, 33(2), 99-123.
Caruth, C., & Hartman, G. (1996). An Interview with Geoffrey Hartman. Studies in Romanticism, 35(4), 630-652.
Duijm, P., & Van Beveren, I. (2022). Product diversification as a performance boosting strategy? Drivers and impact of diversification strategies in the property‐liability insurance industry. Risk Management and Insurance Review, 25(3), 303-328.
Fortunato, A., & Giovanardi, G. (2019). Credere e avere fiducia nella complessità Commento critico alla co-occorrenza tra Disforia di Genere e autismo. Credere e avere fiducia nella complessità Commento critico alla co-occorrenza tra Disforia di Genere e autismo, 91-104.
Gómez-Zaldívar, F., & Molina-Perez, E. (2021). Evolution of the productive capabilities of Mexico: Economic complexity analysis for the development of special economic zones (SEZ). The International Trade Journal, 35(1), 4-18.
Guevara, M. R., Hartmann, D., Aristarán, M., Mendoza, M., & Hidalgo, C. A. (2016). The research space: using career paths to predict the evolution of the research output of individuals, institutions, and nations. Scientometrics, 109, 1695-1709.
Hartman, G., & O’Hara, D. T. (2004). The Geoffrey Hartman Reader. Edinburgh University Press.
Hartmann, D., Guevara, M. R., Jara-Figueroa, C., Aristarán, M., & Hidalgo, C. A. (2017). Linking economic complexity, institutions, and income inequality. World development, 93, 75-93.
Hartmann, D., Guevara, M. R., Jara-Figueroa, C., Aristarán, M., & Hidalgo, C. A. (2017). Linking economic complexity, institutions, and income inequality. World development, 93, 75-93.
Hartmann, M., Poletti, D., Ivanchenko, M., Denisov, S., & Hänggi, P. (2017). Asymptotic Floquet states of open quantum systems: the role of interaction. New Journal of Physics, 19(8), 083011.
Hausmann, R., & Chauvin, J. (2015). Moving to the adjacent possible: Discovering paths for export diversification in Rwanda. CID Working Paper Series.
Hausmann, R., Goldstein, P., Grisanti, A., O'Brien, T., Tapia, J. A., & Santos, M. A. (2020). A roadmap for investment promotion and export diversification: The case for Jordan. CID Working Paper Series.
Hausmann, R., Goldstein, P., Grisanti, A., O'Brien, T., Tapia, J. A., & Santos, M. A. (2020). A roadmap for investment promotion and export diversification: The case for Jordan. CID Working Paper Series.
Hausmann, R., Hidalgo, C. A., Bustos, S., Coscia, M., Chung, S., Jimenez, J., ... & Yıldırım, M. A. Kapak tasarımı: Türkiye’nin “Ürün Uzayı “(2008).
Hidalgo, C. A., & Hausmann, R. (2009). The building blocks of economic complexity. Proceedings of the national academy of sciences, 106(26), 10570-10575.
Hidalgo, C. A., Klinger, B., Barabási, A. L., & Hausmann, R. (2007). The product space conditions the development of nations. Science, 317(5837), 482-487.
Jun, B., Alshamsi, A., Gao, J., & Hidalgo, C. A. (2017). Relatedness, knowledge diffusion, and the evolution of bilateral trade. arXiv preprint arXiv:1709.05392.
Khosravi, A & Sultan Panah, H. (2022). Application of economic complexity theory in industrial policy making. Quarterly Journal of Strategic Management in Industrial Systems (formerly Industrial Management), 16(58), 216-227.
Khosravi, A., Daei-Karimzadeh, S., Shahmoradi, B., & Soltanpanah, H. (2020). Optimizing the Export Diversification Strategy of Iran's Chemical Products Using Product Spaces and Economic Complexity Theories. Iranian Journal of Economic Studies, 9(2), 595-621.
Rahimiaghdam, S., Sanoubar, N., & Haghverdizadeh, A. (2020). Explaining a Model for Obtaining Sustainable Competitive Advantage Based on Talent Management Strategy in Insurance Industry. Commercial Surveys, 17(99), 104-116.
Rajabi Farjad, H., Tootian Isfahani, S., & Sabet, M. (2019). The impact of blue ocean strategy on the competitive advantage of an insurance companies (Case study: An insurance company). Iranian Journal of Insurance Research, 8(4), 79-115.
Rostamzadeh, P., & Yadegar, Z. (2023). The position of the insurance industry in the Iranian stock market: a network theory approach. Iranian Journal of Insurance Research, 12(1), 1-14.
Sezai, A. (2020). Evolution of the product space and a new proposal for Turkeys export incentive system. Turkey: Presidency of Strategy and Budget.
Spillers, H., Hartman, S., Griffin, F. J., Eversley, S., & Morgan, J. L. (2007). " Whatcha gonna do?": Revisiting" mama's baby, papa's maybe: An American grammar book": A conversation with Hortense Spillers, Saidiya Hartman, Farah Jasmine Griffin, Shelly Eversley, & Jennifer L. Morgan. Women's Studies Quarterly, 35(1/2), 299-309.
Waniek, M., Elbassioni, K., Pinheiro, F. L., Hidalgo, C. A., & Alshamsi, A. (2020). Computational aspects of optimal strategic network diffusion. Theoretical Computer Science, 814, 153-168.
Weiwei, L. (2021). Analysis of Ansoff Growth Strategy: a Case of Chinese Yunnan Baiyao Company. Industrial Engineering and Innovation Management, 4(2), 1-6.
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