Brand Creation Ecology in the Insurance Industry

Document Type : Research Paper

Authors

1 Assistant Prof., Department of Management, Faculty of Literature and Humanities, Ilam University, Ilam, Iran.

2 MSc., Department of Business Management, Faculty of Literature and Humanities of Ilam, Ilam, Iran.

3 Associate Prof., Department of Management, Faculty of Literature and Humanities, Ilam University, Ilam, Iran.

10.22059/jibm.2024.364117.4663

Abstract

Objective
Due to the limited research on brand ecology in the insurance industry, this study represents an important step toward advancing the scientific understanding of the topic. Providing a comprehensive and practical model of brand ecology can effectively contribute to strengthening and developing branding strategies in the insurance industry, helping achieve sustainability and growth.
 
Methodology
Data collected in this research were obtained through semi-structured interviews with 16 experts and informed individuals in the field of branding, using snowball sampling until theoretical saturation of interviewees was achieved. The data were analyzed using content analysis, and a model consistent with the findings was drawn using Excel software.
 
Findings
The interview data were coded into 31 final codes and 17 concepts, which were organized into five main themes influencing brand ecology in the insurance industry.
 
Conclusion
The brand ecology model in the insurance industry obtained in this research is composed of several key factors, enabling insurance companies to create stronger and more reputable brands while satisfying customers. In this model, marketing strategies hold significant importance. These strategies include advertising (using various methods and channels to communicate with customers), building trust (providing quality and reliable services and products), timely commitment (ensuring timely financial commitments and services), service innovation (offering new and diverse services), and appropriate name selection (choosing a brand name or logo that aligns with the brand and is recognizable). In addition to marketing strategies, preference-enhancing and elevation behaviors are also crucial. These behaviors include offering discounts and special offers to customers (discounts), providing installment options for customers (installment terms), after-sales services and repairs (after-sales services), and offering a variety of insurance services to attract customers (service diversity). Physical conditions also play a significant role in this model. Creating beautiful and pleasant interior environments in offices and agencies (interior decoration), locating agencies in places that provide easy access and convenient visits for customers (easy access to agencies), and expanding agencies in various regions to increase geographic coverage (geographic coverage) are among these factors. In terms of internal organizational factors, employing professional staff (hiring and developing experienced and qualified personnel to provide quality services), offering training courses to improve skills and technical knowledge (employee training), and having sufficient financial resources to cover expenses and develop insurance activities (strong financial backing) are highlighted. Finally, external organizational factors include identifying and addressing customer needs (understanding customer needs and preferences) and aligning strategies and performance with changes in customer requests and expectations (alignment of plans with customer needs). These factors allow insurance companies to optimize their services and products based on customer needs, enhancing customer awareness and trust in their brand. By implementing this model, insurance companies can strengthen their brands, increase customer trust, attract new customers, retain existing customers, and consequently expand their market. Additionally, by improving internal performance and aligning with customer needs, this model helps insurance companies progress on the path to becoming powerful brands.

Keywords

Main Subjects

References

 
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Journal of Business Management
Volume 17, Issue 4
2025
Pages 1231-1256

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