Presenting a Model for the Application of Financial Technology in the Development of the Electronic Insurance Industry

Abstract

This study aimed to present a comprehensive model for applying financial technology in the development of the electronic insurance industry by identifying its causal, contextual, intervening, interactive, central, and consequential dimensions. This study was qualitative, fundamental, and exploratory in nature and was conducted using the systematic grounded theory strategy. The study population consisted of experienced university professors who had published articles in the field of financial technology and managerial experts in the national insurance industry with at least 15 years of professional experience and a master’s or doctoral degree. Participants were selected through purposive and theoretical sampling, and data collection continued until theoretical saturation was achieved. Data were collected through semi-structured interviews with 14 experts. The interview data were analyzed through open, axial, and selective coding, and MAXQDA software was used to organize and manage the qualitative analysis process. The qualitative data analysis led to the extraction of 1106 initial codes, 140 concepts, and 12 main categories. Technological infrastructure and the role of legal and regulatory institutions were identified as causal conditions; digital culture and limited access to technology due to sanctions were identified as intervening conditions; product diversity and the competitive structure of the insurance industry were identified as contextual conditions; financial risk management and financial transparency were identified as interactive dimensions; financial technology was recognized as the central phenomenon; and customer trust, increased insurance penetration, and financial stability of insurance companies were identified as the main consequences. The results also indicated that legal and regulatory institutions, along with technological infrastructure, had the greatest explanatory importance in shaping the final model. The proposed model indicates that the development of the electronic insurance industry cannot be achieved merely through the digitalization of existing insurance services. Rather, it requires synergy among technological infrastructure, smart regulation, digital culture, financial risk management, financial transparency, and customer trust. In this model, financial technology functions as a transformative mechanism that can enhance operational efficiency, reduce information asymmetry, improve customer access, strengthen public trust, increase insurance penetration, and support the long-term financial sustainability of insurance companies.