In line with the its mission to provide consultation and advice based on study, research, and need analysis for the insurance industry, IRC as the sole academic and research institute is recently involved in cooperating and collaborating with Alborz Insurance Company for the formulation of its strategic plan, according to PRIAO.
The research project report includes 4 major phases. In each one of these phases, the operational steps are performed using appropriate tools from the strategic management field and internal and external analytics in order to provide strategic options.
In this research project and based on the internal and external analytics tools, the effective strategies are formulated in order to fulfill the strategic goals of Alborz Insurance Industry. Subsequently, the operational plans appropriated for the insurance company are developed. The distinctive feature of the project is how it has run its strategic analytics in three levels of enterprise, business, and tasks and it has proposed the strategic options based on the digital disruption in two levels including Alborz Insurance Company headquarter and the certain insurance business (separated in three lines of businesses: property, life, and health).
The report adds that the research project has been conducted in four general phases covering business portfolio analytics, strategic development at the enterprise level, competitive analytics in each selected lines of businesses, and the development of the operational programs. In each one of these phases and based on certain tools and frameworks extracted from the strategic management field, some sets of operational steps are performed. Also, using internal and external analytics, strategic options are provided.
It must be noted that in the strategic analytics phase, two certain techniques including profit pool analytics and value chain analytics were exploited. In fact, one of the innovations developed in the analytics phase of the project was the insurance industry profit pool in order to assess the profitability potential of a certain insurance business line. This was performed for the first time in Iranian insurance industry.