Strategic Planning by Means of Blue Ocean Strategy in Insurance Industry, Case Study: Parsian Insurance Company in Semnan Province, Iran

Document Type : Original Article

Authors

1 MBA Alumnus from Semnan University, Semnan, Iran

2 Assistant Professor, Semnan branch, Islamic Azad University, Semnan, Iran

Abstract

In strategic management, Blue Ocean refers to an environment where competition is not well defined. This can be achieved through innovation, resulting in a high-quality product that reduces production costs and adds value for the customer. The main objective of this study is to conduct a survey on how to improve the ranking of Parsian Insurance Company in Semnan Province compared to other companies using Grey Theory. The study distributed questionnaires to experts in the insurance industry to rate the importance of eight main factors, each with its own subcategories: comfort and welfare, internet services, quality of relationship, quality of services, brand, display appearance, price, and creativity. The authors aimed to assist Parsian Company in achieving first place by increasing the scores of certain factors and decreasing the scores of others based on the experts' ratings. Parsian Insurance Company can enhance its competitive advantage by improving the quality of its relationships, services, and pricing. It is important to note that creativity should not be sacrificed in this effort. Additionally, the company should consider introducing supplementary services to further increase its market share.

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