Impacts of Blue Ocean Strategy on Creativity in the Insurance Industry

Abstract

This study seeks to assess the impacts of the Blue Ocean Strategy (BOC) on creativity in the Iranian insurance industry. Insurance companies have engaged in a bloody race in Iran without considering the specific, crucial components of the service industry, leading to a red ocean in the insurance industry. Hence, it is essential to adopt innovation strategies and eliminate unnecessary activities in order to focus on the real demand of customers as the core of the business and lay the ground to implement the blue ocean of the industry through value innovation. This study assessed the BOS dimensions, i.e., eliminate-reduce-raise-create (ERRC). A descriptive survey approach was adopted to investigate the hypotheses and answer the questions of the study. Dana Insurance Company was selected as the case study. Questionnaires were handed out to the employees and agencies of Dana Insurance in order to analyze the BOS dimensions. The importance of the ERRC dimensions was found to be in the raise>create>eliminate>reduce order