Designing components of crowdsourcing innovative ideas on social media platform in iran (Case study: insurance industry)

English One of the problems the insurance industry faces is a failure in innovation. An approach to solve this problem is to allow individuals to participate and create ideas, and consequently innovation. Social media is an example of tools that, under the crowdsourcing models can enable individuals to participate and interact in creating ideas. moreover, this issue demands innovation in the entire current processes of this eighty-year-old industry. Hence, the purpose of this paper is to identify institutional components, the players and the key components that are necessary for stablishing a system of idea crowdsourcing in this industry. This paper applied a case study in the commercial insurance industry and analyzed its content qualitatively. The results revealed that, eight kinds of formal institutions should be established and the formation of a new five teams of players is necessary, furthermore the need for the presence of eight key components is identified.