A Paradigm Model of Good Corporate Governance Maturity in the Iranian Insurance Industry

The aim of the study is to present a paradigm model of good corporate governance maturity in the Iranian insurance industry. This model includes causal, intervening, contextual, and strategic conditions, and consequences of the maturity of good corporate governance. Senior managers of insurance companies active in the field of public governance in Iran are the participants in this study. The research is qualitative-exploratory, and the methodology employed is Grounded Theory based on the approach of Strauss-Corbin. Using purposive sampling method, data saturation was obtained after the interviews conducted. The data collection tool in the qualitative phase was a semi-structured interview, which was prepared and conducted based on an interview protocol. In order to assess the validity, an interview guide was sent to the experts and their opinions were used. The results of the conceptual model, explored through three factors,  include securing benefits, implementing justice-oriented laws, accountability, observing professional ethics, effective and centralized monitoring, increasing trust, capability and portfolio growth, using the technology, Cooperation and partnership, improving penetration power, and the strength of the implementation. The indicators of the maturity of good corporate governance reached to a total of 721 open codes, 240 axial codes and 69 selective codes. These codes showed that in insurance companies, Transparency, Accountability, accurate periodic reports, expertise, Professional qualification, good reputation, experience of managers, and interaction with stakeholders Play a key role in the maturity of corporate governance.  As well, the empowerment indicators of the company can strengthen the trust of the stakeholders and make the organizational culture as transparent and encouraging.