Identification and ranking of the effects of InsurTech on the business model of insurance companies: A hybrid model of MCDM, DEMATEL and ANP

The insurance industry has a great influence on the dynamics and progress of the economy in countries.  The penetration of technologies in the structure of insurance organizations has converted the nature of the insurance business. In this research,  by using of the business ecosystem, the effective factors of insurtech have been tried to be investigated on the blocks of the business landscape that make up the business model of insurance companies, as well as the influence and effectiveness of these factors. 

In this research, after revisal the literature, the effective agents of insurtech on the business ecosystem of the insurance industry were  gathered and provided to the experts in the form of a questionnaire. The statistical society of the research consists of information technology directores and insurance industry research and development managers and insurance industry experts who are related to insurance technology.  In this platform, the opinion questionnaire of experts was completed by 15 experts in this field. After examining the answers of the experts to the questionnaire, 26 sub-criteria affecting the business environment of the insurance industry were determined. Then, the Dematel questionnaire was completed by 8 experts in the insurance industry, and effective factors were identified and ranked by using the combination of network analysis and Dimtel methods.

Based on the results of Dematel analysis method, the criteria of key resources, effective activities, customer orientation, customer sections and channels affect the system. Also, income flow criteria, key partners, value proposition and cost structure are affected by the system. The results of the network analysis method have shown that at the level of the main criteria, the criterion of key partners by a weight of 0.206 ranks first, value proposition by a weight of 0.192 ranks second, cost structure by a weight of 0.185 ranks third, key resources by a weight of 0.125 ranks fourth, customer orientation by The weight of 0.099 ranks fifth, key activities by a weight of 0.097 ranks sixth, channels by a weight of 0.044 rank seventh, revenue stream by a weight of 0.037 ranks eighth, and customer segments by a weight of 0.015 ranks ninth.

Insurance companies should update their business environment to take advantage of Insurtech opportunities. The directors of insurance companies should pay most attention to the company's key partners first and then to the value proposition and cost structure.