Development of a Capability-Based Human Capital Management Model for Insurance Organizations: A Mixed-Methods Study in Light of Standard 34000
Keywords:
Competency Based Human Capital Management, Insurance Organizations, Standard 34000, Grounded Theory, Structural Equation Modeling, Front Office and HeadquartersAbstract
Due to the dual line-and-staff structure and knowledge-intensive nature of the insurance industry in Iran, insurance organizations face the absence of an indigenous capability-based human capital management model. This study aimed to design and validate a comprehensive model for insurance organizations within the framework of Standard 34000. The study was conducted using an exploratory mixed-methods approach (qualitative–quantitative). In the qualitative phase, grounded theory (Strauss and Corbin approach) was employed. Twenty-two semi-structured interviews were conducted with six groups of experts, including senior human resource managers, actuaries, data analysts, risk managers, branch managers, and digital transformation consultants from five major insurance companies (Mellat Insurance, Iran Insurance, Alborz Insurance, Dana Insurance, and Bimeh Ma Insurance). The data were analyzed using MAXQDA software through three stages of open, axial, and selective coding. In the quantitative phase, a questionnaire was developed based on the qualitative categories and administered to a sample of 250 managers and experts. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software. A total of 104 open codes, 27 concepts, and 6 main categories were identified: knowledge capital, structural capital, relational capital, innovation capital, data capital, and differentiated line-and-staff competencies. The PLS-SEM results indicated that knowledge capital (β = 0.58, t = 7.82) and structural capital (β = 0.44, t = 5.93) had the strongest effects on the model outcomes, namely operational productivity and the reduction of data fragmentation. The model demonstrated satisfactory fit indices (GOF = 0.52, SRMR = 0.058). The proposed model addresses six existing theoretical gaps in the literature. Its implementation in insurance organizations requires targeted investment in the development of actuarial and data analytics competencies, followed by the establishment of an integrated performance evaluation system with differentiated weighting mechanisms for distinct occupational groups.
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