IDEAS home Printed from https://ideas.repec.org/a/rfh/jprjor/v9y2023i1p113-130.html
   My bibliography  Save this article

Analysing the Challenges of Insurance Companies in Pakistan While Co-Creating the Service Value

Author

Listed:
  • Ifra Aziz Khan Niazi

    (Faculty of Management Studies, UCP Business School, University of Central Punjab, Lahore, Pakistan)

  • Tehmina Fiaz Qazi

    (Hailey College of Banking & Finance, University of the Punjab, Lahore, Pakistan)

  • Shabana Naveed

    (Faculty of Management Studies, UCP Business School, University of Central Punjab, Lahore, Pakistan)

  • Mashari Mahmood

    (Faculty of Management Studies, UCP Business School, University of Central Punjab, Lahore, Pakistan)

Abstract

Businesses need innovation and innovation requires output from outside the business, to create something innovative and special for their customers. This creates a prerequisite to do co-creation. Co-creation let those businesses collaborate with external stakeholders to gather and generate fresh ideas. This study focuses on co-creation and its challenges in Pakistani Insurance companies. This study aimed to do a thorough research on those challenges, to present them in a structural model on priority basis and to categorize them on the basis of their driving and dependence power. This is thorough study based on literature review and mixed method. Data was collected by 18 experts on panel (respondents) selected on the pre-determined criteria. This study contributed a comprehensive list of 28 challenges faced by Pakistani Insurance companies, found out using literature review method, confirmed by the panel of experts (17 respondents) and then were analyzed by using Interpretive Structural Modelling and MICMAC. Results show that Proper Planning (1) is the most important one and dependent on linkage ones. Study has practical implications for researchers, insurance businesses, and policy makers and theoretical implications to fill the literature gap. Along with the contributions and implications, this study, as other studies, has some limitations as well. Those limitations have three different angles i.e., methodological limitations, data limitations and resources limitations. Future researchers can use our recommendations to proceed further in research and to overcome the limitations.

Suggested Citation

  • Ifra Aziz Khan Niazi & Tehmina Fiaz Qazi & Shabana Naveed & Mashari Mahmood, 2023. "Analysing the Challenges of Insurance Companies in Pakistan While Co-Creating the Service Value," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 9(1), pages 113-130, March.
    • Handle: RePEc:rfh:jprjor:v:9:y:2023:i:1:p:113-130
    as

    Download full text from publisher

    File URL: https://jprpk.com/index.php/jpr/article/view/213/322
    Download Restriction: no
    File URL: https://jprpk.com/index.php/jpr/article/view/213
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Assiouras, Ioannis & Skourtis, George & Giannopoulos, Antonios & Buhalis, Dimitrios & Koniordos, Michalis, 2019. "Value co-creation and customer citizenship behavior," Annals of Tourism Research, Elsevier, vol. 78(C), pages 1-1.
    2. Järvi, Henna & Kähkönen, Anni-Kaisa & Torvinen, Hannu, 2018. "When value co-creation fails: Reasons that lead to value co-destruction," Scandinavian Journal of Management, Elsevier, vol. 34(1), pages 63-77.
    3. Nicholas Ind & Nick Coates & Katrina Lerman, 2020. "The gift of co-creation: what motivates customers to participate," Journal of Brand Management, Palgrave Macmillan, vol. 27(2), pages 181-194, March.
    4. Ali Raza & Amer Saeed & Muhammad Khalid Iqbal & Umair Saeed & Imran Sadiq & Naveed Ahmad Faraz, 2020. "Linking Corporate Social Responsibility to Customer Loyalty through Co-Creation and Customer Company Identification: Exploring Sequential Mediation Mechanism," Sustainability, MDPI, vol. 12(6), pages 1-19, March.
    5. Gry Høngsmark Knudsen & Yun Mi Antorini, 2021. "Hard Work: Unanticipated Collaboration in Co-creation Processes," Journal of the Association for Consumer Research, University of Chicago Press, vol. 6(4), pages 435-446.
    6. Suman Gothwal & Tilak Raj, 2017. "Analyzing the factors affecting the flexibility in FMS using weighted interpretive structural modeling (WISM) approach," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 8(2), pages 408-422, June.
    7. Mattia Casula & Chiara Leonardi & Massimo Zancanaro, 2022. "How does digital technology impact on the co-production of local services? Evidence from a childcare experience," Public Money & Management, Taylor & Francis Journals, vol. 42(2), pages 87-97, February.
    8. Oriol Iglesias & Stefan Markovic & Mehdi Bagherzadeh & Jatinder Jit Singh, 2020. "Co-creation: A Key Link Between Corporate Social Responsibility, Customer Trust, and Customer Loyalty," Journal of Business Ethics, Springer, vol. 163(1), pages 151-166, April.
    9. Naim Ahmad & Ayman Qahmash, 2021. "SmartISM: Implementation and Assessment of Interpretive Structural Modeling," Sustainability, MDPI, vol. 13(16), pages 1-27, August.
    10. Nazish Ishtiaq & Danish Ahmed Siddiqui, 2019. "Factors Affecting Financial Performance of Life Insurance Sector in Pakistan," International Journal of Social and Administrative Sciences, Asian Economic and Social Society, vol. 4(2), pages 178-199.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Naveed Ahmad & Miklas Scholz & Zia Ullah & Muhammad Zulqarnain Arshad & Raja Irfan Sabir & Waris Ali Khan, 2021. "The Nexus of CSR and Co-Creation: A Roadmap towards Consumer Loyalty," Sustainability, MDPI, vol. 13(2), pages 1-15, January.
    2. Anthony Okoeguale, 2023. "Brand Value Co-creation Revisited: A Critical Review of Studies," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 12, March.
    3. Huidong Sun & Mustafa Raza Rabbani & Naveed Ahmad & Muhammad Safdar Sial & Guping Cheng & Malik Zia-Ud-Din & Qinghua Fu, 2020. "CSR, Co-Creation and Green Consumer Loyalty: Are Green Banking Initiatives Important? A Moderated Mediation Approach from an Emerging Economy," Sustainability, MDPI, vol. 12(24), pages 1-22, December.
    4. T. Praveen Kumar & Santosh Basavaraj & K. Soundarapandiyan, 2024. "Can co‐creating in CSR initiatives influence loyal customers? Evidence from the banking industry," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(1), pages 180-195, January.
    5. Maryam Zidehsaraei & Reza Esmaeilpour & Mohsen Akbari, 2024. "The effects of similarity of values, religious values, and empathy on bank commitment to CSR and customers’ internal and behavioral responses: evidence from Guilan Province in Iran," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(1), pages 154-170, March.
    6. Mustafa Ozkan & Kemal Cek & Serife Z. Eyupoglu, 2022. "Sustainable Development and Customer Satisfaction and Loyalty in North Cyprus: The Mediating Effect of Customer Identification," Sustainability, MDPI, vol. 14(9), pages 1-13, April.
    7. Ghanbarpour, Tohid & Gustafsson, Anders, 2022. "How do corporate social responsibility (CSR) and innovativeness increase financial gains? A customer perspective analysis," Journal of Business Research, Elsevier, vol. 140(C), pages 471-481.
    8. Naveed Ahmad & Asif Mahmood & Antonio Ariza-Montes & Heesup Han & Felipe Hernández-Perlines & Luis Araya-Castillo & Miklas Scholz, 2021. "Sustainable Businesses Speak to the Heart of Consumers: Looking at Sustainability with a Marketing Lens to Reap Banking Consumers’ Loyalty," Sustainability, MDPI, vol. 13(7), pages 1-16, March.
    9. Lim, Chulmin & Rowsell, Joe & Kim, Seongcheol, 2023. "Exploring the killer domains to create new value: A Comparative case study of Canadian and Korean telcos," 32nd European Regional ITS Conference, Madrid 2023: Realising the digital decade in the European Union – Easier said than done? 277998, International Telecommunications Society (ITS).
    10. Rather, Raouf Ahmad & Raisinghani, Manju & Gligor, David & Parrey, Shakir Hussain & Russo, Ivan & Bozkurt, Sıddık, 2023. "Examining tourist citizenship behaviors through affective, cognitive, behavioral engagement and reputation: Symmetrical and asymmetrical approaches," Journal of Retailing and Consumer Services, Elsevier, vol. 75(C).
    11. Abdelmoety, Ziad Hassan & Aboul-Dahab, Sameh & Agag, Gomaa, 2022. "A cross cultural investigation of retailers commitment to CSR and customer citizenship behaviour: The role of ethical standard and value relevance," Journal of Retailing and Consumer Services, Elsevier, vol. 64(C).
    12. Sajid Rahman Khattak & Muhammad Nouman & Muhammad Fayaz & Laura Mariana Cismaș & Lucia Negruț & Constantin Viorel Negruț & Sultan Salem, 2021. "Corporate Social Responsibility and Employee Green Behavior in the Hospitality Industry: A Cross-Country Study," Sustainability, MDPI, vol. 13(19), pages 1-15, September.
    13. Karikari Timothy Kwakye & Shimin Liu, 2024. "The Effect of Philanthropic Corporate Social Responsibility on Local CSR Awareness: Examining the Role of Corporate Transparency in Ghana," International Journal of Science and Business, IJSAB International, vol. 33(1), pages 105-122.
    14. Ye Sang & Eunkyoung Han, 2023. "A win‐win way for corporate and stakeholders to achieve sustainable development: Corporate social responsibility value co‐creation scale development and validation," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(3), pages 1177-1190, May.
    15. Gomes, Leonardo Augusto de Vasconcelos & Fleury, André Leme & Oliveira, Maicon Gouvêa de & Facin, Ana Lucia Figueiredo, 2021. "Ecosystem policy roadmapping," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
    16. Naveed Ahmad & Rana Tahir Naveed & Miklas Scholz & Muhammad Irfan & Muhammad Usman & Ilyas Ahmad, 2021. "CSR Communication through Social Media: A Litmus Test for Banking Consumers’ Loyalty," Sustainability, MDPI, vol. 13(4), pages 1-15, February.
    17. Agarwal, Richa & Bhadauria, Artee & Kaushik, Hans & Swami, Sanjeev & Rajwanshi, Rohit, 2023. "ISM-MICMAC-based study on key enablers in the adoption of solar renewable energy products in India," Technology in Society, Elsevier, vol. 75(C).
    18. Naveed Ahmad & Asif Mahmood & Heesup Han & Antonio Ariza-Montes & Alejandro Vega-Muñoz & Mohi ud Din & Ghazanfar Iqbal Khan & Zia Ullah, 2021. "Sustainability as a “New Normal” for Modern Businesses: Are SMEs of Pakistan Ready to Adopt It?," Sustainability, MDPI, vol. 13(4), pages 1-17, February.
    19. Seung Kook Choi & Yonghwi Noh, 2024. "The role of authenticity in creating shared value: From the perspective of sports firms’ corporate image and customer loyalty," Service Business, Springer;Pan-Pacific Business Association, vol. 18(3), pages 433-454, December.
    20. Kurtulan Ali & Begeç Suat, 2023. "Effects of Social Responsibility Practices on the Brand Image, Brand Awareness, and Brand Loyalty of Sponsor Businesses: A Study on Sports Clubs," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 17(1), pages 1-14.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rfh:jprjor:v:9:y:2023:i:1:p:113-130. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Muhammad Irfan Chani (email available below). General contact details of provider: https://edirc.repec.org/data/rffhlpk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.