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Strategies of Profitability for Automotive Insurance Agency Owners.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Strategies of Profitability for Automotive Insurance Agency Owners./
Author:	Lee, Lisa.
Description:	1 online resource (309 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 84-09, Section: B.
Contained By:	Dissertations Abstracts International84-09B.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798377613046

Strategies of Profitability for Automotive Insurance Agency Owners.
Lee, Lisa.

Strategies of Profitability for Automotive Insurance Agency Owners. - 1 online resource (309 pages)

Source: Dissertations Abstracts International, Volume: 84-09, Section: B.

Thesis (D.B.A.)--Capella University, 2023.

Includes bibliographical references

The research question that guided this study was the perspectives of automotive IAOs within the United States regarding the financial strategies used to improve profitability during innovative disruption and a pandemic interruption. As intermediaries, automotive insurance agency owners (auto IAOs) depend on insurers' compensation plans to operate their insurance agencies. The compensation plan is also a factor in business operations and profitability decisions. Autonomous vehicle and insurance technological advancements, along with the COVID-19 interruption, created a dynamic disruption within the insurance industry. The insurance industry was already moving in the direction of disruption. However, COVID-19 expedited the technological disruption and thrust the insurance industry into a tailspin. The literature review revealed that scholars and trade professionals documented how insurers were moving at a much slower pace compared to the rate of technological advancements within the insurance and automotive industries. Newcomers to the market were creating digi-intermediaries that were moving faster than traditional insurers, thus affecting agency profitability and business adjustments. Insurance trade professionals warned against moving at a slow pace. After this industry warning, the COVID-19 pandemic hit the United States, and shutdown protocols caused business interruptions, leaving auto insurance agency owners (IAOs) attempting to maintain daily operations while servicing customers, adjusting technological protocols, and making business decisions to remain viable. An exploratory qualitative inquiry methodology was used in this study. The conceptual framework grounding this study was the diffusion of innovation theory (DIO) by Rogers (1976). Rogers & Agarwala-Rogers (1976) stated that DOI describes how new information is communicated and shared within a social process. DOI as the grounding theory, allowed for uncertainty to come to the forefront.The data saturation was satisfied with 10 automotive IAOs representatives. The candidates completed a screening process and an adult informed consent form before moving to participant status. The semistructured interview was conducted via Zoom features to audio recording and data transcription of the interview data. Microsoft Word data transcription was used as a backup resource. Data were collected via participants' responses. Yin's data analysis process included compiling, disassembling, re-assembling, interpreting, and concluding. The Zoom and Word transcribed responses were each categorized by interview questions for each participant. They were uploaded into NVIVO 12 for auto and manual coding. Parent and child nodes were identified. The findings revealed that auto IAOs were not prepared for technological advancements nor prepared for COVID-19 thrusting both intermediaries and customers into a fast-paced technological learning curve. Auto IAOs' financial business decisions were out of control as insurers made decisions regarding customers and policy adjustments. Thus, insurers became auto IAOs' most prominent supporters and, simultaneously, their biggest competition.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798377613046Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Autonomous vehiclesIndex Terms--Genre/Form:

554714
Electronic books.

Strategies of Profitability for Automotive Insurance Agency Owners.
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504 $a Includes bibliographical references
520 $a The research question that guided this study was the perspectives of automotive IAOs within the United States regarding the financial strategies used to improve profitability during innovative disruption and a pandemic interruption. As intermediaries, automotive insurance agency owners (auto IAOs) depend on insurers' compensation plans to operate their insurance agencies. The compensation plan is also a factor in business operations and profitability decisions. Autonomous vehicle and insurance technological advancements, along with the COVID-19 interruption, created a dynamic disruption within the insurance industry. The insurance industry was already moving in the direction of disruption. However, COVID-19 expedited the technological disruption and thrust the insurance industry into a tailspin. The literature review revealed that scholars and trade professionals documented how insurers were moving at a much slower pace compared to the rate of technological advancements within the insurance and automotive industries. Newcomers to the market were creating digi-intermediaries that were moving faster than traditional insurers, thus affecting agency profitability and business adjustments. Insurance trade professionals warned against moving at a slow pace. After this industry warning, the COVID-19 pandemic hit the United States, and shutdown protocols caused business interruptions, leaving auto insurance agency owners (IAOs) attempting to maintain daily operations while servicing customers, adjusting technological protocols, and making business decisions to remain viable. An exploratory qualitative inquiry methodology was used in this study. The conceptual framework grounding this study was the diffusion of innovation theory (DIO) by Rogers (1976). Rogers & Agarwala-Rogers (1976) stated that DOI describes how new information is communicated and shared within a social process. DOI as the grounding theory, allowed for uncertainty to come to the forefront.The data saturation was satisfied with 10 automotive IAOs representatives. The candidates completed a screening process and an adult informed consent form before moving to participant status. The semistructured interview was conducted via Zoom features to audio recording and data transcription of the interview data. Microsoft Word data transcription was used as a backup resource. Data were collected via participants' responses. Yin's data analysis process included compiling, disassembling, re-assembling, interpreting, and concluding. The Zoom and Word transcribed responses were each categorized by interview questions for each participant. They were uploaded into NVIVO 12 for auto and manual coding. Parent and child nodes were identified. The findings revealed that auto IAOs were not prepared for technological advancements nor prepared for COVID-19 thrusting both intermediaries and customers into a fast-paced technological learning curve. Auto IAOs' financial business decisions were out of control as insurers made decisions regarding customers and policy adjustments. Thus, insurers became auto IAOs' most prominent supporters and, simultaneously, their biggest competition.
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653 $a Autonomous vehicles
653 $a COVID
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653 $a Intermediary compensation
653 $a Property casualty insurance
653 $a Technological advancements
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