“…Since foreign companies have great financial and experiential resources, technical power, and freedom in investing their resources, they wield great competitive power; therefore, if internal insurance companies fail to prepare and achieve sustainable competitive advantages, they would be unable to survive in this competitive marketplace (Mazloomi & Dadvand, 2011). In today's fast-changing business environment, innovation is a perquisite of retaining competition (Khajeheian and Tadayoni, 2016). Innovation is not simply the incorporation of new technologies into new products or services, but in many cases it involves finding new models of doing business in the face of change and opens up new opportunities (Khajeheian, 2016a).…”