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Walden University

Dr. Kenneth Gossett, University Reviewer, Doctor of Business Administration Faculty

Chief Academic Officer and Provost

Sue Subocz, Ph.D.

Abstract

by

MBA, North Central University, 2011

Doctoral Study Submitted in Partial Fulfillment

Abstract

The inability to achieve profitability can negatively impact business operations. Small

independent insurance agency owners who fail to maintain profitability are at a higher

risk of failure. Grounded in the dynamic capabilities model, the purpose of this

qualitative multiple case study was to explore effective marketing strategies leaders of

small independent insurance agencies use to achieve and maintain profitability. The

participants comprised 3 independent insurance agents in Fort Lauderdale, Florida, who

effectively used marketing strategies to achieve and maintain profitability. Data were

collected from semistructured interviews, company websites, and company documents.

Yin’s 5-step thematic analysis, which included compiling, disassembling, interpreting

independent insurance agencies to stimulate the local economies through the creation of

jobs and improved customer service.

by

Doctoral Study Submitted in Partial Fulfillment

and unwavering support during this doctoral journey.

Acknowledgments

Thank you, friends and family, for your unwavering support. I would like to extend a

special thanks to my mother for her support, encouragement, and keeping me focused on

my end goals. I would like to acknowledge my doctoral chair, Dr. Lisa Cave, for her

support, patience, and guidance during this process. I would also like to acknowledge my

committee members, Dr. Betsey Macht and Dr. Kenneth Gossett, for their constructive

feedback, which encouraged me to produce a quality study. Above all, I would like to

acknowledge God for this opportunity and for blessing me with a great support system.

i

Table of Contents

Section 1: Foundation of the Study .................................................................................. 1

Background of the Problem ....................................................................................... 1

Problem Statement .................................................................................................... 2

Purpose Statement ..................................................................................................... 2

Nature of the Study ................................................................................................... 3

Research Question ..................................................................................................... 4

Interview Questions ................................................................................................... 4

Conceptual Framework ............................................................................................. 5

Operational Definitions ............................................................................................. 6

A Review of the Professional and Academic Literature ............................................. 8

ii

Transition ................................................................................................................ 34

Section 2: The Project ................................................................................................... 35

Purpose Statement ................................................................................................... 35

Role of the Researcher............................................................................................. 35

Participants.............................................................................................................. 36

Data Collection Technique ...................................................................................... 44

Data Organization Technique .................................................................................. 45

Data Analysis .......................................................................................................... 46

Reliability and Validity ........................................................................................... 47

6

environment quickly in efforts to be competitive (Hariandja, Simatupang, Nasution, &

Larso, 2014).

innovation to gain a competitive advantage in a rapidly changing environment (Jurksiene

& Pundziene, 2016).

from the current period (Safari, Safari, & Montazer, 2016).

7

information. A further assumption was that the sample of participants in the study was

which marketing strategies are most effective to ensure profitability. The second

limitation was the size of the case study and the limited geographic area that the study

included.

study’s delimitations included the small geographical segment used in this study. I

focused on small insurance agencies in South Florida. Another delimitation was the lack

of consideration for how marketing strategies for independent insurance agencies are

different from those for large insurance companies.

8

ultimately impact insurance agencies’ profitability (Pantelic, Sakal, & Zehetner, 2016).

direction to insurance agency leaders on establishing profitability and sustainability

within their organizations. The profitability and sustainability of these organizations may

lead to more insights about addressing the needs of customers. The results of this study

may also help insurance agency leaders improve customer service and improve their

efforts to indemnify customers’ insurance losses. Leadership that empowers and enables

people, groups, teams, and societies can achieve success in business and, in the case of

social entrepreneurship, produce a significant beneficial social impact through increasing

employment opportunities and stimulating local communities’ economies (Praszkier,

9

and current literature collected from peer-reviewed journal articles, published books, and

Keywords that I used in my search included dynamic capabilities, marketing strategies,

capabilities, small business success, and independent insurance agency. I begin this

section with an overview of the following: (a) history, (b) foundation, (c) conceptual

framework, (d) alternative theories, (e) marketing, (f) property and casualty insurance, (g)

innovation, and (h) major assertion. I conclude this section with a summary and transition

into Section 2.

academic research in marketing and related fields provides organizational leaders with

loyalty through internet-connected devices that drive innovative change (Bratasanu,

articles, books, and government websites and databases. Of these sources, 90% are peer-

reviewed articles, and 73% are peer-reviewed articles published in the last 5 years.

can be defined as a firm leader’s ability to renew competencies to achieve congruence

with an evolving business environment (Teece et al., 1997). Teece and Leih (2016) stated

that a capability is a set of activities that a firm leader performs in a semiroutinized

fashion to enable a set of tasks. Firm leaders use DC to enhance their abilities to

integrate, build, and reconfigure internal and external competencies (Teece et al., 2016).

Alternatively, some researchers have argued that DC is an extension of the resource-

competencies (Teece et al., 1997). Fang and Zou (2009) opined that dynamic marketing

effective entrepreneurial management teams and robust organizational designs. Teece et

organizational strategies contributes to organizational agility.

transforming, and (e) reconfiguring (Teece, et al., 1997). Firm leaders use sensing to

focus on customer needs, by searching, scanning, and anticipating the future demands of

the market (Agwunobi & Osborne, 2016). Firm leaders use shaping to structure market

opportunities and create sustainable advantage (Agwunobi & Osborne, 2016). German

and Nechita (2015) discussed how DC increases organizational performance through its

competencies, which are flexible to market changes. Furthermore, organizational leaders

competitive and innovative (Krzakiewicz & Cyfert, 2017). In insurance agencies, leaders’

ability to use DC affects the firms’ marketing capabilities to obtain competitive

advantage and long-term profitability (Dias & Pereira, 2017). Moreover, Dias and Pereira

(2017) indicated that DC are significant to the evolution of marketing capabilities and the

maintenance of competitive advantage. Organizational leaders have limited resources to

invest in innovation and marketing and therefore use strategic management decisions to

allocate resources in ways that will be beneficial to the organization (Jeng & Pak, 2016).

impact customers’ behavior, ultimately affecting a firm’s profitability. Hariandja et al.

advantage. Wilden and Gudergan (2015) also discussed the impact that marketing and

have been positively associated with firm performance in highly competitive

environments, while technological capabilities enhance performance in stable

competitive environments (Wilden & Gudergan, 2015). Firm leaders who employed DC

impacted operational performance when mediated by marketing capabilities (Wünsch-

Takahashi, Bulgacov, Semprebon, & Maier, 2017). Wünsch-Takahashi et al. (2017)

indicated that marketing capability had an important role in the survival, growth, and

postulated that if leaders of small and medium-sized enterprises (SMEs) want to improve

their innovation and marketing capabilities, they should focus on obtaining resources for

these activities. Firm leaders should use resources and enhance DC in efforts to be

marketing capabilities helped firm leaders to identify, build, and enhance marketing

capabilities as key components in the creation of sustainable competitive advantage

(Enriquez de la O, 2015). Barney (1991) postulated that a firm’s resources include all

capabilities, assets, organizational processes, and attributes that a firm can strategically

implement to gain a competitive advantage. Firm leaders use both RBV and DC

approaches to create an environment for long-lasting competitive advantage (Enriquez de

la O, 2015; Teece et al., 1997). Penrose’s (1959) research on strategic management

potentially had an impact on the understanding of a firm’s resources and capabilities

(Kor, Mahoney, Siemsen, & Tan, 2016). Penrose’s research provided a foundation for

business leaders to understand how to create, preserve, and regenerate an organization’s

competitive advantage (Takahashi, 2015). Researchers apply RBV as a channel for firm

development (Xu, Guo, Zhang, & Dang, 2018). Firm leaders may use the RBV to focus

theory of the firm focus on dynamics, changes, and firm performance (Mu, 2017).

Organizational leaders who rely on the DC approach possess valuable, rare, inimitable,

and nonsubstitutable resources, and without DC they are unable to sustain competitive

advantage and performance, as suggested in RBV theory (Pervan, Curak, & Kramaric,

2017). The DC approach was an appropriate conceptual framework for the study of

effective marketing strategies that some leaders of independent insurance agencies use to

achieve and maintain profitability because researchers use DC to understand how firms

respond to environmental changes. Firm leaders rely on the RBV in a stable market

environment; therefore, it is not an appropriate conceptual framework for providing a

lens on a phenomenon that is rooted in an evolving market.

strategy process. Firm leaders’ marketing strategies needed to be formulated and then

distinctive business models (Schoemaker, Heaton, & Teece, 2018). The organizational

leader’s ability to obtain knowledge from customers should be utilized to produce

innovation in services and products, to generate ideas and improve firms’ products and

services (Aghamirian, Dorri, & Aghamirian, 2015). Rudawska, Frąckiewicz, and

translate into a firm leader’s ability to create sustainable activities and implement

innovative marketing strategies. DC has a significant direct and indirect effect on

innovation, as it relates to digital leadership, and is enhanced when the leader focuses on

market orientation (Leonardus, Sasmoko, Alamsyah, & Dajp, 2019). However, managers

must understand and perceive sustainable development and the organization’s role in the

Additionally, marketing intelligence as an organizational strategy can benefit or

selling processes by SMEs facing a rapidly changing market situation. Bocconcelli et al.

markets and gained a competitive advantage.

analytics, which generates insights from big data to improve leaders’ marketing decision-

making and firm competitiveness (Cao, Duan, & Cadden, 2019). Cao et al. surveyed 221

UK firm manager’s and analyzed the impact antecedents of marketing analytics on

marketing-related processes such as DC. Cao et al. revealed that firm managers can retain

and sustain a competitive advantage by sensing, seizing, and reconfiguring capabilities,

with the use of marketing analytics.

management practices and utilize marketing strategies that maintain and sustain

Leaders of SMEs sized businesses flourished in sourcing innovations by exploiting

external resources into excellent performance (Kallmuenzer & Scholl-Grissemann, 2017).

However, firm leaders who think outside the box regarding marketing strategies and

innovation can create opportunity and profitability (Elrod, Fortenberry, & Fortenberry,

2018). Chuwiruch et al. (2015) argued that marketing innovation strategy was one of the

technology that included process automation changed the customer experience

(Bratasanu, 2017). Furthermore, leaders who maintained and sustained the business in a

changing market, developed new marketing strategies and practices that addressed

customer needs

Fetaji, 2018). Ascarza, Ebbes, Netzer, and Dabielson (2017) postulated that leaders

successfully focused on optimizing the customer relationship, sales force transformation,

automation of sales, and monitoring of social networks (Matiş & Ilieş, 2014).

with the use of advanced technologies and decreasing costs of technology, have helped

firm leaders’ in the insurance sector to sustain and maintain profitability (Matiş & Ilieş,

2014). Adewole (2018) opined that marketing, customer service, analytics, and business

reporting, are components of CRM, which organizational leaders rely on to develop the

knowledge to meet customer needs and maintain and sustain profitability. However,

organizational leaders’ ability to understand customers wants and needs is essential to

develop and sustain relationships with customers in an evolving technological

(Orantes-Jiménez et al., 2017). Researchers found that business managers successfully

demands and creating market change. Shea and Hutchin (2015) estimated positive

causation between sustainability and competitive advantage for the insurance industry

and showed that competitive advantage had a significant impact on society, the natural

environment, and worldwide economic development (Shea & Hutchin, 2015). Jones,

Harrison, and Felps (2018) argued that organizational leaders’ relationships with

stakeholders were an important source of sustainable competitive advantage.

Additionally, it is vital for small business owners, in particular, insurance agencies, to

utilize marketing capabilities and resources to gain a competitive advantage.

Firms compete by industry structure and the capital available to them to gain an

advantage (Downing, 2018). A leader’s ability to understand technology to achieve and

as automated data analytics (Muley, 2018). Leader’s ability to create and enhance

capabilities, there is a positive link between gaining a competitive advantage and

information processing capability (Cao et al., 2019). Firm leaders must be able to respond

to changes in market needs (Thatte, Dhumal, & Agrawal, 2018). Firms that are labeled as

a market-oriented company can potentially determine the future trends in the markets

along with the ability to take appropriate action (Yusr, Mokhtar, Salimon, & Perumal,

2018). However, in the Japanese insurance market, regulations limit the ability of leaders

in the insurance industry to exploit competitive advantage through the use of effective

marketing strategies (Pope, 2004). In the Japanese insurance market, leaders believed that

constraints led to more competition and opportunities for insurers to increase competitive

advantage (Pope, 2004). Pope opined that with the current deregulation of the Japanese

while responding to the competitive environment (Downing, 2018). Ko and Liu (2017)

firms possess the most knowledge as it relates to their competitors and customers. Day’s

goal was to fill the gaps in understanding market-oriented organizations. A firm leader’s

ability to be competitive in the market is essential to the sustainability and profitability of

the organization. Aghamirian et al. (2015) opined that organizations’ competencies create

a sustainable competitive advantage that is valuable to customers.

funds from the sale of insurance policies in the insurance market (Kang, 2017). In

addition to implementing effective marketing strategies, Shea and Hutchin (2015)

revealed that insurers obtained a competitive advantage by integrating sustainability into

with managing the risks for individuals and organizations (Alshammari, Syed Jaafar

Alhabshi, & Saiti (2018). Alshammari et al. found that insurance activity in all Gulf

countries arrived through the agency of foreign players, and gradually became regulated,

leading to the emergence of the biggest insurance market in the world. The first insurance

company in the United States was a mutual insurance company called “the friendly

society”; created in 1735 in Charleston, South Carolina, and an insurance stock company

was then created in 1792 (Benali & Feki, 2017). Since the start of the first insurance

company in 1735, and the creation of the first insurance stock company in 1792, the U.S.

insurance industry has diversified significantly (Benali & Feki, 2017).

that the size of the company had no impact on profitability but the volume of capital and

foundation of profitability in the insurance sector (Mais, 2014). Venugopal and Priya

(2015) postulated that CRM improved the relationship between employees and customers

due to the mutual relationship between buyers and sellers in service delivery. The basic

principles in the insurance industries are a long-lasting relationship with customers,

effectively employing services, quality service, and customer retention (Venugopal &

Priya, 2015). A lack of customer retention leads to decreased profitability and

sustainability of a firm (Venugopal & Priya, 2015).

essential for the survival of small businesses. Mogoş (2015) argued that digital marketing

plays an important role in the relationship between DC and firm competitive advantage

has been aimed towards organizational and relational processes that provide insight into

how brands achieve and sustain strategic advantage (Brodie, Benson-Rea, & Medlin,

2016). Zhang and Xu (2019) found that to build strong MDCs in developing countries,

firms should develop effective strategies for knowledge integration. Xu, Guo, Zhang, and

Dang (2017) used survey data from firms in China, which revealed that vertical and

horizontal relationships were essential to building dynamic marketing capabilities, but

understanding how leadership utilizes DC in developing countries. There are also

managerial implications, for the development of capabilities to detect new opportunities,

configure, and expand firms’ existing resource base (Mamédio, Rocha, Szczepanik, &

Lauderdale, Florida with at least 5 years of experience in the insurance industry. I

method to understand marketing strategies that leaders of independent insurance use to

achieve and maintain profitability. In qualitative research, a phenomenon is understood

through in-depth analysis to understand participants’ experiences (Sutton & Austin,

2015). A qualitative research method was appropriate for this study because I sought to

understand, through data collection and analysis, how leaders of independent insurance

agencies used effective marketing strategies to achieve and maintain profitability.

empirical components called variables, which can be represented numerically as

frequencies or rates and are examined using statistical techniques (Rahman, 2017).

Quantitative data are numerical and can be manipulated and transformed (Skillman et al.,

mixed-method approach was not appropriate for this study because it combines both

Researchers who employ multiple case study use a replication and comparison logic to

see patterns in a data set (Skillman et al., 2019). The multiple case study design was

appropriate for this study to understand how leaders of three different independent

insurance agencies use effective marketing strategies to achieve and maintain

profitability.

with factual accuracy than with the plausibility of an account (i.e., whether it is true to the

living sense; Cypress, 2018). Phenomenological approaches are based on personal

through individuals’ stories (Fusté-Forné & Masip, 2018). I also rejected narrative

research design, in that my goal was not to understand individual stories, but to

understand what marketing strategies leaders of independent agencies use to achieve and

maintain profitability.

and used member checking by having participants review their interpreted responses for

accuracy. Sample size and open-ended questions rely on the principle of data saturation

(Tran, Porcher, Tran, & Ravaud, 2017). To ensure data saturation, researchers should

reach the point during the data collection process at which they are obtaining no new data

and no new themes (Fusch & Ness, 2015). If a study can be replicated, the researcher

independent insurance agencies use effective marketing strategies.

purposeful sampling to select the participants. Researchers who use purposive sampling

achieve a manageable amount of data (Ames, Glenton, & Lewin, 2019). In a qualitative

multiple case study, too much data due to a large number of cases can undermine

researchers’ ability to perform a thorough analysis (Ames et al., 2019). For this multiple

case study, I conducted interviews and reviewed company documents and company

websites for a sample of three participants, which enabled me to perform a thorough

analysis of marketing strategies that leaders of independent insurance agencies use to

achieve and maintain profitability. Researchers who employ purposeful sampling can

clarity to ensure that no new themes emerged from the data. I triangulated the data

insurance industry. I conducted interviews in an environment that would be comfortable

and nonthreatening for participants and would be free of noise and distractions.

Researchers who create a comfortable interview environment can enable participants to

answer questions openly and honestly (Quinney, Dwyer, & Chapman, 2016).

information about the risks and benefits of being involved in their research (Brear, 2018).

Researchers should balance protection with engagement and ensure that research

participants are involved in ethical research (Henderson, 2016). I followed ethical

research procedures by ensuring that prior to the interviews, participants were fully

Walden University IRB approval number is 02-06-20-0694363.

Researchers who employ semistructured interviews seek participants’ views on a focused

topic or, with key informants, for background information or perspective (Hammarberg,

Kirkman, & de Lacey, 2016). I used multiple data collection tools that were appropriate

for a qualitative study. I conducted face-to-face semistructured interviews with three

leaders of an independent insurance agency who had effectively used marketing

strategies to achieve and maintain profitability. Each interview consisted of seven open-

ended questions (see Appendix A).

their semistructured interview to ensure the accuracy of their interpreted responses.

strategies that leaders of independent insurance agencies use to achieve and maintain

profitability. I used multiple data collection tools that were suitable for a multiple case

study. The procedures for data collection and analysis included following an interview

protocol (see Appendix B), conducting semistructured interviews (see Appendix A),

member checking participants’ responses, and triangulating the interview results.

studies (Fritz & Vandermause, 2018). I was the primary data collection tool for this study

I audio recorded each interview. One participant requested that the interview not be

interpretation of their responses.

may include scheduling a convenient time and location for participants, free of

distraction. Scheduling interviews with the participants did not create a disadvantage

during my study. An advantage of semistructured interviews is that participants are free

to respond to open ended questions and to ensure data saturation the researcher may

probe these responses (McIntosh & Stern, 2015). In this study, participants answered

open ended question and some probing questions, which allowed me to achieve data

saturation by the third interview. A potential advantage of conducting document review

is that extensive information is obtained, allowing researchers to compare the responses

file and categorized and coded using Microsoft Excel and NVivo. Constant comparison

audiences (Risso, 2017). I performed member checking by providing participants with a

summary of the semistructured interview to review for accuracy. All participants verified

that the results from the interviews were accurate.

physical documentation are stored securely in a locked file cabinet. All data will be

stored securely for at least 5 years and will then be destroyed by burning.

strategies leaders of independent insurance agencies use to achieve and maintain

profitability. I applied methodological triangulation by reviewing interview transcripts,

process included compiling, organizing, labeling, and coding data for each case. I made

across the multiple cases to ensure data saturation. Data saturation occurred after the third

interview. Researchers observe data saturation when more data will not lead to new

findings or information related to the research question (Lowe, Norris, Farris, &

Babbage, 2018).

better understanding of the study (Abdalla, Oliviera, Azevedo, & Gonzalez, 2018). I

further triangulated the results by comparing the emergent themes with the current

literature. A final step was to ensure that the thematic results are consistent with the

conceptual framework. I related the thematic findings to the DC conceptual framework.

confirmed that if a particular marketing strategy was not effective, they would

customers, offer good rates, and provide coverage tailored to fit the needs of their

customers can gain a competitive edge. Established firms have more experience in

knowing what and how to sell (Lechner, Soppe, & Dowling, 2016). Participant 1

indicated that it is important for agents to educate themselves on current insurance

products. Trends in competition have led to changes in the insurance market affecting the

stability of insurance firms around the world (Altuntas & Rauch, 2017). Firms’ DC and

competitive strategies play a critical role in the success of the organization (Kharub, Mor,

& Sharma, 2019). DC align with the theme of targeted and adaptable competitive

strategies. Business leaders who rely on DC use assets by transforming competencies into

resources to respond to changes in the market and maintain a competitive advantage (Lee

and customers failing to pay (Pooser & Browne, 2018). Consumers who are price

potential and current customers’ decision-making processes and customer satisfaction.

are first, and commission is second.” All participants agreed that great service and rates

help to increase customer satisfaction, allowing agents to retain and maintain

profitability. All participants agreed that providing clients with proper coverage creates

customer satisfaction. Customer satisfaction allows agents to cross-sell insurance

products and capitalize on referrals, creating profitability for the firm. Participant 1 stated

that “providing the best product where the client ultimately benefits is good customer

service and allows an agent to keep their clientele.”

that are involved when you don’t have the right coverages, and then provide clients with

customer satisfaction and retaining and maintaining profitability. Participant 2 stated that

“personal engagement and relationship building are important in the insurance industry.”

All participants agreed that an agent’s availability is vital to the growth of the agency. All

participants noted that picking up the phone, answering questions, and providing good

customer service help to build an agency's customer base. Participant 3 stated that

“agents must pick up the phone to answer customers’ questions and return all customer

calls” to foster good customer service and ensure customer satisfaction. Business owners

must build trust by maintaining customer satisfaction (Setiawan, Wati, Wardana, &

Ikhsan, 2019). Customer service can build customer loyalty in the insurance industry.

of this study align with this tenet from the conceptual framework. All participants

from online reviews and testimonials provided by the target customer segment (Bi, Liu,

Fan, & Cambria, 2019). All participants’ websites provided potential customers with the

capability and convenience to request a quote from their mobile phone or computer.

Business leaders should use the firm’s DC to facilitate customer satisfaction to increase

the profitability of the organization.

Business leaders implement various strategies to improve performance under turbulent

business conditions (Birkie, Trucco, & Campos, 2017). Dynamic capability is associated

with professionalism because agents must be able to combine knowledge with

organizational performance and business management, but also is vital to business

of Financial Services, 2020). Agents’ interaction with customers is important to the

growth of an agency. Agents and their staffs’ ability to provide information to assist

customers with making coverage decisions or guide customers through the claims process

is vital to the growth of an agency. Business owners must build relationships and practice

professionalism within their organizations to achieve and maintain profitability.

“professionalism is important to the growth of the agency.” All participants agreed that

agents should be knowledgeable about the latest insurance products available, to provide

the best service to potential and existing customers. Participant 1 stated that “there are

people who have been provided with inadequate coverage, and only find out after a loss

have a better understanding of their customers for effective decision making (Al-Weshah,

Al-Manasrah, & Al-Qatawneh, 2019).

target new individuals who might be interested in a product or service (Gershon, Cryder,

& John, 2020). DC facilitate the effects of referrals and customer relationship

management on firms’ performance (Ngo, Pavelkova, Phan, & Nguyen, 2018). When

leaders use the organization’s DC, they can leverage internal or external competencies or

capabilities such as marketing capabilities, or simply provide a good product or service,

that will generate more referrals. Word of mouth is an important marketing strategy for

important for businesses and represent one of the most cost-effective marketing strategies

referrals are the best cost-effective marketing strategy and a good source for achieving

and maintaining profitability. Participant 1 stated that “referrals are someone that comes

recommended by someone.” Participant 2 stated, “it is important that agents develop,

maintain, and grow their referral sources with underwriters and brokers, to optimize

agency profitability.” Participant 3 stated that “it takes time to build a good referral base.”

A referral base can be developed if agents provide good customer service and develop

relationships with customers and other referral sources. Participant 1 stated that “if you

do well with one product with the referral, the customer will begin to ask more questions,

to confirm what other products or service you offer” in efforts to secure the best coverage

that meets their needs and to tell a friend. The participants noted that the least effective

a statement of the agent’s and staff’s commitment to serving the customer as well as

achieve profitability and sustainability within their organizations. The results of this study

may also provide insurance agents with strategies to improve customer service and

improve indemnifying customers’ insurance losses. Furthermore, business owners may

also improve their marketing strategies, by using the findings from this study. The study

findings revealed four themes: (a) targeted and adaptable competitive strategies, (b)

customer satisfaction, (c) professionalism, and (d) referrals.

agencies lack effective marketing strategies to achieve and maintain profitability. The

conceptual framework used in this study was the DC, which successfully aligned with the

findings from this study. DC are guided by a firm’s ability to sense, seize, and transform

customers with good rates and proper coverage. Business leaders provide customer

satisfaction as a strategic lever for improving their business performance (Otto,

Szymanski, & Varadarajan, 2020).

professionalism to achieve and maintain profitability by first ensuring that their staff

including themselves are in compliance with all state required licenses and designation.

Agents and their staff members should complete continuing education classes and

training on current insurance products to comply with state requirements and to provide

customers with insurance products that fit their needs. Business leaders build their

professional identities to increase advocacy for their specific profession (Tak, Henchey,

Future and current insurance agents can implement these strategies to achieve and

market strategy, competition, and financial performance (Adams, Upreti, & Chen, 2019).

Insurance agencies' sustainability in the market is vital to stimulating the economy.

Sustainability distinguishes how humanity can meet current demands without

compromising the needs of future generations. Independent insurance agencies have

evolved in such a way that agents can cover a growing array of risks that are broadly

social nature, such as macroeconomic instability and crisis, climate change, and civil

unrest and war (Bush, 2016). Independent insurance agents may stimulate the local

economies by creating new jobs if recommendations from the study are incorporated.

service, with customers in the local community. Participant 2 indicated that having a