Investing in Business Model Innovation and adaptation during crisis period: Evidence from the Moroccan Insurance sector in Covid-19

Résumé

This article aims to examine the impact of the COVID-19 pandemic on business model innovation and adaptation within Morocco's insurance industry. Employing a multiple case study approach involving six insurance firms, the study assesses the crisis's influence on firm performance during the initial pandemic year. Data was collected through comprehensive online surveys and semi-structured interviews, investigating the implementation of innovative and adaptive business models. The findings demonstrate that the crisis significantly drove business model innovation and adaptation for the firms. Moreover, firms that successfully incorporated more adaptive elements demonstrated improved performance. This research underscores the importance of business model innovation and adaptation in navigating crises and enhancing resilience. It contributes to the limited literature on the COVID-19 impact on the insurance sector, shedding light on strategies that foster enduring success amid challenging circumstances.