Brief of Content: This study develops an analysis of diversification strategy for Jasa Raharja (JR) by using computer-assisted (MAXQDA 12) Explanatory and Exploratory Sequential Mixed Methods (EESMM). It is based on five data sets, 19 participants of Focus Group Discussion (FGD), nine internal reports of JR, 12 academic books and articles, and 34 Rules and Regulations. The analysis on market, economic and legal (MEL) in long-term and short-term profit orientation shows that four sectors are the most profitable fields for JR’s diversification compared to other 10 economic sectors above the average of national economic growth. Developing Business Diversification Strategy: Analyzing Market, Economic and Legal Business Environment with MAXQDA 12 1. Dr. Mahmud Syaltout ([email protected]) 2. Muhammad Zulkarnain, M. Si ([email protected]) 3. Alfon Satria Harbi, M.Si ([email protected]) ANP – INSIGHT Equity Tower, 49 th Floor, Jl. Jend. Sudirman Kav. 52-53, SCBD Jakarta – 12190 Indonesia E-mail: [email protected] Phone: +62 21 2965 1290 Fax: + 62 21 2965 1222 Context Method Summary Conclusion JR, as the state-owned Compulsory Insurance Company, has an obligation to provide compulsory insurance for all Indonesia citizens. On the other hand, in order to boost its economics of scale and profit, JR needs to develop its diversification strategy by calculate its internal and external factors. By using EESMM where MAXQDA 12 is the main core of the analytic tools, this study tries to find the most profitable economic sectors for JR’s diversification strategy. Ø This study adapts Andrews Strategy Framework that integrates external and internal conditions of JR and its diversifications. Ø External conditions consist of global, national, regional and sectoral-conditions of MEL. This aspect intends to seek opportunities and threats. Ø Internal conditions contain distinctive competences of JR in their MEL aspects. It aims to calculate the strength and the weakness of JR. Ø As the result, analysts finally discover three level recommendations for JR’s diversification: ü Highly Recommended: General Insurance, Life and Health Insurance, Reinsurance, Budget Hotel ü Sufficiently Recommended: Rest Area, Investment, and E-commerce ü Not Recommended: Credit Guarantee, Hospital, Food and Beverages, Property, Palm Industry, Bank, Compulsory Insurance. ü JR has strong legal position and good financial stability because by Indonesia regulation, it monopolizes compulsory traffic and public transportation insurance in Indonesia. JR is the only player in this field. ü On other hand, that privileges may made limited spaces for improvement and innovation because JR is highly monitored by Indonesia Financial service Authority (OJK) and by Indonesia Central Bank (BI) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Diversification Sectors Market Economic Legal SUM Code frequency per document group Rules & Regulations Internal Reports Literature FGD ANP - Insight Data Result Utilization of MAXQDA Explanatory and Exploratory Sequential Mixed Methods