Context/Purpose: Today, corporate governance is known as an ability to obtain financial and management health. In this regard, the Open Innovation provides useful and efficient ways to achieve strong corporate governance. Given the lack of research on open innovation to deal with the ultimate goals of corporate governance in the insurance industry, the present research has been conducted. Methodology: The sample consists of 8 faculty members and insurance industry experts who have been selected based on purposeful sampling procedure. This research, based on aim is an applied one and based on collecting data through interviews, it is considered as field research. The site of the research includes the insurance companies listed on Tehran Stock Exchange. Findings: The results of the interviews and data analysis by Atlas/ti software confirmed all the research questions. According to research findings, open innovation at inbound, outbound and composition are defined as strategies that enhance corporate governance. Conclusion: Research findings recommended open innovation strategies of various ways to solve the problems of corporate governance should be used in the insurance industry.