The inssurance industry is one of the service industries has significant competition and innovation. With regard to importance of innovation issue for top managers of Iranian insurance companies, a conceptual model has been developed for Corporate Innovation Capability concept. In this paper, after describing the research problem, innovation concept with comparative review of recent theories of innovation have been presented. Then, with a detailed review of literature and previous research papers, an initial research framework and applied research method has been proposed. The main and final section of paper assigned to describing the result of research in different steps of qualitative modeling process. The agreed concepts those are related to corporate innovation capability, the elicited and analyzed experts Cause Map, the elicited collective causal maps, and the final proposed model for insurance industry are the modeling results for this paper.