PERFORMANCE EVALUATION OF NON-LIFE INSURANCE COMPANIES WITH BEST-WORST METHOD AND TOPSIS

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Uluslararası Yönetim İktisat ve İşletme Dergisi
Volume:16 Issue:1
PERFORMANCE EVALUATION OF NON-LIFE INSURANCE COMPANIES WITH BEST-WORST METHOD AND TOPSIS

PERFORMANCE EVALUATION OF NON-LIFE INSURANCE COMPANIES WITH BEST-WORST METHOD AND TOPSIS

Authors : Gökhan AKYÜZ, Ömür TOSUN, Salih AKA

Pages : 108-125

Doi:10.17130/ijmeb.700907

View : 70 | Download : 8

Publication Date : 2020-03-10

Article Type : Research Paper

Abstract :Like in any other field, performance of a company in the insurance industry is the key factor of gaining competitive advantage and market share. In this study, insurance companies are ranked according to their 2016 performance indicators using a two-step hybrid MCDM method including BWM and TOPSIS. Only the non-life insurance companies are used in the study. BWM is one of the relatively new MCDM methods, which has an advantage of using less comparison, measuring the consistency between the pair-wise comparisons and giving interval analysis for multi-optimal situations. In the proposed methodology, BWM is used to calculate the criterion weights and TOPSIS to rank the alternatives. The solutions found are consistent with the real life market shares of the insurance companies.
Keywords : Best Worst Method, Performance Order, Non Life Insurance, TOPSIS, Multi Criteria Decision Making

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