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Performance evaluation of insurance sector using balanced scorecard and hybrid BWM-TOPSIS: evidence from Iran

Author

Listed:
  • Sahar Rahmati
  • Soroush Avakh Darestani

Abstract

Improving the performance of insurance industry can have a huge impact on other manufacturing and service sectors. The objective of this study is to evaluate the performance of insurance companies using balanced scorecard (BSC) and multi-criteria decision-making (MCDM), with case studies on three companies based in northern Iran. The outline of our approach is as follows: First, via theoretical studies, the primary criteria in four BSC performance dimensions were identified and provided to experts. Then, nine criteria were chosen to measure the performance based on BSC and best worst method (BWM) was used to weigh them. Results showed, 'increasing service quality' is the most important criterion, followed by, 'improving quality of services for attracting new customers in addition to existing customers', 'flexibility in the service system' and 'investing in customer education'. Consequently, a decision matrix was developed to measure the performance. Companies were ranked using TOPSIS method.

Suggested Citation

  • Sahar Rahmati & Soroush Avakh Darestani, 2022. "Performance evaluation of insurance sector using balanced scorecard and hybrid BWM-TOPSIS: evidence from Iran," International Journal of Productivity and Quality Management, Inderscience Enterprises Ltd, vol. 36(3), pages 382-402.
    • Handle: RePEc:ids:ijpqma:v:36:y:2022:i:3:p:382-402
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