Table 1.
MCDM studies in the field of insurance.
| Author/s | Criteria used | Aim | Method |
|---|---|---|---|
| Saeedpoor et al. [42 ] | Tangibility, reliability, assurance, responsiveness, empathy | Ranking life insurance firms based upon the SERVQUAL model. | Fuzzy AHP and fuzzy TOPSIS integrated model |
| Yücenur and Demirel [43 ] | Price, profitability, portfolio structure, portfolio size, sales channel structure, brand equity, organizational quality, solvency ratio | Selection of an insurance company for a foreign investor who wants to buy a local insurance company. | Fuzzy VIKOR |
| Mandić et al. [44 ] | Equity and reserves, business assets, provision and liabilities, financial incomes, cost of insurance | Evaluation of the efficiency of insurance companies | Fuzzy AHP and TOPSIS integrated model |
| Puelz [45 ] | Net payment index, contractual flexibility, financial strength, cash value accumulation | Selection of the best life insurance firm | AHP |
| Khodaei Valahzaghard and Ferdousnejhad [46 ] | Assets, cash flow, income, capital adequacy | Ranking insurance firms | AHP and factor analysis |
| Chang [47 ] | Financial structure, profitability, equity repayment capacity, management, and overall operational efficiency |
Assessment of Taiwanese insurance firms | GRA |
| Tsai et al. [48 ] | Business index, a whole company operating index, an entire company operating index | Evaluating Taiwanese insurance companies | ANP and TOPSIS hybrid framework |
| Sehhat et al. [49 ] | Productivity, sales network, development, information technology, customer satisfaction, composition, and growth, after-sales service | Ranking Iranian insurance firms | AHP and TOPSIS hybridization |
| Sabet and Fadavi [50 ] | Operating costs, insurance costs, number of employees/branches/agents/issued insurance/complimentary insurances, profit, market share, investment return | Determining the efficiency of insurance companies | DEA |
| Fan et al. [51 ] | Image, service, relationship, trust, payment equity, experience, price, product variety | Evaluating the intentions of consumers’ cross-buying bancassurance |
TOPSIS |
| Venkateswarlu and Bhishma Rao [52 ] | Loss ratio, expense ratio, combined ratio, underwriting results ratio, net retention ratio, investment income ratio, operating ratio, net earnings ratio, the return of equity | Evaluating the profitability of non-life insurance companies in India | GRA and TOPSIS model |
| Tuş Işık [53 ] | Insurance premium, coverage, discounts applied, recognition, service quality | Selecting the most suitable insurance firm | QUALIFLEX and ORESTE |
| Doumpos et al. [31 ] | Equity to assets, solvency ratio, technical reserves ratio, liquid assets to total liabilities ratio, operating expense ratio, loss ratio, return on assets, total assets, risk retention ratio, inflation rate, inequality of income (GINI), GDP | Determining the performance of non-life insurers | PROMETHEE II and regression analysis |
| Kazemi and Bardeji [54 ] | Branch manpower skill, general and administrative costs of the branch, the grade of the branch, premiums, employees’ wages | Ranking the insurance branches in Iran | Fuzzy AHP and PROMETHEE integrated model |
| Torbati and Sayadi [55 ] | Cost of insurance, other costs, premium income, deferred claims, market share, customer satisfaction, customer education level, amount of investment, facility to employees, manpower skills | Measuring the performance of insurance branches | Best-Worst Method (BWM) and Fuzzy Inference System |
| Nourani et al. [56 ] | Service expenses, debt capital, equity, total investment, earned premiums, claims, profit, investment income | Determining the technical efficiency of insurance firms | DEA |
| Wang et al. [40 ] | Commissions, investment income, earned premium, management expense | Evaluating the efficiency of general insurance companies | Neutrosophic data AHP and TOPSIS combined approach |
| Mishra et al. [57 ] | Confidence, responsiveness, reliability, tangibles | Determining the service quality in vehicle insurance companies | Fuzzy TODIM |