Neutrosophic management evaluation of insurance companies by a hybrid TODIM-BSC method: a case study in private insurance companies

Abstract

Purpose

In this paper, a combined TODIM-BSC method with the neutrosophical approach for evaluating the performance of a private insurance company has been proposed. In other words, first, using the BSC technique, and identify the performance evaluation indicators, then evaluate the performance of the insurance company's agencies and rank them with the TODIM decision-making method.

Design/methodology/approach

The insurance industry has a special prestige and importance in domestic and foreign trade. The evaluation of insurance companies, in addition to informing the stakeholders, increases competition, industry dynamism, sustainable and balanced development of society. The purpose of this paper is to establish a model for evaluating the performance of private insurance companies by adopting multiple-attribute decision-making and Balanced Scorecard (BSC) with single-values neutrosophic numbers (SVNNs) which will be applied by considering a set of indicators and alternatives deliberated with different viewpoints.

Findings

A case study of the private insurance agencies in one of the provinces of Iran based on 26 criteria of agencies is used to confirm the practicality and effectiveness of the proposed model. Finally, there was a discussion about why the results are logical, which shows the strength and robustness of the proposed framework.

Originality/value

To the best of our knowledge, no study has been performed to evaluate the performance of a real-world problem with the integrated TODIM-BSC method in a neutrophilic environment. Therefore, this paper can be effective in bridging the existing research gap and expanding our knowledge of the discussion of evaluating the performance of organizations or companies. Besides, by using these results, the authors can help the planners of these companies as well as similar organizations in attracting satisfaction and retaining target customers.

Citation

Zhang, K., Xie, Y., Noorkhah, S.A., Imeni, M. and Das, S.K. (2023), "Neutrosophic management evaluation of insurance companies by a hybrid TODIM-BSC method: a case study in private insurance companies", Management Decision, Vol. 61 No. 2, pp. 363-381. https://doi.org/10.1108/MD-01-2022-0120