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Motor Insurance Policy Selection: A Joint Spherical Fuzzy Analytic Hierarchy Process (SF-AHP) and Combined Compromise Solution (CoCoSo) Approach

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Title Motor Insurance Policy Selection: A Joint Spherical Fuzzy Analytic Hierarchy Process (SF-AHP) and Combined Compromise Solution (CoCoSo) Approach
 
Creator Joshi, Mangesh
 
Subject Analytic hierarchy process
Fuzzy sets
Multi-criteria decision-making
Ranking
Spherical AHP
 
Description 183-190
Motor insurance policies play a crucial role in protecting vehicle owners against financial losses due to accidents, theft,
or other unforeseen events. The selection of an appropriate motor insurance policy is a complex decision-making process
that requires considering multiple criteria and their interrelationships. The motivation behind this study is to offer an
advanced decision-making framework that addresses the complexities of motor insurance policy selection, improves risk
management, fosters innovation in decision-making methodologies, enhances customer satisfaction, and increases the
competitiveness of insurance providers. This research presents a joint approach, combining the SF-AHP (Spherical Fuzzy
Analytic Hierarchy Process) and the CoCoSo (Combined Compromise Solution) method, to facilitate the selection of the
most suitable motor insurance policy. The weights of the factors are estimated by SF-AHP method with experts’ advice. The
rankings of the alternatives are calculated using CoCoSo method. The sensitivity analysis is also carried out to check the
stability of results over different Eigen values (). Premium amount is identified as the most influencing factor with factors
weight as 0.178 and reputation of the insurance company is identified as least dominating out of other selected factors with
factor weight as 0.10. The results are significantly stable over different  values ranging from zero to one. The research
paper addresses a novel problem of motor insurance policy selection that has not been explored by any previous researchers
in the existing literature.
 
Date 2024-02-15T09:35:21Z
2024-02-15T09:35:21Z
2024-02
 
Type Article
 
Identifier 0022-4456 (Print); 0975-1084 (Online)
http://nopr.niscpr.res.in/handle/123456789/63333
https://doi.org/10.56042/jsir.v83i2.4302
 
Language en
 
Publisher NIScPR-CSIR, India
 
Source JSIR Vol.83(2) [February 2024]