EURO 2024 Copenhagen
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206. Multicriteria Decision Making for Health and Life Insurance Selection in India: A Comprehensive Analysis

Invited abstract in session WB-45: Decision Support in the Public Sector and Policy Making, stream Decision Support Systems.

Wednesday, 10:30-12:00
Room: 30 (building: 324)

Authors (first author is the speaker)

1. PRASHANT BARSING
School of Business Management, NMIMS University

Abstract

This research investigates the complex landscape of health and life insurance selection in India through the lens of multicriteria decision-making (MCDM). With the burgeoning population and diverse healthcare needs, the insurance sector plays a pivotal role in safeguarding individuals against unforeseen health crises and securing the financial future of their dependents. The study aims to develop a robust decision-making framework that integrates multiple criteria to guide individuals in making informed choices regarding health and life insurance policies. The research methodology involves a thorough analysis of various factors influencing insurance decisions. A comprehensive literature review is conducted to understand consumers' preferences and challenges in the Indian insurance market. The MCDM approach is employed to synthesize the collected data and derive a hierarchical model of decision criteria. The weights assigned to each bar are determined through pairwise comparisons, reflecting the relative importance of factors influencing insurance choices. The research aims to provide a decision support system to guide individuals in selecting insurance plans. The findings of this study are expected to contribute to the existing body of knowledge on insurance decision-making in India, offering valuable insights for both consumers and insurance providers. The research aims to enhance the overall efficiency and effectiveness of India's health and life insurance industry.

Keywords

Status: accepted

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