Comparing Performance of Insurance Companies Using Artificial Intelligence through Multi-Criteria Decision-Making Methods

Abstract

The insurance industry is characterized by intense competition and evolving customer expectations. Traditional performance metrics often fall short in capturing the complexities of the industry. This research aims to leverage artificial intelligence (AI) and multi-criteria decision making (MCDM) to evaluate the performance of insurance companies comprehensively. By integrating financial, operational, and customer-centric data, we develop an AI-driven framework to extract relevant features and construct a decision matrix. Subsequently, MCDM techniques are employed to rank insurance companies based on multiple criteria. The findings contribute to a deeper understanding of insurance company performance and provide valuable insights for strategic decision-making.