Performance evaluation of an insurance company using an integrated Balanced Scorecard (BSC) and Best-Worst Method (BWM)

  • Rishi Dwivedi Department of Finance, Xavier Institute of Social Service, Ranchi, India
  • Kanika Prasad Department of Production and Industrial Engineering, National Institute of Technology, Jamshedpur, India
  • Nabankur Mandal Department of Mechanical Engineering, MCKV Institute of Engineering, West Bengal, India
  • Shweta Singh Department of Finance, Xavier Institute of Social Service, Ranchi, India
  • Mayank Vardhan Department of Finance, Xavier Institute of Social Service, Ranchi, India
  • Dragan Pamucar Department of Logistics, Military academy, University of Defence in Belgrade, Belgrade, Serbia
Keywords: Service sector, Insurance industry, BSC model, Best-Worst Method, BWM, Performance evaluation

Abstract

Recent economy and financial business environment is undergoing quick and accelerating revolution and paradigm shift, resulting in growing uncertainty and complexity. Therefore, the need for an all-inclusive and far-reaching performance measurement model is universally felt as it can provide management-oriented information and act as a supporting tool in developing, inspecting and interpreting policy-making strategies of an enterprise to achieve competitive advantages. Hence, this paper proposes an application of balanced scorecard (BSC) model in an insurance organization for coordinating and regulating its corporate vision, mission and strategy with organizational performance through the interrelation of different layers of business perspectives. In the next stage, a framework to unify both BSC and best-worst method (BWM) models is implemented for the very first time in insurance domain to assess its performance over two-time periods. The integrated BSC-BWM model can help managers and decision-makers to figure out and interpret competing strength of the said enterprise and consecutively expedite in efficient and compelling decision making. Nevertheless, this integrated model is embraced and selected for a certain categorical business and there is enough future scope of its application to distinct industries.

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Published
2021-03-13
How to Cite
Dwivedi, R., Prasad, K., Mandal, N., Singh, S., Vardhan, M., & Pamucar, D. (2021). Performance evaluation of an insurance company using an integrated Balanced Scorecard (BSC) and Best-Worst Method (BWM). Decision Making: Applications in Management and Engineering, 4(1), 33-50. https://doi.org/10.31181/dmame2104033d