QUALIFLEX and ORESTE Methods for the Insurance Company Selection Problem

Abstract

All assets and attempts of the people are threatened by uncertainty named as the risk.  Insurance is a social security tool used to recover the loss that may arise as a result of the realization of risks. Insurance contract is established by mutual aggrement between an insurance company (insurer) and the insurance holder (insured). The insurer takes over the insurance coverage, the insured falls under the premium payment obligation with the insurance contract. The contract may be signed for life (personal accident, health), goods (automobiles, house, fire, transportation, engineering), liability, legal protection and credit. There are numerous insurance companies in the market and the contracts may change from insurance company to company. Therefore, it is important to select the insurance company that meets the business needs in the best way. This selection may be handled as a MCDM (Multi Criteria Decision Making) problem. MCDM problems refer to make a decision for the alternatives characterized by multiple, usually conflicting, criteria and there are several methods for solving MCDM problems. In this paper, QUALIFLEX (QUALItative FLEXible) and ORESTE (Organization, Rangement Et Synthese De Donnes Relationnelles) methods are used. The insurance company alternatives are ranked by these methods and the results are compared.