Group decision making process for insurance company selection problem with extended VIKOR method under fuzzy environment

Abstract

In recent years, because of the high potential for insurability in Turkey and the rapid improvement of insurance sector, foreign investors are interested in Turkish insurance market. Since insurability rate has reached saturation point in their countries, foreign investors tended to make investments in Turkey and start to purchase local insurance companies in Turkey. In this paper we analyze five Turkish insurance companies for a foreign investor who wants to purchase a local insurance company. For selecting the most appropriate alternative we used the extended VIKOR method which applied to determine the best feasible solution according to the selected criteria. This method was developed to solve multiple criteria decision making problems with conflicting and non-commensurable criteria, assuming that compromising is acceptable for conflict resolution. In this paper, the alternatives are evaluated according to all established criteria with the VIKOR method completely under fuzzy environment with fuzzy sets. (C) 2011 Elsevier Ltd. All rights reserved.