Appraising marketing performance for insurance businesses through improved fuzzy modified GRA

Shang Yu Chen, Chung-Cheng Lu*

*Corresponding author for this work

Research output: Contribution to journalArticle

4 Scopus citations

Abstract

Since there has been notable growth in the variety of insurance products available, marketing strategy performance for insurance companies has become increasingly vital. The purpose of this study is to appraise the performance of insurance marketing strategies. Because the strength of attracting clients, firm's strength and synergy must be considered when making marketing choices, the methodology applies the fuzzy analytic hierarchy process (fuzzy AHP) which considers fuzziness and uncertainty in human deliberation, and is also a multi-criteria decision making technique. The improved and modified grey relational analysis (GRA) method, considering both aspired to and worst alternatives and a high correlation of fuzzy weights combined with the fuzzy grey relation coefficients, is utilized to select the optimal insurance company to determine the performance of the proposed evaluation model from a given set of alternatives of insurance companies. The findings show that the strength of attracting clients is the most significant factor for marketing strategy performance, and the undulation of alternatives becomes smaller via the Mahalanobis distance concept. It is also found that Cathay is still the most powerful insurance company after comparison by every methodology and actual ranking. Therefore, these results provide theoretical suggestions for grey relation studies, marketing professionals and consumers.

Original languageEnglish
Pages (from-to)96-116
Number of pages21
JournalJournal of Grey System
Volume26
Issue number3
StatePublished - 1 Jan 2014

Keywords

  • Fuzzy analytic hierarchy process
  • Improved fuzzy modified grey relational analysis
  • Insurance marketing performance

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