Identifying and ranking the driving forces of social insurance by analytical hierarchy process: evidence from India

Abstract

Imperfections in the private market increase the scope of social insurance worldwide. Social insurance is designed to provide protection against heterogeneous risks. In a welfare state, consumer's demand for social insurance arises from the need for optimum policy coverage. Likewise, government intervention facilitates the insurance market by minimizing the effect of imperfect information and moral hazard. Designing cost and benefits of a policy, assessing the required level of risk to be taken and selecting integrated services (for example, medical care) are among the salient roles of the supplier. The present paper tries to find out the main drivers for social insurance in India. For this purpose, we have applied the Analytic Hierarchy Process (AHP) to determine the most important alternative among the different alternatives. The model consists of nine criteria and three alternatives. The results show that the consumer's demand is on the top of the hierarchy which signifies that the optimum policy coverage must be given due to consideration for mass administration of social insurance programs. The findings are important for policymakers in order to address consumer's needs so that enrollments in the insurance policies can be enhanced. The contribution of the study significantly includes the determination of a new set of study variables along with the application of the AHP methodology.

MARCOS technique under intuitionistic fuzzy environment for determining the COVID-19 pandemic performance of insurance companies in terms of healthcare services

“…Doumpos et al [31] argued that the papers related to the financial performance of insurance companies could be generally classified into the following four groups: (i) papers that consider individual financial ratios, (ii) papers that examine the credit ratings of firms, (iii) failure prediction works, and (iv) studies on the efficiency of insurers [32] , [33] , [34] , [35] . In recent years, however, studies using MCDM methods to select, evaluate, and rank insurance companies have been increasing exponentially [3] , [36] , [37] , [38] , [39] , [40] , [41] . Table 1 demonstrates some recent MCDM works in the field of insurance.…”

Experience of Foreign Countries in Application of Social Security Models in Uzbekistan

“…Xorijiy mamlakatlarning yetuk olimlari Zahin Ansari, Mosab I. Tabash B, Asif Akhtar, Samar H. Khan, Ebrahim Mohammed Al-Matari [1] Xususiy bozorning nomukammalligi butun dunyo bo'ylab ijtimoiy sug'urta ko'lamini kengaytiradi. Ijtimoiy sug'urta ishlab chiqilgan heterojen xavflardan himoya qilishni ta'minlash.…”

Impacts of social insurance on firm performance: evidence from Vietnamese small- and medium-sized enterprises

“…In particular, risks that workers are always concerned about and worried about are unemployment, accidents and illness. Ansari et al (2019) argue that these risks are negatively related to productivity, thereby they will limit firm performance. However, employees are reacting to job insecurity or risks that depend not only on individual specifics but also on how companies treat them (Wang et al, 2015).…”

“…In particular, social insurance that has the function of limiting losses arising from risks improves their productivity and efficiency. Moreover, workers tend to require constant income and living standards above the poverty line to achieve economic security (Ansari et al, 2019). If companies are unable to provide a safe working environment and ensure to limit losses when having risks, employees may experience work stress, which can affect their work efforts.…”