Staff View: Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.]

Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.]

Increased competition within the insurance industry has led to the critical need for insurance companies to utilise their resources efficiently. Data Envelopment Analysis (DEA) model has been widely used to measure the relative efficiency of these companies. However, a limitation of the conventional...

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Main Authors:	Abd Aziz, Nur Azlina, Mahad, Nor Faradilah, Mohd Mahyideen, Jamilah, Kasim, Eley Suzana
Format:	Book Section
Language:	English
Published:	Center for Islamic Philanthropy and Social Finance (CIPSF) 2021
Subjects:	Data envelopment analysis Insurance Life insurance
Online Access:	https://ir.uitm.edu.my/id/eprint/50679/1/50679.pdf https://ir.uitm.edu.my/id/eprint/50679/ https://www.acbess2021.com/
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id	my.uitm.ir.50679
record_format	eprints
spelling	my.uitm.ir.506792021-11-01T02:34:48Z https://ir.uitm.edu.my/id/eprint/50679/ Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.] Abd Aziz, Nur Azlina Mahad, Nor Faradilah Mohd Mahyideen, Jamilah Kasim, Eley Suzana Data envelopment analysis Insurance Life insurance Increased competition within the insurance industry has led to the critical need for insurance companies to utilise their resources efficiently. Data Envelopment Analysis (DEA) model has been widely used to measure the relative efficiency of these companies. However, a limitation of the conventional model indicates that certain crucial factors were ignored in the analysis resulting in unrealistic efficiency outcomes. Hence, the present study aims to provide a more robust efficiency measurement by incorporating the subjective value of judgement in the standard DEA through a hybrid model which integrates Constant Return Scale (CRS) model of DEA, Assurance Region Type I (ARI), and Fuzzy Analytic Hierarchy Process (FAHP) method. This proposed DEA-AR/FAHP model was applied on the data gathered from 22 Malaysian life insurance and Takaful companies between 2017 and 2018. Findings revealed that the model provides an improved efficiency assessment through the elimination of zero weights and hence deliver more realistic results. Center for Islamic Philanthropy and Social Finance (CIPSF) 2021 Book Section PeerReviewed text en https://ir.uitm.edu.my/id/eprint/50679/1/50679.pdf ID50679 Abd Aziz, Nur Azlina and Mahad, Nor Faradilah and Mohd Mahyideen, Jamilah and Kasim, Eley Suzana (2021) Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.]. In: E-Proceeding for Asian Conference on Business, Economics and Social Science (ACBESS) 2021. Asian Conference on Business, Economics and Social Science (ACBESS) 2021 . Center for Islamic Philanthropy and Social Finance (CIPSF), Alor Gajah, p. 12. ISBN 9789672569602 https://www.acbess2021.com/
institution	Universiti Teknologi Mara
building	Tun Abdul Razak Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	Universiti Teknologi Mara
content_source	UiTM Institutional Repository
url_provider	http://ir.uitm.edu.my/
language	English
topic	Data envelopment analysis Insurance Life insurance
spellingShingle	Data envelopment analysis Insurance Life insurance Abd Aziz, Nur Azlina Mahad, Nor Faradilah Mohd Mahyideen, Jamilah Kasim, Eley Suzana Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.]
description	Increased competition within the insurance industry has led to the critical need for insurance companies to utilise their resources efficiently. Data Envelopment Analysis (DEA) model has been widely used to measure the relative efficiency of these companies. However, a limitation of the conventional model indicates that certain crucial factors were ignored in the analysis resulting in unrealistic efficiency outcomes. Hence, the present study aims to provide a more robust efficiency measurement by incorporating the subjective value of judgement in the standard DEA through a hybrid model which integrates Constant Return Scale (CRS) model of DEA, Assurance Region Type I (ARI), and Fuzzy Analytic Hierarchy Process (FAHP) method. This proposed DEA-AR/FAHP model was applied on the data gathered from 22 Malaysian life insurance and Takaful companies between 2017 and 2018. Findings revealed that the model provides an improved efficiency assessment through the elimination of zero weights and hence deliver more realistic results.
format	Book Section
author	Abd Aziz, Nur Azlina Mahad, Nor Faradilah Mohd Mahyideen, Jamilah Kasim, Eley Suzana
author_facet	Abd Aziz, Nur Azlina Mahad, Nor Faradilah Mohd Mahyideen, Jamilah Kasim, Eley Suzana
author_sort	Abd Aziz, Nur Azlina
title	Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.]
title_short	Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.]
title_full	Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.]
title_fullStr	Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.]
title_full_unstemmed	Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.]
title_sort	incorporating expert judgement into life insurance and life takaful companies’ efficiency measurement through dea-ar/fahp approach / nur azlina abd aziz … [et al.]
publisher	Center for Islamic Philanthropy and Social Finance (CIPSF)
publishDate	2021
url	https://ir.uitm.edu.my/id/eprint/50679/1/50679.pdf https://ir.uitm.edu.my/id/eprint/50679/ https://www.acbess2021.com/
_version_	1717097183233179648
score	13.211869

Incorporating expert judgement into life insurance and life Takaful Companies’ efficiency measurement through DEA-AR/FAHP approach / Nur Azlina Abd Aziz … [et al.]

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