Decision on Insurance Policy Selection by weighted Correlation  Approach on Neutrosophic Fuzziness through TOPSIS

S. Golui; B.S. Mahapatra; M.B. Bera; M.K. Mondal; G.S. Mahapatra

Authors

S. Golui Department of Engineering Sciences and Humanities, Siliguri Institute of Technology, Siliguri-734009, India;
B.S. Mahapatra School of Applied Science and Humanities, Haldia Institute of Technology, Haldia-721657, India;
M.B. Bera School of Applied Science and Humanities, Haldia Institute of Technology, Haldia-721657, India;
M.K. Mondal School of Applied Science and Humanities, Haldia Institute of Technology, Haldia-721657, India;
G.S. Mahapatra Department of Mathematics, National Institute of Technology Puducherry, Karaikal- 609609, India;

Keywords:

Single-valued Neutrosophic set; MCDM; Correlation measure; TOPSIS; Term insurance policy

Abstract

Risk management recognizes and controls the hazards connected with our decisions and activities,
whether they involve our assets or health. The fundamental goal of insurance is to mitigate the risks an
insured person experiences. Term insurance is a kind of life insurance that is polarized among insurance policy
buyers. The quantitative and qualitative attributes of term insurance are often articulated using language
terminology. Consequently, the selection of a term insurance policy can be characterized as an uncertain multi
criteria decision-making (MCDM) problem. In this work, we substituted the distance measure in the technique
for order preference by similarity to an ideal solution (TOPSIS) with a neutrosophic weighted correlation
coefficient to address the ambiguity involved in the selection of distance measure in the TOPSIS approach.
This work also offers weighted closeness measures and an index coefficient required in the neutrosophic TOPSIS
approach. The suggested neutrosophic TOPSIS is used to identify the best term insurance policy for its clients.
The outcome of the neutrosophic TOPSIS suggests that the tenth insurance firm exhibits the highest level of
acceptance, whereas the first firm represents the least favorable option. The consistency and robustness of the
proposed approach are established through comparison and sensitivity analysis.

DOI: 10.5281/zenodo.15558354