Abstract
In recent time, how to spend less money on the most secured insurance policy from the services of various insurance companies motivates modern people to buy a policy. However, making the right choice of policy is always the problem. An insurance policy with which individual can easily achieve their goals of insurance and make financial plans does matter under the shadow of accidents, retirement and disasters at any time. This study determines the best choice amongst various insurance policies for consumers’ need using analytical hierarchy process (AHP) method in carrying out contrastive analysis with decision criteria and objective alternatives. Many challenges of this kind associated with making a right choice from multiple choices can be remodeled as multi-criteria decision making (MCDM) in order to evaluate the decision weights which serve as the standard for selecting the right policy. The data employed by this study was obtained from expert from two major insurance firms whom are professional in the field of insurance and from customers that are conversant with various kinds of insurance policies. The AHP provides a scientific approach to the quantification of the relative importance of various decision-influencing criteria. The use of AHP also helped in the simplification of the complex problem as well as enable the insured’ to understand their demands so that effective decisions are made.
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