Document Type : Research Paper


1 Department of Industrial Engineering, Faculty of Technology and Engineering, East of Guilan, University of Guilan, Iran.

2 Department of Industrial Management-Finance, Islamic Azad University of Anzali-International Center, Iran.


The Bankruptcy of insurance companies compared to companies in other industries can have a more devastating impact on the customers of this industry and on society as a whole; because the insurance company's bankruptcy is equal to the risk of the economic presence of the insurer and third parties. Severe outcomes of insurance company's bankruptcy have made financial monitoring institutions to design systems for evaluation and supervision of insurance companies’ solvency in order to reduce bankruptcy risk of these companies. Inappropriate design of these systems may transmit incorrect signals to the insurance companies, lawmakers, and insurers and would have irreversible effects.  Thus, the current research aims at prioritizing different solvency monitoring systems of Iran Insurance Company using Analytic Network Process (ANP).  This is an applied research in terms of purpose, and it is descriptive - analytical research in terms of data collection method. The identified indexes for evaluation and monitoring the insurance companies’ solvency include the quantitative computational aspects, flexibility, and qualitative aspects. Following data collection using the network analysis software, which was used for advanced hierarchy analysis and DEMATEL, which was used for ranking qualitative, quantitative aspects, and flexibility, it is concluded that the quantitative computational index has the highest impact, and the qualitative index has the lowest impact on the solvency of Iran Insurance Company.


Main Subjects

[1]      Ramezanian, M. R., & Nouralizadeh, H.R. (2015). Organizational excellence, European Excellence Model EFQM Quality Management. Productivity and Human Resources, Ahar Publishing, First Edition, Institute of Studies, Tehran.
[2]      Dimitriades, Z. S. (2007). The influence of service climate and job involvement on customer-oriented organizational citizenship behavior in Greek service organizations: a survey. Employee relations29(5), 469-491.
[3]      Mazaheri, M., Shahin, A., & Shirouyehzad, H. (2015). Proposing an approach for ranking manufacturing companies based on knowledge management process using fuzzy TOPSIS with a case study on the excellent brands of Isfahan province. International journal of process management and benchmarking5(2), 133-155.
[4]      Watt, R., & Vázquez, F. J. (2017). An analysis of insurance demand in the newsboy problem. European journal of operational research259(3), 1064-1072.
[5]      Hashemy, S. H., Yousefi, M., Soodi, S., & Omidi, B. (2016). Explaining human resource empowerment pattern and organizational excellence among employees of emergency of Guilan's University hospitals. Procedia-Social and behavioral sciences230, 6-13.
[6]      Schmeiser, H. (2004). New Risk‐Based Capital Standards in the European Union: A Proposal Based on Empirical Data. Risk management and insurance review7(1), 41-52.
[7]      Rolita, L., Surarso, B., & Gernowo, R. (2018). The Decision Making Trial and Evaluation Laboratory (Dematel) and Analytic Network Process (ANP) for Safety Management System Evaluation Performance. E3S web of conferences, 12006. EDP Sciences.
[8]      Martín-Castilla, J. I., & Rodríguez-Ruiz, Ó. (2008). EFQM model: knowledge governance and competitive advantage. Journal of intellectual capital9(1), 133-156.
[9]      Aydin, S., Özer, G., & Arasil, Ö. (2005). Customer loyalty and the effect of switching costs as a moderator variable: A case in the Turkish mobile phone market. Marketing intelligence & planning23(1), 89-103.
[10]  Angeles Escriba-Moreno, M., & Canet-Giner, M. T. (2006). The combined use of quality management programs and work teams: A comparative analysis of its impact in the organizational structure. Team performance management: An international journal12(5/6), 162-181.
[11]  Chen, R., & Wong, K. A. (2004). The determinants of financial health of Asian insurance companies. Journal of risk and insurance71(3), 469-499.
[12]  Kao, J. J. (1996). Jamming: The art and discipline of business creativity. New York: HarperBusiness
[13]  van Vuuren, L. J., Reyers, M., & Van Schalkwyk, C. H. (2017). Assessing the impact of Solvency Assessment and Management on risk management in South African insurance companies. Southern African business review21(1), 129-149.
[14]  Oskooii, N., & Albonaiemi, E. (2017). Measuring the customer satisfaction based on SERVQUAL model (case study: Mellat Bank in Tehran city). Innovative marketing13(2), 13-22.
[15]  Abdulla Badri, M., Selim, H., Alshare, K., Grandon, E. E., Younis, H., & Abdulla, M. (2006). The Baldrige education criteria for performance excellence framework: Empirical test and validation. International journal of quality & reliability management23(9), 1118-1157.
[16]  Leibold, M., Probst, G. J., & Gibbert, M. (2007). Strategic management in the knowledge economy: new approaches and business applications. John Wiley & Sons.
[17]  Fung, D. W., Jou, D., Shao, A. J., & Yeh, J. J. (2018). The China Risk-Oriented Solvency System: A comparative assessment with other risk-based supervisory frameworks. The geneva papers on risk and insurance-issues and practice43(1), 16-36.
[18]  Saaty, T. L. (1994). How to mark a decision: the analytic hierarchy processes? Interfaces, 4(6). doi:
[19]  Tseng, M. L. (2009). Application of ANP and DEMATEL to evaluate the decision-making of municipal solid waste management in Metro Manila. Environmental monitoring and assessment156(1-4), 181.
[20]  Kundakcı, N., Adalı, E. A., & Işık, A. T. (2014). Combination of DEMATEL and ANP for the cargo shipping company selection problem. International journal of engineering management and economics4(2), 99-116.
[21]  Talonen, A., Jussila, I., Saarijärvi, H., & Rintamäki, T. (2016). Consumer cooperatives: Uncovering the value potential of customer ownership. AMS review6(3-4), 142-156.
[22]  Tsai, W. H., & Hsu, W. (2010). A novel hybrid model based on DEMATEL and ANP for selecting cost of quality model development. Total quality management21(4), 439-456.
[23]  Harrington, S. E., & Niehaus, G. (1999). Risk management and insurance. McGraw-Hill/Irwin.
[24]  Gatzert, N., Holzmüller, I., & Schmeiser, H. (2012). Creating customer value in participating life insurance. Journal of risk and insurance79(3), 645-670.
[25]  Gabus, A., & Fontela, E. (1972). World problems, an invitation to further thought within the framework of DEMATEL. Battelle Geneva research center, Geneva, Switzerland, 1-8.