Ranking of Iranian Insurance Companies Based on Balanced Score-Card Approach Using MADM

Insurance industry is among those industries which plays a significant role in modern economics and internal/external commerce. Performance evaluation and ranking of insurance companies identifies the overall position of the enterprise in the industry and market, enhances the information of stakeholders and also increases their competitiveness and dynamic status of industry and social development. This research paper seeks to evaluate and rank the performance of insurance companies in Iran using balanced score-card (BSC) and MADM. In this paper, we investigated state, private and also free trade area insurance companies using techniques like TOPSIS, VIKOR and ANP. The results demonstrate that the most important aspects of BSC in ranking of insurance companies are financial and customer. Also, we conclude that state insurance companies perform is better than other companies and Iran insurance company performed better than other companies.