TREATMENT FOR CASE OF DEFAULT OF LIFE INSURANCE UNDER CAPITALIZATION REGIME IN THE BRAZILIAN MARKET USING THE ANALYTIC HIERARCHY PROCESS
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Published
Apr 1, 2025
Jose Fabiano da Serra Costa
Beatriz Maços Caseira
Abstract
The Brazilian insurance market is growing, even if it is still incipient compared to many international markets. Although economic issues end up partially inhibiting this activity, insurance in general and particularly life insurance can be considered a financial investment for the general population. However, insurance default in the Brazilian market is a serious problem and, as such, requires analysis and action. This article aims to use the Analytic Hierarchy Process (AHP) to select an alternative that best meets the needs of an independent insurer to deal with cases of default on life insurance under a capitalization regime and, at the same time, remain within legal standards and deliver the best service to its customers. The fundamental concepts, methodology, results and analysis are presented in this article.
How to Cite
da Serra Costa, J. F., & Caseira, B. M. (2025). TREATMENT FOR CASE OF DEFAULT OF LIFE INSURANCE UNDER CAPITALIZATION REGIME IN THE BRAZILIAN MARKET USING THE ANALYTIC HIERARCHY PROCESS. International Journal of the Analytic Hierarchy Process, 17(1). https://doi.org/10.13033/ijahp.v17i1.1259
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Keywords
Life insurance, Insurance default, AHP
References
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Braun, A., Fischer, M., & Schmeiser, H. (2019). How to derive optimal guarantee levels in participating life insurance contracts. Journal of Risk Finance, 20(5), 445-469. https://doi.org/10.1108/JRF-07-2018-0099
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Cavallo, B., D'Apuzzo, L., & Squillante, M. (2012). About a consistency index for pairwise comparison matrices over a divisible alo‐group. International Journal of Intelligent Systems, 27(2), 153-175. https://doi.org/10.1002/int.21518
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CNseg. National Confederation of Insurers. (2023). Setor segurador crescera acima de 10% em 2023 e 2024. https://cnseg.org.br/noticias/c-nseg-setor-segurador-crescera-acima-de-10-em-2023-e-2024
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Darko, A., Chan, A. P. C., Ameyaw, E. E., Owusu, E. K., Pärn, E., & Edwards, D. J. (2018). Review of application of Analytic Hierarchy Process (AHP) in construction. International Journal of Construction Management, 19(5), 436-452. https://doi.org/10.1080/15623599.2018.1452098
Daros, M., & Pinto, N. G. M. (2017). Delinquency in Brazil: an analysis of empirical evidence. IMED Journal of Administration, 7(1), 208-229. http://dx.doi.org/10.18256/2237-7956/raimed.v7n1p208-229
Dawar, V. K., Singh, P., & Uppal, K. K. (2022). Determinants’ hierarchy of decision for life insurance on digital platform: an Analytical Hierarchy Process approach. IPE Journal of Management, 12(2), 9-19.
Dogan, O. (2021). Process mining technology selection with spherical fuzzy AHP and sensitivity analysis. Expert Systems with Applications, 178, 114999. https://doi.org/10.1016/j.eswa.2021.114999
Dweiri, F., Kumar, S., Khan, S. A., & Jain, V. (2016). Designing an integrated AHP based decision support system for supplier selection in automotive industry. Expert Systems with Applications, 62, 273-283. https://doi.org/10.1016/j.eswa.2016.06.030
Emrouznejad, A, & Marra, M. (2017). The state of the art development of AHP (1979–2017): A literature review with a social network analysis. International Journal of Production Research, 55(22), 6653-6675. https://doi.org/10.1080/00207543.2017.1334976
Fang, H., & Kung, E. (2021). Why do life insurance policyholders lapse? The roles of income, health, and bequest motive shocks. Journal of Risk and Insurance, 88(4), 937-970. https://doi.org/10.1111/jori.12332
Forman E., & Peniwati, K. (1998). Aggregating individual judgments and priorities with the Analytic Hierarchy Process. European Journal of Operational Research, n.108, 165-169. https://doi.org/10.1016/S0377-2217(97)00244-0
García-Cascales, M. S., & Lamata, M. T. (2012). On rank reversal and TOPSIS method. Mathematical and Computer Modelling, 56(5-6), 123-132. https://doi.org/10.1016/j.mcm.2011.12.022
Haviluddin, H., Budiman , E., & Ramadhan , R. (2022). Implementation of the Analytical Hierarchy Process method and Multi Objective Optimization on the basis of ratio analysis in the selection of insurance products. International Journal of Advanced Science and Computer Applications, 1(1), 41-50. https://doi.org/10.47679/ijasca.v1i1.8
Hinduja, A., & Pandey, M. (2018). An intuitionistic fuzzy AHP based multi criteria recommender system for life insurance products. International Journal of Advanced Studies in Computers, Science and Engineering, 7(1), 1-8.
Ho, C. C., Huang, C., & Ou, C. Y. (2018). Analysis of the factors influencing sustainable development in the insurance industry. Corporate Social Responsibility and Environmental Management, 25(4), 391-410. https://doi.org/10.1002/csr.1467
Hu, S., O’Hagan, A., Sweeney, J., & Ghahramani, M. (2021). A spatial machine learning model for analysing customers’ lapse behaviour in life insurance. Annals of Actuarial Science, 15(2), 367-393. https://doi.org/10.1017/S1748499520000329
Ikeda, M. M. S., & Carvalho, J. V. F. (2022). Feasibility of universal life in Brazil from the perspective of supply and demand for life insurance. Revista Contabilidade e Finanças, USP, São Paulo, 33(89), 343-358. https://doi.org/10.1590/1808-057x202113720
Kaftandzieva, T., & Cvetkoska, V. (2021). Financial decision making among young adults: an AHP approach. International Journal of the Analytic Hierarchy Process, 13(3), 458-482. https://doi.org/10.13033/ijahp.v13i3.864
Konomura, K., Hoshino, E., Sakai, K., Fukuda, T., & Tajima, G. (2023). Development of a model for quantitative assessment of newborn screening in Japan using the Analytic Hierarchy Process. International Journal of Neonatal Screening, 9(3), 39. https://doi.org/10.3390/ijns9030039
Leite, I. M. S., & Freitas, F. F. T. (2012). Análise comparativa dos métodos de apoio multicritério a decisão: AHP, ELECTRE e PROMETHEE. XXXII Encontro Nacional de Engenharia de Produção. Bento Gonçalves.
Lin, J. H., Li, X., & Huang, F. W. (2018). Insurer interest margin management, default risk, and life insurance policyholder protection. Journal of Modelling in Management, 13(3), 718-735. https://doi.org/10.1108/JM2-12-2017-0140
Lyons, P. & Demaster, B. (2015, March 25). How life insurers can bring their business into the 21st century. Harvard Business Review. https://hbr.org/2015/03/how-life-insurers-can-bring-their-business-into-the-21st-century
Malhotra, V. A., Lee, M. D., & Khurana, (2007). Domain experts influence decision quality: towards a robust method for their identification. Journal of Petroleum Science and Engineering, 57, 181-194. https://doi.org/10.1016/j.petrol.2005.09.007
Mimović, P., Jakšić, M., & Todorović, V. (2017). Choice of life insurance companies by using analytic hierarchy process: Experience of the Republic of Serbia. Journal of Insurance and Financial Management, 3(1), 1-18.
Moslem, S., Saraji, M. K., Mardani, A., Alkharabsheh, A., Duleba S., &. Esztergár-Kiss, D. (2023). A systematic review of Analytic Hierarchy Process applications to solve transportation problems: from 2003 to 2022. IEEE Access, 11, 11973-11990. https://doi.org/10.1109/ACCESS.2023.3234298
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