Performance Measurement Of The Insurance Industry In Indonesia Using The Best-Worst Method (BWM)

Arum Widya Mawarni; Fajar Gustiawaty Dewi; Fitra Dharma

doi:10.98765/apjbet.v3i05.191

Arum Widya Mawarni Faculty of Economics and Business, Universitas Lampung
Fajar Gustiawaty Dewi Faculty of Economics and Business, Universitas Lampung
Fitra Dharma Faculty of Economics and Business, Universitas Lampung

DOI: https://doi.org/10.98765/apjbet.v3i05.191

Keywords: Performance Measurement, Balanced Scorecard, Best Worst Method

Abstract

This study aims to provide the application of the best-worst method (BWM) model applied for the first time in the insurance domain to assess its performance over two periods. The integrated BWM model can help managers and decision-makers to know and interpret the competitive strengths of the company and sequentially accelerate efficient and attractive decision-making. However, these integrated models are regulated and selected for certain categorical businesses and there is sufficient future scope for their application in different industries. This research is research using descriptive qualitative methods. The population used in this study are insurance companies listed on the Indonesia Stock Exchange in the 2020-2021 period. The number of samples used is 34. The sampling method used was purposive sampling. The results of this study indicate that PT Asuransi Jiwa Sinarmas MSIG has significantly increased its performance measure index to 400.08 for the current period compared to 293.98 for the initial period. Shows that the company is progressing in a direction that is in line with its organizational goals, vision, and mission. PT. Prudential Life Assurance significantly lowered its performance measure index from 87.47 for the initial period to 74.57 for the current period. Describes the company as not progressing in a direction that is in accordance with the goals, vision, and mission of the organization.