EVALUATING THE PERFORMANCE OF INSURANCE COMPANIES

The article examines the peculiarities of substantiating the assessment of the effectiveness of insurance companies based on the improved method of balanced indicators. The theoretical and methodological basis of the research is modern theories, concepts, hypotheses for evaluating the effectiveness of activities. It has been proven that there is a widespread need for a comprehensive and far-reaching performance measurement model, as it can provide management-oriented information and act as a supporting tool in the development, validation and interpretation of company policy development strategies to achieve competitive advantage. The application of the Balanced Scorecard (BSC) model in an insurance organization is proposed to coordinate and regulate its corporate vision, mission and strategy with organizational effectiveness through the interrelationship of different levels of business perspectives. A framework is implemented to combine BSC models and the bestworst method (BWM) to evaluate its performance. It is determined that the integrated BSC-BWM model can help managers and decision-makers to find out and interpret the competitive strength of the specified company and, accordingly, accelerate the adoption of ineffective and persuasive decisions. The results obtained from the implementation of the above models will not only help to measure the performance of the organization over a period of time in quantitative terms, but will also help decision makers to determine what should be done and measured in the organization to strengthen and improve its performance. performance and progress. The results obtained from the application of the above model also contribute to the long-term support of the organization. Hence, this integrated BSC and BWM model will fill the existing gap for the practical implementation of the combined BSC as a real-time BWM tool. This model will provide the most up-to-date perspective and movement for looking at and evaluating real-world business metrics. Emphasized, this integrated model is adopted and selected for a certain category of business, and in the future there is enough scope for its application in various industries.