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Modelling the barriers of weather index insurance service adoption integrating expert mining and ISM Fuzzy-MICMAC

Pankaj Singh (Department of Management, ABV Indian Institute of Information Technology and Management, Gwalior, India)
Gaurav Agrawal (Department of Management, ABV Indian Institute of Information Technology and Management, Gwalior, India)

Benchmarking: An International Journal

ISSN: 1463-5771

Article publication date: 16 November 2021

Issue publication date: 2 September 2022

269

Abstract

Purpose

The purpose of this study is to explore and prioritize the barriers that affect weather index-insurance (WII) adoption among customers by utilizing interpretive structural modelling (ISM) and fuzzy-MICMAC.

Design/methodology/approach

This paper utilized the combined approach in two phases. In first phase comprehensive literature study and expert mining method have been performed to identify and validate WII adoption barriers. In second phase, ISM has been utilized to examine the direct relationships among WII adoption barriers in order to develop a structural model. Further, fuzzy-MICMAC method has been utilized to analyse indirect relationships among barriers to explore dependence and driver power.

Findings

This study has identified 15 key barriers of WII adoption among customers and developed a structural model based on binary direct relationship using ISM. Later, the outcomes of ISM model have been utilized for analysing the dependence and driver power of each WII adoption barriers in cluster form using fuzzy-MICMAC. The customer awareness related WII adoption barrier are mainly at the top level, WII demand related barriers are in the centre and WII supply related barriers at the bottom level in ISM model.

Practical implications

The findings offered important insights for WII insurers to understand mutual relationships amongst WII adoption barriers and assists in developing strategy to eliminate dominant key barriers in order to enhance their customer base.

Originality/value

Based on best of author's knowledge this paper firstly integrates the ISM fuzzy-MICMAC method into identification and prioritization of barriers that affects WII adoption among customers.

Keywords

Acknowledgements

The authors would like to convey gratefulness to Professor Angappa Gunasekaran (Editor-Benchmarking: An International Journal), and anonymous reviewers for their valuable comments and suggestions to enhance the quality of the paper.

Citation

Singh, P. and Agrawal, G. (2022), "Modelling the barriers of weather index insurance service adoption integrating expert mining and ISM Fuzzy-MICMAC", Benchmarking: An International Journal, Vol. 29 No. 8, pp. 2527-2554. https://doi.org/10.1108/BIJ-04-2021-0183

Publisher

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Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

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