Health Insurance Provider Selection Through Novel Correlation Measure of Neutrosophic Sets Using TOPSIS

Risk monitoring aims to recognize and control potential threats to our assets or health activities. Insurance is vital, as it compensates for any unexpected loss of property or life. Clients selecting the best health insurance provider must consider various factors and their relative significance to their circumstances. Multi-criteria decision-making (MCDM) helps people analyze and compare policy alternatives to find the best option. This research aims to assist potential health policy purchasers by addressing the selection of health insurance providers as an MCDM problem. The correlation coefficient is useful for identifying the importance of several conflicting criteria. The idea of correlation coefficients is extended in a neutrosophic context to capture the indeterminacy and incomplete information in the relationship among the criteria. The technique for order preference by similarity to an ideal solution (TOPSIS) approach is a useful and straightforward approach to solving MCDM problems. However, it often became ambiguous to researchers due to its involvement in the distance measure technique. The proposed neutrosophic correlation measure may also replace the ambiguity of using a suitable distance measure in the TOPSIS approach. This study extends the TOPSIS method by using the proposed neutrosophic correlation coefficient on single-valued neutrosophic sets (SVNSs). The criteria preferences are computed using a method based on the removal effects of the criteria (MEREC) approach. Some valuable concepts, like the weighted closeness measure of type I and type II and the weighted index parameter, are introduced with their properties to establish the proposed neutrosophic TOPSIS approach. An MCDM approach for health insurance providers has been constructed to illustrate the proposed approach numerically. The proposed method suggest that the health insurance provider ϒ2 is the most beneficial alternative, whereas ϒ1 is the least suitable. The client considers the terms and conditions for non-coverage and the facilities provided for pediatric and maternity care while buying health insurance. The comparative analysis of the suggested technique demonstrates the merit of the research in terms of consistency. The sensitivity analysis demonstrates the flexibility and robustness of the obtained results.