A nudge in the right direction

According to the case study developed by Sam Barrett, who examines how and why a growing number of insurers are turning to behavioral economics to improve customer relations, concluded without being caught unprepared that we can all act irrationally, making decisions influenced by factors such as fear, experience and desire to conform.

The analysis concludes influences on the behavior of the market, the insurance industry can help both to improve their customer relationships and to ensure sales growth.

To achieve this perspective, a growing number of insurers are oriented behavioral economics. This explores the ways in which decisions are influenced by various factors psychological, social and emotional, which thus provides ways to overcome these prejudices and allow consumers to make rational choices.

In this sense, Swiss Re began to focus on behavioral economics about five years ago, considering the customer center of its life and health business.

The article is accessible at: http://thejournal.cii.co.uk/study-room/behavioral-economics/.