Vendors
日本語
search
  2. //
  3. Reports & insights
  4. //
  5. Applying Behavioral Economics to Insurance

Applying Behavioral Economics to Insurance

Create a vendor selection project
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
We are waiting for the vendor to publish their solution profile. Contact us or request the RFX.
Projects allow you to export Registered Vendor details and survey responses for analysis outside of Marsh CND. Please refer to the Marsh CND User Guide for detailed instructions.
Download Registered Vendor Survey responses as PDF
Contact vendor directly with specific questions (ie. pricing, capacity, etc)
29 September 2021
Andrew Schwartz

Fusing Theory and Practice

Abstract

Behavioral economics fuses the teachings of psychology and economics. The field strives to explain why humans do things the way we do and what motivates us. In academia, it has become the dominant approach to understand consumer decisions.This report demystifies the burgeoning subject and explores how certain fundamental principles such as heuristics, cognitive bias, and nudge theory can be applied to the insurance realm.

Inside are several examples of organizations that have been able to effectively employ insights from behavioral economics and reap concrete benefits. Celent’s also provides a proposed road map for carriers looking to apply the principles of behavioral economics and turn theory into practice.

Topics discussed are:

  • What is behavioral economics?
  • Why should you care about it?
  • Which behavioral economics principles are relevant to insurance?
  • How can human error impact underwriting decisions?
  • How can insurers use behavioral economics to positively impact their organization?
Client Access