Behavioral economics is an area that is making a substantial splash in many industries and insurance is no exception. Behavioral economist Matt Battersby examines how his discipline can play a role in reducing disclosure gaps.
When BE techniques are applied to insurance applications, small changes in the way that questions are designed and worded can lead to more thoughtful completion by the individual.
This article from RGA considers how Behavioral Economics (BE) principles can be applied to the design of questions on insurance applications in order to elicit better responses
Many prospects for life insurance are turned off by the perception that the application process is long and invasive. Lincoln Financial Group is using big data to make it a little easier.