Searching for Simplicity: Using Behavioral Science to make Life Insurance Product Information Simple and Effective
August 2024
Authors
Rosmery Cruz, MSc, Global Association of Applied Behavioral Scientists (GAABS)
Peter Hovard, PhD, GAABS
Shilei Chen, PhD, GAABS
Matthew Battersby, MSc, GAABS
Description
The research presented in this paper provides practical behavioral insights insurers can use to help narrow the customer comprehension gap of life insurance products and creates a direction for future industry research. The research shows that simplifying language and removing friction is not enough to improve comprehension: Increasing the salience of key information and using positive friction techniques has significantly greater impact.
Bericht
Using Behavioral Science to make Life Insurance Product Information Simple and Effective
Acknowledgments
The authors’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the volunteers who generously shared their wisdom, insights, advice, guidance, and arm’s-length review of this study prior to publication. Any opinions expressed may not reflect their opinions, nor those of their employers. Any errors belong to the authors alone.
Project Oversight Group members:
Shaikh Mujtaba Ali, MBA
Greg Fann, FSA, MAAA, FCA
Anthony Ferraro, FSA, MAAA
Bruce Friedland, FSA, MAAA
Syed Muhammad Razi Hasnain, ASA, ACIA
Winston He, FSA, MAAA
Blake Hill, FSA, FCIA
Ri Hao Kang, FSA, FCIA
Jahanzeb Meghani, FSA, CERA, FCIA
Zack Moore, FSA, MAAA, CERA
Kevin Pledge, FSA, FIA
Renee West, FSA, MAAA
Tina Yang, FSA, MAAA, CERA
Yifan Zhang, FSA
At the Society of Actuaries Research Institute:
Korrel Crawford, Senior Research Administrator
Donovan Dotson, Market Research Analyst
Dale Hall, FSA, MAAA, CERA, Managing Director of Research
Ritesh Patel, DevOps Specialist
Emily Rafferty, Director of Business Insights
David Schraub, FSA, MAAA, CERA, Senior Practice Research Actuary
Patrick Wiese, ASA, Modeling Researcher
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