Tuesday, October 3, 2023

Influence of psychological, social and emotional factors on insurance decision making

Iris Global participated in a dialogue titled “Irrationally Safe: Behavioral Economics Applied to Decision Making in the Sector” led by joanna daguerreo (pictured), innovation manager at Iris Global, and John of Russ, Director and partner of Neovantas. According to the speakers, what type of study is concerned with behavioral economics? psychological, social and emotional factors influence people’s economic decision making. In the insurance industry, these factors can have a significant impact on how people make insurance decisions.

“behavioral economics Affects all areas of a company And also the relationship with the customer and between the employees. Joanna Daguerro assures that it is important to take into account its effects in different situations in order to improve every day and incorporate it into strategic plans to continue to keep the customer at the center.

One of the effects of applied economics highlighted by experts was the so-called Ready, which refers to the way in which information is presented and how to influence the way a problem or situation is perceived. In the case of insurance, framing can affect the way customers perceive risk and the need for coverage.

“Another very relevant behavioral principle is avoid uncertainty Let’s imagine that the insured breaks down on the road and the assistance company informs him that the tow truck will take 30 minutes to arrive”, said Juan de Russ. “Maybe it seems a very long time, but … When the tow truck arrives in 15 or 20 minutes, there is less of a sudden wait and more of a satisfaction than if the expected time was 15 minutes and the tow truck took 20. A clear example of this favoritism being used to directly reform the NPS,” he concluded.

Nation World News Desk
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