Since my own experience, of piloting customer treatments based on Behavioural Economics (BE) hypotheses, I have been fascinated with the subject. Having spoken at a number of Chartered Insurance Institute events and written for their Journal on the subject, I know many insurers share this interest.
This is not surprising, given the pubic pronouncements by the Financial Conduct Authority (FCA). They are clearly expecting Insurers to engage, not just with how customers should behave rationally, but with how they actually make decisions. Financial Services companies are expected to help customers avoid detriment, given these well known biases.
Given all of that, I though it might be interesting to see what level of maturity (with using Behavioural Economics) there is amongst our readership.
Please answer the question below if you have responsibility for customer insight and work within a UK based Financial Services company.
I will of course share what I’ve learnt from these results and conversations with others in a later post.