Consumer Behavior And Decision Making In The Insurance Industry
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| Author | : Veselina Milanova |
| Publisher | : |
| Total Pages | : |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
Consumer behavior and in particular consumer decision making is key to successful marketing strategies. The insurance industry is no exception in this regard. Consumers employ different decision making strategies to make an insurance decision - be it for or against a certain insurance policy, whether to rely on external advice or decide alone, or whether to entrust the own safety to a new player in the industry. The aim of this dissertation is to look at consumer decision making strategies from different perspectives. By doing so, this work contributes to both academia and practice, so that they can develop a better understanding of what benefits and harms consumers when making an insurance decision. The dissertation spans over five parts. Part I frames the overall goals of the research by giving an overview of the state of the art in the field and highlighting the contributions to theory and practice. Part II and III focus on how consumers can be protected as participants in the insurance marketplace based on their current behavioral patterns. The fourth part researches intangible sharing services and empirically investigates why consumers participate in them. The last part conceptualizes the actors and relationships that shape the essence of collaborative consumption, a trend in consumer exchange markets that has found its way to the insurance industry.
| Author | : Howard Kunreuther |
| Publisher | : Now Publishers Inc |
| Total Pages | : 80 |
| Release | : 2006 |
| Genre | : Business & Economics |
| ISBN | : 1933019255 |
Considerable evidence suggests that many people for whom insurance is worth purchasing do not have coverage and others who appear not to need financial protection against certain events actually have purchased coverage. There are certain types of events for which one might expect to see insurance widely marketed are now viewed today by insurers as uninsurable and there are other policies one might not expect to be successfully marketed that exist on a relatively large scale. In addition, evidence suggests that cost-effective preventive measures are sometimes rewarded by insurers in ways that could change their clients' behavior. These examples reveal that insurance purchasing and marketing activities do not always produce results that are in the best interest of individuals at risk. Insurance Decision Making and Market Behavior discusses such behavior with the intent of categorizing these insurance "anomalies". It represents a first step in constructing a theory of insurance decision making to explain behavior that does not conform to standard economic models of choice and decision-making. Finally, the authors propose a set of prescriptive solutions for improving insurance decision-making.
| Author | : Howard C. Kunreuther |
| Publisher | : Cambridge University Press |
| Total Pages | : 343 |
| Release | : 2013-01-28 |
| Genre | : Business & Economics |
| ISBN | : 0521845726 |
This book examines the behavior of individuals at risk and insurance industry policy makers involved in selling, buying and regulation.
| Author | : Howard C. Kunreuther |
| Publisher | : |
| Total Pages | : 336 |
| Release | : 2012 |
| Genre | : Consumer behavior |
| ISBN | : 9781139615426 |
"This book examines the behavior of individuals at risk, insurance industry decision makers and policy makers involved in the selling, buying, and regulating of insurance"--
| Author | : Claudia Pitterle |
| Publisher | : Cuvillier Verlag |
| Total Pages | : 293 |
| Release | : |
| Genre | : |
| ISBN | : 3736969589 |
As individuals, we face the challenge of making numerous decisions every day. Although some of them are made consciously, the majority are made unconsciously and automatically (Pöppel, 2007, p. 22). Especially in the insurance sector, which is one of the more complex fields of decisionmaking, these decisions have far-reaching significance. The discussion of risk protection and individual insurance demand is gaining in importance, especially against the backdrop of climate change, cyber-attacks and global health crises such as the COVID 19 pandemic. The literature research in the context of these interests revealed that studies and surveys in Germany, Europe, as well as in North America repeatedly identify structural insurance gaps and a tendency towards underinsurance. This reveals systematic deviations from economically appropriate insurance coverage. There is even talk of “misinsurance” due to incorrect risk perception, assessment, and evaluation on the part of the policyholders. From a behavioural economics perspective, these patterns can be attributed to heuristics and cognitive biases that influence the decision-making of the insured (European Commission, 2017; GDV, 2020; GoslarInstitut, 2016, Kunreuther et al., 2013, Richter et al., 2019). Based on these findings, the commercial insurance coverage of doctors in private practice was evaluated and the demand for insurance was investigated. Officed- based doctors in Germany are central actors in the health care system and so far, there is no specific study on their coverage behaviour. The aim of the thesis was therefore to examine the officed- based doctors’ behaviours towards professional safe-guarding risks. With a further objective to investigate the use of heuristics and identify factors indicating deviations from economically adequate insurance coverage, to better understand manifested decision-making behaviour.
| Author | : Paul N Clark |
| Publisher | : |
| Total Pages | : 22 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
The challenge of responding effectively to rapidly changing consumer needs and behaviors is recognized as one of the top strategic agenda items. We set out to obtain hard evidence of customer attitudes and behaviors. We undertook a worldwide insurance customer survey -- unprecedented in both its scope and scale -- to explore what drives consumer behavior across he whole customer life cycle and to test some of the received wisdom held in the industry today; to separate myth from reality, if you will. Our research reveals that while, of course, there are significant variations in customer attitudes and behaviors around the globe, there are some underlying themes that are remarkably consistent. Our findings also clearly show that insurers are far behind other sectors in meeting consumers' expectations. So how should insurers respond? They undoubtedly need to rethink their approach to customers and seek to implement a tailored, yet lower-cost “customer-centric” operating model to support it better. Insurers will need to define what it means to be customer-centric and develop critical new competencies, aligning their operating models accordingly. Significantly, although the above activities may be considered transformational to many in the industry, we believe they will only provide insurers with the ability to catch up and otherwise “protect the core.” To leapfrog competitors and generate significant growth requires true customer-centric innovation and a significant change in approach to strategic decision-making. Implementing these strategies will future-proof the core business, while allowing insurers to redefine customer relationships and become a different insurer -- the insurer of the future.
| Author | : Gordon Moore |
| Publisher | : Oxford University Press |
| Total Pages | : 265 |
| Release | : 2018-06-19 |
| Genre | : Medical |
| ISBN | : 0190886145 |
The direct-to-consumer business model has transformed how people seek out goods and services from music to mortgages. So what happens now that the revolution has come for healthcare? While consumers have begun to insist on healthcare that is as convenient and personalized as nearly every other good or service they purchase, most healthcare provider organizations, physicians, and insurance companies remain woefully unprepared to meet this demand. Choice Matters is the healthcare sector's guide to understanding and delivering the brand of consumer-centered care that is an imperative for the Zocdoc age. Drawing on the authors' diverse backgrounds in medicine, business, and public policy, this practically-oriented resource offers an on-the-ground introduction for clinicians and managers to better understand: · The differences between healthcare and other consumer-driven markets · What factors are most important for consumers in seeking care providers · How consumers make decisions about healthcare · The system-wide effects of increased consumer choice in healthcare · The important distinction between patients and consumers By celebrating the possibilities inherent to consumer-centered healthcare, Choice Matters offers a refreshing, empirically informed take on how healthcare in the United States can flourish, not wither, in the new economy.
| Author | : |
| Publisher | : |
| Total Pages | : |
| Release | : 2017 |
| Genre | : |
| ISBN | : 9789292007492 |
The study had a threefold objective: Collecting data and evidence, testing a range of remedies to improve consumer decision-making and interest in cross-border offers, and estimating savings consumers could make. The preparatory phase involved the collection of qualitative and quantitative evidence on both demand for and supply of insurance and explored barriers and drivers of cross-border purchases, to support the design of the experimental phase; it consisted of desk-based research, stakeholder interviews, and focus groups. Task 2 involved a consumer survey conducted in conjunction with behavioural experiments, to provide quantitative evidence on consumers' experiences in the market, the impact of contract features and the presentation of information on consumers' decision-making, the interplay between contract features and behavioural traits, and consumers' interest in and barriers to purchasing insurance cross-border. In particular, the experiments tested the effectiveness of remedies to improve consumer decision-making. The survey examined respondents' behavioural characteristics, experience, and comprehension. Task 3 used the data and evidence collected to estimate potential savings for consumers that better choices may allow for the products studied. The study conclusions and recommendations address a number of general and cross-border insurance issues, such as the provision of information to consumers, the purchasing process, and levels of awareness and understanding.
| Author | : Jing J. Xiao |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 349 |
| Release | : 2023-06-01 |
| Genre | : Business & Economics |
| ISBN | : 1803922656 |
With contributions from an international range of active researchers, this Research Agenda provides a timely literature review on core topics related to consumer financial behavior. Chapters cover financial management behavior, desirable financial behavior and any financial behavior that helps improve financial wellbeing.
| Author | : Robin Chark |
| Publisher | : |
| Total Pages | : 44 |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
We examine a type of behavioral regularities in insurance decision making, namely instances when consumers do not fully take into account the informational value of the insurer's offered premium. Specifically, we study scenarios when the consumer is less informed about the loss probability than the insurer. We examine basic violations of rational expectations, with which the consumer overestimates the loss probability beyond what could be inferred from the premise that the insurer must seek to break even or earn a profit over the risk to be covered. We report a field study and an experiment that reveal systematic occurrence of such violations. Violations were especially frequent at low premium levels, and the demand for insurance had an inverted-U dependence on the premium. Our findings suggest that, when consumers form beliefs over the loss probability, they take into account the offered premium to some extent, but often insufficiently so.
