My interview with Marcy Updike from Ge Re on Putting Behavioral Economics to Work for the Insurance Industry.
We discuss what behavioral economics is and why it matters to insurance.
"Like Big Data, behavioral economics is getting a lot of buzz in the business world these days. For those looking to better understand how buying decisions are made - and therefore how to effectively influence them - this field offers valuable insights for those looking to improve business results. While behavioral economics has become even more popular through bestselling books such as Predictably Irrational and Nudge, it’s yet to become a mainstream concept in a world as logical and slow to change as insurance. However, for several reasons the insurance industry can no longer afford to ignore it."