To BE or not to BE
As the application of Behavioural Economics (BE) in insurance becomes increasingly more common place, regulations on its fair implementation are also rapidly taking shape.
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Our wish with this report is to provide some tools and tips to inspire industry professionals to ethically use BE. Throughout the paper, we highlight 10 takeaways:
We thank AIA Australia, iptiQ, Insurance Australia Group, Affective Advisory, Dectech, ReAssure, Allianz and Behavioural Economics in Action at Rotman (BEAR) at the University for their collaboration in the drawing up of this paper.