Influencing customer decisions through behavioural economics
Swiss Re's Behavioural Research Unit can help you create tangible, monetisable improvements across your insurance value chain. We apply concepts from behavioural economics -- insights into the subconscious biases that influence decision making. We work with you to test and apply ideas that drive favourable changes in buying behaviour, and solve your particular customer pain points.
Improve customer touch points with in-market testing
Here are some examples of how our small contextual changes that nudge customer behaviour can have a significant financial benefit:
- Increased sales by 180% in a recent direct mail campaign by focusing on the messenger and adding a clear call to action.
- Increased completion of a claims form by 51% by anchoring the policyholder to tangible actions.
- Increased honesty and disclosure of health conditions on an underwriting form by 19% by playing to consumers' perspectives of themselves.
- Increased open rates of an email by 145% by making the subject line personalised to the policyholder.
- Increased the number of doctors who returned forms within 10 days by 75%. We achieved this by adding a personalized hand-written post-it that highlighted the mutual benefit for them and their patient.
As the first reinsurer with a dedicated behavioral economics team since 2013, we have amassed deep, global understanding in how to nudge behaviour at every step of the customer journey. We have completed more than 150 live research trials in partnership with our clients in more than 30 countries.
Contact us to learn how we can work together to deploy behavioural economics to improve your business.