Navigating Five Core Challenges in Insurance
The insurance industry faces numerous challenges that stem from consumer behaviour, including inadequate coverage, overinsurance for low-risk events, and a general underestimation of insurance’s value. These issues highlight the need for insurers to adopt smarter strategies that address consumer concerns, enhance trust, and encourage better risk management. By leveraging behavioural science, insurance companies can reduce errors in disclosure, combat fraud, and improve customer retention, driving both profitability and long-term business success. This article explores the five core challenges faced by insurers and the innovative approaches needed to navigate them.
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