Behavioural Finance Consulting

Insights & Strategy Hub

In-depth analysis, behavioural research, and strategic insights shaping the future of financial services.

Navigating Five Core Challenges in Insurance

Insurance & Protection

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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Enhancing Your Insurance Customer Lifecycle with Consumer Insights

Insurance & Protection

Optimising the insurance customer lifecycle is crucial for success in a competitive market. Insurers can enhance retention and satisfaction by simplifying policy communication, personalising services, and leveraging data analytics to improve efficiency. Tackling behavioural challenges through clear policies, efficient claims processes, and intuitive user journeys empowers customers to make informed decisions and strengthens trust. By refining key touchpoints—from acquisition to renewal—insurers can reduce costs, boost loyalty, and foster long-term relationships, securing a competitive advantage in the ever-changing insurance landscape.

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Sustainable Investing

Wealth & Asset Management

Investing has become a common practice, but today’s investors seek more than just financial returns. The rise of sustainable investing reflects growing concerns about how investments impact society and the environment. Consumers now want their investments to support companies that promote gender equality and inclusion (governance), combat poverty (social), and address climate change (environmental). This shift towards ESG (Environmental, Social, Governance) investing is reshaping how corporate performance is evaluated and how financial institutions develop investment products. For the financial sector, understanding the key drivers of sustainable investment decisions is essential to meet the evolving demands of today’s conscientious investors.

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Customer Acquisition in Financial Services

Personal Finance & Money Apps

Customer acquisition in financial services is increasingly influenced by referral reward programmes. In a landscape where word of mouth significantly impacts purchasing decisions, incentivised referrals provide a powerful means to expand your customer base. While these programmes are popular in sectors such as e-commerce, healthcare, and hospitality, they remain underutilised in financial services. When implemented effectively, referral programmes can enhance acquisition, retention, and loyalty, ultimately driving growth and profitability. However, companies that overlook consumer behaviour and motivations risk attracting low-quality referrals, damaging their brand reputation, losing market share, and facing potential legal and regulatory challenges. Understanding how individuals interact with financial services is crucial for maximising the effectiveness of referral programmes within the industry.

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