Behavioral Science in Life Insurance Focus of New Study from Society of Actuaries Research Institute
CHICAGO, Sept. 12, 2024 /PRNewswire/ -- The Society of Actuaries (SOA) Research Institute, in collaboration with Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global life and health reinsurer, announced findings from new research on behavioral science for the life insurance sector. This research simulated online term life insurance purchasing to test behavioral science techniques.
The research report "Searching for Simplicity: Using Behavioral Science to make Life Insurance Product Information Simple and Effective" provides insights on how insurers can help sharpen the customer's understanding of life insurance products and formulates a direction for future research.
"This research highlights techniques insurers can use to simplify and improve the life insurance purchasing experience for consumers," said Rosmery Cruz, Executive Director, Behavioral Data Science, RGA. "Insights from the research demonstrate how strategically applied behavioral science can foster greater comprehension, trust, and clarity around these vital protection products."
RGA's behavioral science team designed an experiment to improve the comprehension of written messages used in the sales journey for life insurance. A second experiment examined the impact of harnessing both human and AI-generated videos.
"Many people find life insurance complex, and this research with RGA helps explore how to best engage with customers by enhancing the product relevance and understanding," said R. Dale Hall, FSA, CERA, MAAA, SOA Managing Director of Research.
The researchers collected two samples of 2,000 U.S.-based participants for each respective experiment. Participants who took part in the first experiment were ineligible to take part in the second experiment. Access the full report.
About The SOA
With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organization with more than 33,000 actuaries as members. The SOA's vision is for actuaries to be the leading professionals in measuring and managing risk. To learn more, visit soa.org.
About the SOA Research Institute
Serving as the research arm of the SOA, the SOA Research Institute provides objective, data-driven research bringing together tried and true practices and future-focused approaches to address societal challenges and your business needs. It provides trusted knowledge, extensive experience and new technologies to help effectively identify, predict and manage risks. www.soa.org/research/research-institute/
About RGA
Reinsurance Group of America, Incorporated (NYSE:RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world's largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. RGA has approximately $3.8 trillion of life reinsurance in force and assets of $109.9 billion as of June 30, 2024. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
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SOURCE Society of Actuaries