If this episode gives you flashbacks to your college Psych 101 class... well, that's a good thing, according to our guest Dorothy L. Andrews, Principal & Chief Behavioral Data Scientist at Actuarial and Analytics Consortium. You may never have thought much about it, but behavior and psychology play a significant role in our industry - from a customer's sense of risk averseness to an underwriter's algorithms, the human mind is at work everywhere.
In this episode, Dorothy sheds some light on:
- How insurance products impact real people, including through their biases (12:56)
- The three most basic psychological needs of our audience that we can work to fulfill (18:18)
- When insurance companies should be building bonds with their (future) consumers (19:30)
- The most important skill that actuaries are going to have to have for the future (25:20)
- How you can connect in a physical way through technology (30:50)
During the conversation, Dorothy also mentions these resources which are available to you for further reading on the topic of behavioral psychology and insurance:
