Psychology, meet insurance, with Dorothy Andrews

If today's 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:

Insurance Psychology 101

Welcome to Media Psychology


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