The psychology of microinsurance small changes can make a surprising difference

Aparna. Dalal and Jonathan Morduch

ILO Working Papers from International Labour Organization

Abstract: One important lesson from behavioural economics is the understanding that small changes in the design of products and marketing can sometimes make a surprising difference in how and whether financial products are used. Led by the Financial Access Initiative, this research presents laboratory and field research examples from the field of behavioural economics to provide eight recommendations for microinsurance providers. The authors describe new insights into how households think about losses and gains, weigh present and future tradeoffs, struggle with self-control, and are influenced by the way choices are framed. These insights can help insurers navigate how to improve product design, marketing, insurance education, pricing, and take-up.

Keywords: microinsurance; psychological aspect. (search for similar items in EconPapers)
Pages: 1 online resource (22 p.) pages
Date: 2009
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Published in Impact insurance working paper;

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Persistent link: https://EconPapers.repec.org/RePEc:ilo:ilowps:994788083402676

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