Behavioural Economics: driving revolutionary results for the insurance industry
As insurance professionals, we tend to view the world rationally. To a large extent, our industry is based on carefully measuring risk and presenting product benefits using sound empirical value. But as consumers, there’s a degree of irrationality in every choice we make. That’s why insurance, despite being based on such rational principles, often has to be “sold and not bought” – as the old adage goes.
Using Precision Insurance to increase RoE on your traditional life portfolio by 0.5-1% per annum – and maximise customer value across the business.
Recent “sigma” research from Swiss Re* finds that life insurers worldwide are increasing their focus on existing customers to maintain and build profitability.
How Riverside works with global reinsurers to increase the embedded value of insurers’ existing portfolios
Riverside specialises in increasing the value of existing life and health portfolios and is now active in more than 30 countries. Riverside offers additional benefits using proven customer communication techniques that deliver high returns in terms of new policies sold and improved retention on existing policies.