Description: Nonprofit ideas shares lessons from the field about how a better understanding of underserved consumers can lead to better product design.

Description: For a long time the primary focus of private LTC insurance companies has been to educate the public about the need for private LTC insurance and to make the product more acceptable to a wider population. To this end there have been numerous changes to the product design to make this product more acceptable to general population. However, one of the things that may have been overlooked in those product design changes is the need for alignment of policyholder and insurance company’s interests, which is to make coverage more affordable and to reduce adverse selection. Incentivizing good behavior from policyholders can not only make LTC insurance policies less expensive but also help policyholders make better health choices, which can help them stay healthy for a longer time. These incentives may also reduce some of the inherent risks in a long term care policy and may help in increasing the sales of private LTC insurance.

Description: Applying behavioral-science and shared-value principles to insurance is a win-win proposition for both insurers and clients.

Description: The Bermuda International Life and Annuity Conference highlights Bermuda’s enhanced capital and solvency framework, and growing long-term (re)insurance sector.

Description: This article describes seven results from behavioral finance that actuaries may find useful: heuristics, the endowment effect, loss aversion, prospect theory, satisficing, strategic thinking and agent-based modeling.

Description: Introduces the new behavioral finance subgroup and talks about why such a subgroup is needed.