2025 SOA ImpACT Conference:Session 4C: Simplifying Life Insurance: Leveraging Behavioral Science for Enhanced Customer Experiences-11.04.25 Recording

Life insurance needs simplification to become truly accessible to customers while improving process effectiveness. However, achieving genuine simplicity is deceptively challenging and often misunderstood. This presentation delves into our behavioral science research, demonstrating how life insurers can streamline the customer journey by understanding customer thought processes. The research highlights how insurers can drive better outcomes by:1. Optimizing the sales journey2. Creating user-friendly underwriting processes that encourage accurate disclosures3. Developing sensitive yet effective claims procedures4. Providing effective onboarding messages to encourage portal registration5. Making payments easier for policyholders6. Enhancing the call center process to help retain customers By gaining insight into real human behavior and decision-making patterns, insurance providers can:• Remove unnecessary friction points• Enhance overall customer experience• Improve operational efficiency This approach, grounded in behavioral science, enables insurers to create more intuitive, accessible, and effective insurance products and services. The presentation will showcase how understanding the customer's perspective can lead to transformative improvements across the entire insurance lifecycle.