CHICAGO, Sept. 12,
2024 /PRNewswire/ -- The Society of Actuaries (SOA)
Research Institute, in collaboration with Reinsurance Group of
America, Incorporated (NYSE:RGA), a leading global life and health
reinsurer, announced findings from new research on behavioral
science for the life insurance sector. This research simulated
online term life insurance purchasing to test behavioral science
techniques.
This research highlights techniques
insurers can use to simplify and improve life insurance purchasing
for consumers.
The research report "Searching for Simplicity: Using Behavioral
Science to make Life Insurance Product Information Simple and
Effective" provides insights on how insurers can help sharpen the
customer's understanding of life insurance products and formulates
a direction for future research.
"This research highlights techniques insurers can use to
simplify and improve the life insurance purchasing experience for
consumers," said Rosmery Cruz,
Executive Director, Behavioral Data Science, RGA. "Insights from
the research demonstrate how strategically applied behavioral
science can foster greater comprehension, trust, and clarity around
these vital protection products."
RGA's behavioral science team designed an experiment to improve
the comprehension of written messages used in the sales journey for
life insurance. A second experiment examined the impact of
harnessing both human and AI-generated videos.
"Many people find life insurance complex, and this research with
RGA helps explore how to best engage with customers by enhancing
the product relevance and understanding," said R. Dale Hall, FSA, CERA, MAAA, SOA Managing
Director of Research.
The researchers collected two samples of 2,000 U.S.-based
participants for each respective experiment. Participants who took
part in the first experiment were ineligible to take part in the
second experiment. Access the full report.
About The SOA
With roots dating back to 1889, the
Society of Actuaries (SOA) is the world's largest actuarial
professional organization with more than 33,000 actuaries as
members. The SOA's vision is for actuaries to be the leading
professionals in measuring and managing risk. To learn more,
visit soa.org.
About the SOA Research Institute
Serving as the
research arm of the SOA, the SOA Research Institute provides
objective, data-driven research bringing together tried and true
practices and future-focused approaches to address societal
challenges and your business needs. It provides trusted knowledge,
extensive experience and new technologies to help effectively
identify, predict and manage
risks. www.soa.org/research/research-institute/
About RGA
Reinsurance Group of America,
Incorporated (NYSE: RGA) is a global industry leader
specializing in life and health reinsurance and financial solutions
that help clients effectively manage risk and optimize capital.
Founded in 1973, RGA is today one of the world's largest and most
respected reinsurers and remains guided by a powerful purpose: to
make financial protection accessible to all. As a global
capabilities and solutions leader, RGA empowers partners through
bold innovation, relentless execution, and dedicated client focus —
all directed toward creating sustainable long-term value. RGA has
approximately $3.8 trillion of life
reinsurance in force and assets of $109.9
billion as of June 30, 2024.
To learn more about RGA and its businesses, please visit rgare.com
or follow RGA on LinkedIn and Facebook. Investors can learn more at
investor.rgare.com.
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SOURCE Society of Actuaries