Webinar Replay - Applying Behavioural Economics to Life Insurance (MLC Life Insurance)
A fascinating journey into the world of Behavioural Economics and how it can help you have better quality conversations with your clients (MLC Life Insurance)
This is a recording of the Webinar that Donna did on behalf of MLC Life Insurance, for the Advice Movement on the 17th of October, 2019. Below is just some of what we covered in the Webinar:
Ever been perplexed by a client’s response to a question or recommendation you have put forward? In our session ‘Applying behavioural economics to life insurance,’ we explore the psychological behavioural biases that impact adult decision making.
Behavioural economics, in simple terms, is the combination of insights from psychology, judgement, decision making and economics – which allows us to generate a more accurate understanding of human behaviour. Clients do not always make rational decisions particularly on matters that could have a huge impact on their future, such as the approach they take to minimising costs and the impact to their life insurance.
The teachers of Behavioural economics believe there are many opportunities to ‘nudge’ people’s behaviour by making subtle changes to the context in which individuals make decisions. Through this webinar we will introduce to you behavioural economics, its application to life insurance and provide a practical approach to ‘nudging’ our clients to make better decisions.
In this month’s webinar, Donna Wilson, Distribution Engagement Manager from MLC Life Insurance will discuss:
• The principals of behavioural economics
• Examples of notable, common biases
• How behavioural economics Influences Life Insurance
• Techniques to build you own behavioural economics questions and sentences
Donna has been working in the financial services industry for nearly 20 years. She has been with MLC for the last 3 years and has vast experience in client engagement, relationship building, advice, coaching and training staff. Donna has a Diploma of Financial Planning and has held various roles within the industry. Her last role prior to this one was as a Financial Planner specialising in Risk. Having held a variety of roles in the industry, Donna has a wealth of client and adviser experience and knowledge. These insights and strategies assist her in connecting advisers and their clients in a meaningful way. Outside of work, Donna is married and has 2 children. She enjoys spending time at kids sports on the weekends. Qualifications: Diploma of Financial Planning Training: Specialised Behaviour Economics and Client Engagement training with Swiss Re
StartFull Webinar Replay (58:21)
StartQuiz No.1 - How are you using Behavioural Economics in your process today?... - must complete for CPD Points
StartQuiz No.2 - Within the next year... - must complete for CPD Points
StartMLC Team Contact details and Behavioural Economics Examples - Framing
Frequently Asked Questions
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