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The psychology of microinsurance small changes can make a surprising difference

Author

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  • Dalal, Aparna.
  • Morduch, Jonathan.

Abstract

One important lesson from behavioural economics is the understanding that small changes in the design of products and marketing can sometimes make a surprising difference in how and whether financial products are used. Led by the Financial Access Initiative, this research presents laboratory and field research examples from the field of behavioural economics to provide eight recommendations for microinsurance providers. The authors describe new insights into how households think about losses and gains, weigh present and future tradeoffs, struggle with self-control, and are influenced by the way choices are framed. These insights can help insurers navigate how to improve product design, marketing, insurance education, pricing, and take-up.

Suggested Citation

  • Dalal, Aparna. & Morduch, Jonathan., 2009. "The psychology of microinsurance small changes can make a surprising difference," ILO Working Papers 994788083402676, International Labour Organization.
    • Handle: RePEc:ilo:ilowps:994788083402676
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    Keywords

    microinsurance; psychological aspect.;

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