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The study had a threefold objective: Collecting data and evidence, testing a range of remedies to improve consumer decision-making and interest in cross-border offers, and estimating savings consumers could make. The preparatory phase involved the collection of qualitative and quantitative evidence on both demand for and supply of insurance and explored barriers and drivers of cross-border purchases, to support the design of the experimental phase; it consisted of desk-based research, stakeholder interviews, and focus groups. Task 2 involved a consumer survey conducted in conjunction with behavioural experiments, to provide quantitative evidence on consumers' experiences in the market, the impact of contract features and the presentation of information on consumers' decision-making, the interplay between contract features and behavioural traits, and consumers' interest in and barriers to purchasing insurance cross-border. In particular, the experiments tested the effectiveness of remedies to improve consumer decision-making. The survey examined respondents' behavioural characteristics, experience, and comprehension. Task 3 used the data and evidence collected to estimate potential savings for consumers that better choices may allow for the products studied. The study conclusions and recommendations address a number of general and cross-border insurance issues, such as the provision of information to consumers, the purchasing process, and levels of awareness and understanding.
The study sought to explore and understand consumers' decision-making in the non-life insurance market when purchasing domestically and cross-border, to test remedies aimed at helping consumers make better decisions, and to collect complementary data on the supply side of the market.
Considerable evidence suggests that many people for whom insurance is worth purchasing do not have coverage and others who appear not to need financial protection against certain events actually have purchased coverage. There are certain types of events for which one might expect to see insurance widely marketed are now viewed today by insurers as uninsurable and there are other policies one might not expect to be successfully marketed that exist on a relatively large scale. In addition, evidence suggests that cost-effective preventive measures are sometimes rewarded by insurers in ways that could change their clients' behavior. These examples reveal that insurance purchasing and marketing activities do not always produce results that are in the best interest of individuals at risk. Insurance Decision Making and Market Behavior discusses such behavior with the intent of categorizing these insurance "anomalies". It represents a first step in constructing a theory of insurance decision making to explain behavior that does not conform to standard economic models of choice and decision-making. Finally, the authors propose a set of prescriptive solutions for improving insurance decision-making.
Consumer behavior and in particular consumer decision making is key to successful marketing strategies. The insurance industry is no exception in this regard. Consumers employ different decision making strategies to make an insurance decision - be it for or against a certain insurance policy, whether to rely on external advice or decide alone, or whether to entrust the own safety to a new player in the industry. The aim of this dissertation is to look at consumer decision making strategies from different perspectives. By doing so, this work contributes to both academia and practice, so that they can develop a better understanding of what benefits and harms consumers when making an insurance decision. The dissertation spans over five parts. Part I frames the overall goals of the research by giving an overview of the state of the art in the field and highlighting the contributions to theory and practice. Part II and III focus on how consumers can be protected as participants in the insurance marketplace based on their current behavioral patterns. The fourth part researches intangible sharing services and empirically investigates why consumers participate in them. The last part conceptualizes the actors and relationships that shape the essence of collaborative consumption, a trend in consumer exchange markets that has found its way to the insurance industry.
As individuals, we face the challenge of making numerous decisions every day. Although some of them are made consciously, the majority are made unconsciously and automatically (Pöppel, 2007, p. 22). Especially in the insurance sector, which is one of the more complex fields of decisionmaking, these decisions have far-reaching significance. The discussion of risk protection and individual insurance demand is gaining in importance, especially against the backdrop of climate change, cyber-attacks and global health crises such as the COVID 19 pandemic. The literature research in the context of these interests revealed that studies and surveys in Germany, Europe, as well as in North America repeatedly identify structural insurance gaps and a tendency towards underinsurance. This reveals systematic deviations from economically appropriate insurance coverage. There is even talk of “misinsurance” due to incorrect risk perception, assessment, and evaluation on the part of the policyholders. From a behavioural economics perspective, these patterns can be attributed to heuristics and cognitive biases that influence the decision-making of the insured (European Commission, 2017; GDV, 2020; GoslarInstitut, 2016, Kunreuther et al., 2013, Richter et al., 2019). Based on these findings, the commercial insurance coverage of doctors in private practice was evaluated and the demand for insurance was investigated. Officed- based doctors in Germany are central actors in the health care system and so far, there is no specific study on their coverage behaviour. The aim of the thesis was therefore to examine the officed- based doctors’ behaviours towards professional safe-guarding risks. With a further objective to investigate the use of heuristics and identify factors indicating deviations from economically adequate insurance coverage, to better understand manifested decision-making behaviour.
This book examines the behavior of individuals at risk and insurance industry policy makers involved in selling, buying and regulation.
In today's competitive market, consumers are repeatedly exposed to various marketing stimuli and they must decide which to ignore and to which to attend. Consumers make decisions about the purchase of goods and services every day and are thought to engage in some level of the decision making process. When faced with a service purchase decision, the successful completion of a variety of tasks is necessary to ensure that the most appropriate choice is selected. A consumer's belief in his/her abilities, or self-efficacy, to make a decision affects not only the type of information considered, but also the way the information is interpreted and used to manage environmental challenges (Bandura 1995). In an attempt to assist consumers in making more efficient and secure service-related decisions, this dissertation explores the concept of self-efficacy and the consumer decision making process in a service context. This research study is examined within the context of a medical insurance purchase. A scale to measure consumer self-efficacy for a medical service (CSDMSE) is developed, and its effects on the decision-making process for a medical insurance purchase are examined. The model is empirically tested to examine the effect of CSDMSE on search effort expended, perceived task complexity, use of consumer agents, and perceived risk uncertainty of the medical insurance purchase. Results of this study indicate that CSDMSE is a higher-order construct, comprised of three lower-order self-efficacy constructs for each of the examined decision-making tasks: (i) information search (SISSE), (ii) alternative evaluation (SAESE), and (iii) choice (SCSE). This study also demonstrates that consumers with higher levels of CSDMSE perceive decision tasks to be less complex, thus leading to a reduced perception of risk uncertainty. Therefore, if a service provider sells a service that consumers consider risky or highly uncertainty, service managers can reduce this perceived risk uncertainty indirectly by increasing the consumer's self-efficacy for the service purchase. This will also lead to perceptions of decreased decision task complexity. Thus, the findings of this study provide service managers a means to measure the consumer's self-efficacy related to the service purchase and provides insights into understanding how self-efficacy affects the decision process.
ABSTRACT: In addition to consumer decision-making, I also examine decision-making from the perspective of the insurer. Separate streams of empirical research suggest that firms may make adjustments toward a target capital structure, and that active internal capital markets (ICMs) exist within a variety of industries. While evidence supports the existence of targeting behavior on behalf of firm management and the existence of ICMs, no studies have examined how deviations from target capital structure relate to the use of ICMs. Based on a sample of affiliated property-casualty insurance companies and three commonly used measures of leverage, this study provides the first evidence of a link between deviations from target leverage and ICM activity. The findings suggest that affiliated property-casualty insurers do have target leverage ratios and that ICM activity is related to deviations from target leverage, where overleveraged insurers tend to cede more internal reinsurance and underleveraged insurers tend to cede less internal reinsurance.
This timely Research Handbook addresses the cutting edges of the Brussels Ibis Regulation, in particular its place within the overall system of EU law and its adaptations in response to lawsuits or the needs of particular industries. Featuring original research by leading academics from across Europe, chapters take a systematic approach to examining a broad variety of topics in relation to this, analysing the most recent developments in legislation and practice and providing an outlook on the future of this field of EU law.
"This book holds that the demand for insurance is best understood, not by focusing on risk preferences, but by focusing on the additional income, the states of the world that trigger the income transfer from the insurer, and the value of income (and consumption) in those states. It is unlikely that demand can be understood if the analyst limits the gain from insurance to coverage of the uninsured loss alone. It is also unlikely that the demand can be understood if the analyst limits the analysis to a movement along a static "risk averse" utility or value function, rather than acknowledging that a shift of this function, and thus in the utility or value of additional income, often coincides with the occurrence of the event that triggers the payout"--