Record Details

Customers' Opinions on Incentive Based Insurance

Journal of Insurance and Financial Management

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Field Value
 
Title Customers' Opinions on Incentive Based Insurance
 
Creator Voutilainen, Raimo
Koskinen, Lasse
 
Description Incentive based insurance (often called smart insurance), where the insured can affect the premium level and receive other benefits by her behaviour and choices, is currently subject to considerable interest and product design activities by insurers. To study the opinions of Finnish customers on incentive based insurances we set up a survey.The respondents replied the nonlife insurance questions rather positively. Life insurance questions mostly received slightly positive scores, but problems exist. The student sample replied to the personal life related questions significantly more positively than the senior sample. This underlines the differences between these customer segments. The real win-win situation related to incentive based insurance was questioned by many respondents indicating cognitive biases.This study finds that successful development of incentive based insurance products requires that insurers study and test carefully their potential customers’ opinions. This emphasises the role of experiments and inquiries.
 
Publisher Journal of Insurance and Financial Management
 
Contributor —
 
Date 2017-06-08
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://journal-of-insurance-and-financial-management.com/index.php/JIFM/article/view/84
 
Source Journal of Insurance and Financial Management; Vol 3, No 1 (2017): Journal of Insurance and Financial Management
2371-2112
 
Language eng
 
Relation https://journal-of-insurance-and-financial-management.com/index.php/JIFM/article/view/84/67
https://journal-of-insurance-and-financial-management.com/index.php/JIFM/article/downloadSuppFile/84/3
 
Rights Copyright (c) 2017 Raimo Voutilainen
http://creativecommons.org/licenses/by/4.0