“Behavioral economics (BE) is a field of study that investigates why people make the decisions they do and then attempts to devise ways in which those decisions might be influenced”. This field of study is particularly relevant to the health insurance industry, which has recently been forced to become more consumer focused.
As carriers evaluate methods and technologies to motivate or incentivize certain behaviors, they must keep in mind that most consumer decisions are not made rationally (based on knowledge) but are actually irrational. For example, people regularly make decisions that they know negatively impact their health (smoking, unhealthy eating etc.) Therefore, in order to truly impact the behavior of a member, carriers have to understand the motivation and emotions behind their member’s behaviors and create experiences that resonate with them.
Technology that allows carriers to have a holistic view of their members at every engagement point and divides these members into meaningful segments (not just based on demographics) can provide carriers with the information they need to truly understand their members. Carriers can then create a highly tailored customer experience and ultimately influence member behavior. The inspiration for this story can be read here.
Zipari’s insurance specific CRM Apps-powered by data analytics, addresses the challenges of the insurance industry, by providing carriers with a solution that not only provides a unified view of all customer data but actionable recommendations to help carriers improve member engagement and experience. Click here to learn more and download the data sheet.