Here's how you can tackle biases in your insurance decision making.

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When it comes to insurance, making an informed decision is crucial. However, biases can often cloud judgment and lead to choices that may not serve your best interests. Whether it's choosing a policy, filing a claim, or simply assessing your insurance needs, it's important to recognize and counteract these biases. By understanding the common pitfalls in decision making, you can take steps to ensure that your insurance decisions are based on sound reasoning and factual information.

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Anne Mehta, CPA, CA

SVP Operations & Data at Aviva Canada | Insurance | Multinational Transformation | Operational Efficiency | Empowering…
Neeraj Kaushik

Principal Consultant (L&A Product Management-NGIN) at Infosys McCamish, Top Voice Linkedin- Insurtech, Business…
Gonzalo Rodriguez

Head of Group B2B2C Partnerships at Generali | Embdded Insurance | Ex-Zurich

1 Recognize Bias

Everyone has biases, but recognizing them is the first step towards making better insurance decisions. Confirmation bias, for instance, is the tendency to favor information that confirms your preconceptions. When reviewing insurance options, you might overlook critical policy details that contradict your assumptions. To combat this, actively seek out information that challenges your beliefs and consider all policy aspects before making a decision.

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Anne Mehta, CPA, CA

SVP Operations & Data at Aviva Canada | Insurance | Multinational Transformation | Operational Efficiency | Empowering People Leader | Risk, Compliance & Governance | Always looking for that next problem to solve
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Bias is built into everything that we do, whether we are conscious of it or not. This is also true for the models we build to assess and price insurance risks. Taking a step back to identify person and systemic biases will help to avoid pitfalls.

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2 Gather Facts

Before making any insurance decision, it's essential to gather all the relevant facts. This means not only understanding the terms and conditions of the policies you're considering but also assessing your actual coverage needs. Avoid making decisions based on anecdotes or hearsay; instead, focus on the hard data and how it applies to your situation. This will help ensure that your insurance choices are well-informed and tailored to your needs.

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Neeraj Kaushik

Principal Consultant (L&A Product Management-NGIN) at Infosys McCamish, Top Voice Linkedin- Insurtech, Business Analysis, AI, Product Mgmt. & Data Architecture,Thought Leader, Published Author, AI & Cloud Envangelist
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When reviewing insurance options, you might overlook critical policy details that contradict your assumptions. To combat this, actively seek out information that challenges your beliefs and consider all policy aspects before making a decision.

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3 Avoid Heuristics

Heuristics are mental shortcuts that simplify decision-making but can lead to cognitive biases. One common heuristic in insurance is the 'representativeness heuristic,' where you might judge the likelihood of an event based on how much it resembles typical outcomes. In insurance, this could lead you to underestimate rare but costly risks. To avoid this, analyze risks based on probability and impact, rather than familiarity or resemblance to past events.

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Leonardo Ruoso

Enterprise Account Director | Senior Sales Manager | Business & IT Consultancy | Software & SaaS
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? Use probability and impact analysis over gut feelings. Advanced analytics and machine learning must become your best friends. ? Checklists aren't just for shopping. Use them along with scenario analysis to keep decisions consistent and thorough —shisa kanko: point your things and call. ? Train your team on biases and the magic of data. Encourage diverse viewpoints —two heads are better than one. ? Regular audits and feedback loops are essential. Learn from past decisions to avoid repeating mistakes. ? Decision support systems and automated tools can handle routine tasks, leaving complex decisions to the pros, with data as their guide.

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4 Consider Alternatives

Exploring alternative options is a key part of overcoming bias in insurance decision making. Don't just settle for the first policy you come across; instead, compare different plans from various providers. Look at the benefits, exclusions, premiums, and deductibles of each option. This comparative approach will not only give you a broader perspective but also help you find the policy that best matches your needs and budget.

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5 Delay Decisions

Sometimes, the best way to avoid impulsive decisions influenced by bias is to simply delay your decision. This doesn't mean procrastinating but rather giving yourself time to reflect on the information you've gathered. Sleep on it, and review your options with a fresh mind. You might find that what seemed like a good decision yesterday doesn't seem as convincing today. This pause can help you avoid snap judgments and make more rational choices.

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6 Consult Experts

Lastly, when in doubt, consult professionals who can offer unbiased advice based on expertise in the field of insurance. These experts can help you sift through complex information and provide clarity on terms or conditions that might be confusing. They can also help you identify your blind spots in decision making and guide you towards more objective evaluations of your insurance options.

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Gonzalo Rodriguez

Head of Group B2B2C Partnerships at Generali | Embdded Insurance | Ex-Zurich
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Embracing innovation is crucial for traditional insurers seeking "unbiased advice". For instance, partnering with InsurTechs can help insurers address the challenges posed by the digital transformation of the insurance industry. InsurTechs can provide insurers with the necessary expertise and resources to develop digital capabilities, such as AI-powered underwriting and claims processing, and to integrate these capabilities into their existing operations

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Paolo Cuomo

Adviser : Problem Solver : Speaker : NED
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This has always been an important topic, but with the arrival of AI it is huge. It is also complex. And evolving. As such in most cases you want to be including experts in the discussions - whether as full-time staff members or one-off consultants. Get comfortable with the term 'bias' and have these experts explain the different ways it arises and thus the different approach you need to manage and minimise it

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Here's how you can tackle biases in your insurance decision making.

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1 Recognize Bias

2 Gather Facts

3 Avoid Heuristics

4 Consider Alternatives

5 Delay Decisions

6 Consult Experts

7 Here’s what else to consider

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