BSU bulletin. Economy and Management
Bibliographic description:
, Insurance Choice Psychology // BSU bulletin. Economy and Management. - 2026. №2. . - С. 174-181.
Title:
Insurance Choice Psychology
Financing:
Codes:
Annotation:
The article identifies and analyzes cognitive biases that hinder and facilitate insurance decision-making. It considers such systematic thinking errors as "overoptimism", "loss aversion", "availability heuristic", "present bias", and "status quo bias". We have offered a number of practical recommendations and techniques for insurance companies, such as smart defaults, choice simplification, framing, application of availability heuristics, social proof, focus on loss aversion, just-in-time suggestions, and adaptation of marketing strategies to individual psychology. The study also considers key trends in the insurance industry development: hyper-personalization of insurance products based on big data, spread of embedded and one-time insurance, formation of new social norms and improvement of financial and personal literacy among the population.
Keywords:
psychology, behavioral economics, cognitive biases, insurance market, insurance behavior, choice problems, overoptimism, availability heuristics, personality psychology, social norms.
List of references:
Article.pdf