This FCA stated in the Final Guidance to the new Consumer Duty that firms need to take account of how customers “transact in the real world”. Therefore, being able to identify and handle customer´s behavioural biases, as well as our own behavioural biases and biases embedded in product design and marketing, is key to avoiding potential customer harm.
The FCA has also placed group think bias at the heart of their consultation on diversity and inclusion. But what is this and can it impact how financial advisers provide services to their clients?
This 1 hour webinar will introduce you to the most common, though often difficult to spot, behavioural biases that can be encountered throughout the customer journey in insurance, from product design to claims settlement, as well as tips on how to handle them to avoid customer harm.
Learning Outcomes
- Identify behavioural biases that occur throughout the customer journey from product design to claims settlement.
- Explain how these behavioural biases impact the decisions that customers make.
- Implement a strategy to minimise the risk of behavioural biases resulting in customer harm.