Understanding behavioural economics to supercharge client retention and sales outcomes

At the start of December we are delighted to be able to offer this interesting webinar covering the mental complexities involved in buying decisions as they relate to the insurance industry. While this is primarily a professional skills seminar focused on understanding the hidden thinking that goes with buying decisions in an insurance context the underlying knowledge can be applied to other scenarios so we would encourage engagement from our widest membership.

We might think that our clients make rational, logical buying decisions, but the truth is that the human brain uses mental shortcuts, known as heuristics, to make sense of complex decisions. Whilst these short cuts aid speed of decision making, the results are often irrational.

This session will allow delegates to not only understand these heuristics and cognitive biases, but also to develop the skills and strategies that are essential if we want to influence buying behaviour in the real world, not just in theory

Whether you work in an insurance or personal finance role understanding the motivations behind buying decisions can inform your comprehension of clients, customers and colleagues decision making beyond pure sales scenarios.

This seminar will comprise the following content and learning:

• Introduction and context – why behavioural economics matters for insurance professionals
• Core biases in organisational decision-making. To include:
• Anchoring
• Framing
• Prospect Theory to include Loss Aversion
• Status quo bias
• Social proof
• The endowment effect
• The sunk cost fallacy
• Reciprocity
• Application to client and prospect strategy to include diagnostic discovery questions, framing strategies, choice architecture

The course learning objectives are:

• Identify the top cognitive biases that affect organisational insurance buyers
• Understand the impact of these on decision making
• Implement targeted strategies and framing techniques to mitigate bias-driven challenges

This seminar will be delivered by Nick Thomas, of Nick Thomas & Associates.

Nick Thomas & Associates provide specialist training solutions to the UK Insurance Industry across technical insurance; sales, communication, and soft skills; management and leadership; customer service; performance, resilience, and health. We work with clients to design bespoke training and coaching programmes to address their specific needs but also currently offer over ninety standard webinars and workshops. We provide details below of two new sessions that may be of interest. These are available in workshop and webinar/online workshop formats.

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