Behavioral Science in Life Insurance Focus of New Study from Society of Actuaries Research Institute

Core Insights - The Society of Actuaries (SOA) Research Institute, in collaboration with Reinsurance Group of America (RGA), conducted research on behavioral science to enhance the life insurance purchasing process [1][2] - The report titled "Searching for Simplicity" emphasizes the need for insurers to simplify product information to improve customer understanding and engagement [2][3] Research Findings - The research involved two experiments with 2,000 U.S.-based participants each, focusing on improving comprehension of life insurance messages and the effectiveness of human versus AI-generated videos [3] - Insights from the research indicate that applying behavioral science can enhance comprehension, trust, and clarity in life insurance products [2][3] Organizational Background - The Society of Actuaries (SOA) is the largest actuarial professional organization with over 33,000 members, aiming to lead in risk measurement and management [4] - Reinsurance Group of America (RGA) is a leading global reinsurer with approximately $3.8 trillion of life reinsurance in force and assets of $109.9 billion as of June 30, 2024 [5]