I’m not a psychic by any means, but in June 2013, I made a prediction on this blog that behavioral economics would explode in the insurance industry. Now, two years later, it’s becoming a key method used by many insurers and brokers to enhance their understanding of clients.

Behavioral economics applies psychological insight to human behavior to determine what drives a person’s economic decision making. It explores why people sometimes make irrational decisions, and how their behavior doesn’t follow the predictions of traditional economic models. It may sound more like a college course than a business approach, but the important thing is that it works to help build a strong broker-client relationship.

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