Webinar: Behavioral Biases in the Customer Journey: How to Identify & Handle them to Avoid Customer Harm

ABOUT THE SESSION

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.

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 from product design to claims settlement, as well as tips on how to handle them to avoid customer harm.

With behavioural sciences now very much at the centre of the new outcomes-based regulation system, this webinar is a must attend for anyone who wants to stay on the right side of the new Consumer Duty.

LEARNING OUTCOMES

By the end of the session, participants will be able to:

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.

About our Speaker: Jeff Heasman

Jeff Heasman worked as a litigation executive and senior liability adjuster before branching out into language and psychology. Jeff holds both a bachelors and a masters of law degree, is a qualified language instructor and also a certified practitioner member of the Academy of Modern Applied Psychology as well as a member of the Association of Business Psychology. He delivers courses across the globe, either face-to-face or online. Jeff maintains a close connection to the industry by regularly providing consultancy in areas such as law and communication and he provides consultations with individuals and teams regarding cognitive skills, such as decision-making and problem-solving. In 2020, Jeff graduated top of the class from the Yale School of Management Executive Education programme in negotiation strategies with a score of 100% across all modules and he is recognised as an expert in the field of negotiations within the insurance industry. Other areas of specialist expertise include insurance fraud, claims handling and the synergy between product design, brand promises, marketing messages and customer expectations. Jeff is currently completing a doctoral thesis with a Swiss business school, focusing on human v automated decision-making in insurance claims and its potential impact on customer trust.

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