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It just keeps getting more and more interesting. New P2P insurance startup, Lemonade, hired world renown behavioral scientist Dan Ariely as Cheif Behavioral Officer. The P2P aspect of Lemonade take it to a very social level, where ones actions obviously impacts the rest. False claims have been a huge pain point for insurance companies, so it only makes sense to hire the man who put together the research on the Truth about Dishonesty. I have a feeling that Ariely's impact will be apparent in the startups' underwriting and policy pricing.
“We want to go into the risk mitigation approach,” Ariely said. One area that’s a huge cost center for insurers and a potential reason for their crap approach to customer service is the high incidence of false claims that insurers have to weed through. “People feel justified in trying to screw up an insurance company,” he said. “Dishonesty is influenced a lot by our ability to justify it. If we are dealing with a party that we think is immoral itself than we [are immoral] and justify it. We think that everybody else cheats… it feels like a victimless crime.”
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