Framing and insurance renewal

Framing Effect and Financial Products
Intervention Financial Products

Intervention Description

Researchers exposed participants to one of nine different treatments to see which ones were most effective at swaying participants to negotiate or switch their insurance plans in order to achieve better prices. They found that an effective method was to include last year’s premium in the renewal notice, which led to between 11% and 18% more participants taking actions to change their prices. No other treatments were found to be effective.