Insurance Product for Contractual MSE Workers of India – Behavioral Insights

This focus note uses behavioral research to determine the preference and choice of contractual workers in India for insurance products and services. The note primarily focuses on developing insights and understanding the behavioral triggers for insurance purchase and preferences of the target clientele. It details the research process, assumptions, and broad behavioral insights generated through the research. It also culminates into conceptualization of a low fidelity product concept designed using user centered design approaches. The note covers the following sections in detail:

• Description of the research approach with a focus on assumptions, mapping of stakeholders, and identification of key bottlenecks restricting users from adopting desired behavior;
• Behavioral insights with a focus on availability bias, hassle factor, anchoring, social norms, mental accounting, and status quo bias;
• Design insights with a focus on making the product salient, anchoring it to client income/expenditure, reducing hassle, and triggering social proof;
• Overview of a low fidelity prototype for intended insurance products likely to be suitable for contractual workers of MSEs in India.