Insurance is important for protection against life’s unexpected events, and an important component of financial resilience. While many acknowledge this, various factors including behavioural barriers may influence whether such an insurance is taken up or not. PIDM and The Behavioural Insights Team (BIT) collaborated to gain insights around the behaviours of urban millennials in Malaysia in respect of long-term insurance (life and health), and explores possible interventions to encourage its uptake. Our findings are presented in the form of a literature review on behavioural science research on insurance, as well as a report outlining results from a survey, framed field experiment and key recommendations.
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