Estimating the Effects of Improving a Key Features Document of Variable Life Insurance

황진태; Hae Won Byun; 김해식

In this paper, we demonstrate that more consumer-friendly manuals are likely to help consumers better understand insurance products. In a social experiment, two groups of participants read two different versions of insurance manuals – the current version and the consumer-friendlily revised version - for a variable annuity product, which was followed by the assessment of their understanding of the product. Together with the OLS and the propensity score matching estimation, our results suggest that, in terms of the four questions where the two groups differed significantly, the percentage of correct answers from our consumer-friendly manual group is, on average, 18-23 percentage points higher than that from the current manual group.

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* 2022년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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