Product focus needs to move away from "rational" consumer mindset: Lubczanski

During her presentation, Lubczanski explained that insurers may sometimes assume "if we build, they will come" in relation to its product development, but questioned whether these products are designed for the right consumer  instead of the idea of a "rational" consumer which she stated does not exist. She explained that providers may have an implicit assumption that the customer is a rational agent and is going to be motivated by money, making decisions based on as much information as possible: "I think we believe that people should rationally want a product that's at the lowest possibl...