Bi Project Policy Area: Consumer policy
BI Project
Electricity Information to Fit the Bill: Redesigning electricity bills to support consumer…
Electricity bills are a key way to inform people about their plan and usage, but bills can be confusing and are not really useful to help people navigate the electricity market. BETA and the Department of the Environment and Energy ran a trial to test the impact of bill design on people’s confidence in their ability to look for a better offer and intention to do so. We drew on behavioural insights to design and test six electricity bills. We focussed on simplifying bill design to draw…
BI Project
Car Insurance Quote Sheet: Experimental Evidence of Its Impact on Financial Consumer Decisions
SERNAC designed and tested Key Fact Sheets to help consumer decision-making on quoting car insurance.
The study evaluated options to standardize the car insurance quotation sheet's design through a randomized online experiment with 3,008 consumers. Three prototypes were designed and tested in contrast to a representative quotation sheet currently provided by insurance companies in Chile to achieve this objective. Each prototype considered simplifying the language and standardization of the…
This study focused on switching in payment accounts and mortgages, exploring the reasons why consumers do not switch and possible behavioural remedies.
BI Project
Redesigning the Mortgage Statement and its Impact on Consumers Mortgage Purchase Decisions:…
Chilean mortgage loan market is characterized by debtors' limited understanding of financial information an low level of loans' renegotiation. As a result, there is a high risk that consumers are missing benefits from economic opportunities. That's why Chilean financial institutions must, by law, send to their customers every three months, a Mortgage Statement designed by the regulator.
This policy paper is an executive summary of a study that shows qualitative and quantitative evidence about…
BI Project
Evaluating the Impact of Communicating the Credit Card Statement on Financial Decisions:…
Chilean regulation establishes the format and content that financial providers must communicate to cardholders about their transactions throughout a monthly billing statement. Although this information is relevant for making decisions, comparative evidence indicates that people have difficulty understanding and making informed decisions.
This study shows qualitative and experimental evidence about the impact of Credit Cards Statements on consumers' repaying decisions. The study considers the…