140. How Simple Nudges Can Save Hundreds of Millions, interview with Dectech’s Dr. Benny Cheung

<p><span style="font-weight: 400;">Today I get the honor of introducing you to Dr. Benny Cheung, a director of DecTech. You may remember that company’s name as Dr. Henry Stott, a cofounder, joined me on the show in episode 130 to discuss some of their other work. </span></p> <p><span style="font-weight: 400;">This conversation digs deeper on a specific project that Benny worked on to reduce opportunistic insurance fraud. You’ll get to learn all about it during the episode and I promise it is fascinating to learn how some simple nudges can help reduce a problem of, essentially, little white lies that were costing the UK insurance industry a billion pounds each year. </span></p> <p><span style="font-weight: 400;">We also get to learn a little about Benny and the research he did studying creatures that may seem very different from humans, but whose behavior we can still learn quite a bit from. He completed a Ph.D. and a two-year postdoctoral research fellowship in the field of behavioural science at the University of Cambridge before joining Dectech. During his academic career, he was involved in commercial projects in the clinical research and biotechnology industries. His areas of expertise include retail, eCommerce, financial services, utilities, telecommunication, and advertising.</span></p> <h3><span style="font-weight: 400;">Show Notes:</span></h3> <ul> <li><span style="font-weight: 400;">[00:40] Today I get the honor of introducing you to Dr. Benny Cheung, a director of Dectech.</span></li> <li><span style="font-weight: 400;">[03:11] Benny shares his background and how he got involved in behavioral science. He started in behavioral genomics. </span></li> <li><span style="font-weight: 400;">[03:44] Benny joined Dectech in 2005 to apply techniques and technology in behavioral science in a commercial backdrop supporting clients to understand their consumers better. Now the mission at DecTech is to provide the tools that will allow their clients to make more accurate and cost-effective predictions about their con