Giving up bias helps us reach more people, serve them better, and ultimately, make better returns.
If we believe that people with Chinese cultural background don't buy insurance, when in fact they do, we tend not to try and offer our products and services to them - and so we leave out a big section of our market.
If we believe that women don't buy income protection insurance, and so we don't recommend it, then likewise, we miss out - and so do they.
Untested preconceptions about the market confound us all the time. The essence of the science of management is measurement. What we measure we can manage. The opposite of that is the tyranny of 'gut feel', which is little more than the accumulation of past experience - not all bad, just a lagging indicator which tends towards self-reinforcing views of the data. That's because if we don't try and sell women income protection we continue to experience a market in which few of our female clients buy income protection. It happens to all of us. Take this research, for example, reported by The Economist as evidence of bias in Facebook advertising algorithms. Perhaps an example of how you have to watch for bias in every stage of the marketing channel right through to the customer.