Advisers need to ensure the data they hold on their client is “clean and tidy” to fully unlock the power of artificial intelligence.
This is according to Matt Coulson, the founder of Heron Financial, who was speaking at the Protection Review’s ProtectX5 insurtech special event this morning.
Reflecting on the challenges facing clients when seeking advice, Coulson said they were often confused about where to go for advice, whether this be comparison sites, friends, colleagues, insurers, banks or advisers – meaning it was difficult to understand what kind of cover and how much cover they should take out.
Coulson explained other barriers to seeking advice included confusion around what sort of budget is typical for someone in their circumstances and when to review if those circumstances change.
He added that complex medical histories or paperwork – such as GP reports and medicals being requested – could also potentially hold up processes and prevent clients from accessing treatment they really need.
But the good news, Coulson said, is that AI can successfully solve some of these problems.
When assessing which type of cover is right for the client, Coulson explained AI can pull in the data and work out which type of cover has worked for previous clients that the adviser has dealt with – freeing up time for the adviser to have more meaningful conversations with their clients.
Coulson added AI can also offer clients suggestions around how much money they should set aside for their budget but also pointed out that advisers need to ensure the data they carry about their client is clean and tidy.
“That’s the value in your business. Make sure that the data you hold on your clients is accurate and up to date. Ask them to update it regularly so it’s always ready for when the AI steps in and starts to make the assessments. The data must be accurate.”
But Coulson also urged advisers to speak up for their wider adviser community.
“Make sure that you lend your voice to those around you calling for the adviser to remain in the centre of that process despite the AI coming in and providing the help.
“If we work together, we can ensure that we are front and centre of the advice process with the help of AI to give a better client experience and more time for you to talk to your clients and give the advice that you want to give.
“So let’s embrace it. AI is already here. We just need to make sure that collectively we pull together and ensure that the adviser community remains front and centre of that process.”