Will AI solve the customer vulnerability challenge?
AI is being heralded as a silver bullet for many issues – and customer vulnerability is no exception. But how real is that assumption? Where is the technology now and what role can it play in identifying and managing vulnerable customers?
In this webinar we explored the potential and use of artificial intelligence in managing customer vulnerability. As AI technologies advance, there is growing interest in their application for identifying and supporting vulnerable customers. However, while AI offers significant promise, it also faces substantial challenges – and has some significant limitations and risks in use.
In this session, we discussed the current capabilities of AI in detecting signs of vulnerability through data analysis, pattern recognition, and predictive modelling. We looked at how AI tools can enhance customer service by providing personalised support and early intervention.
The webinar also critically examined the limitations of AI in this context. AI systems struggle with nuances and complexities of human vulnerability that require empathy and contextual understanding. Issues such as data privacy, bias, and the inability to interpret non-quantifiable factors will also be addressed. Our experts highlighted the importance of integrating human oversight with AI to ensure ethical and effective support for vulnerable customers.
Speakers
Duncan Minty
Duncan is an independent ethics adviser, who has specialised in the ethics of insurance for around 22 years. Prior to this, he worked in the personal and commercial insurance markets for 18 years, including as head of insurance at Motability.
Jonathan Clarke
Jon is Director of Data Science at LexisNexis Risk Solutions, with over 15 years of experience within the credit and fraud analytics sector. He leads a team developing machine learning solutions to help businesses better understand the risk profiles of new and existing customers.
Andrew Gething
Andrew is the founder and managing director of MorganAsh. He is a recognised consumer vulnerability specialist and champion, is the driving force behind the award-winning consumer vulnerability management tool, MARS.
