How super funds should implement AI

2 December 2021
| By Liam Cormican |
image
image
expand image

Superannuation funds should narrow their artificial intelligence (AI) focus to specific business challenges, such as customer service and then iterate the solution, according to PwC.

Speaking at an international business review webinar, Professor Matthew Kuperholz, chief data scientist at PwC, said super funds should avoid being too abstract with AI and rather consider the technology through the lens of attempting to change a behaviour.

“The important thing is getting the question right then doing something meaningful with the answer,” Kuperholz said.

Kuperholz said the vaccine rollout provided a real-world example of the capability of AI as it was used to analyse data from past research and organise the logistics of the rollout, substantially cutting down on time needed to undertake it.

He said tackling customer service and customer retention business challenges were good places to start.

Some of the examples he provided was using AI to assist customers with self-service, helping them to give feedback, analysing member messages and assisting call centre staff.

“There is still a lot of data about the type of members that churn, the type of members we want to keep, the right offers to put in front of them, the right way to word that, the right channel, the right message, and we use AI to shape our communications,” he said.

Kuperholz said AI could be used to assist super funds with the business challenge of giving people advice around their personal tax circumstances, whether through automated robo-advice or through assisting a human advisor with smart knowledge management.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year ago
Kevin Gorman

Super director remuneration ...

1 year ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year ago

The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation ...

32 minutes ago

Super funds had a “tremendous month” in November, according to new data....

3 days 22 hours ago

Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion....

4 days 4 hours ago