From a mortgage perspective, this could mean the difference between falling into arrears and being able to flex a payment plan that helps the borrower and the lender.
Hassan says this also has clear implications for companies looking for ways to enhance their proposition towards more vulnerable clients, as well as providing opportunities for clients to get signposting towards specialist advisers.
Protection and pension benefits
There are also opportunities within insurance and pensions.
According to Swiss Re: "When it comes to the re/insurance industry, a recurring vision for the future is that AI will potentially enable more precise coverage and pricing adjustments."
While this is still an attractive long-term goal, AI is already helping deliver benefits. For example, it could make assessing motor insurance claims more efficient.
Closer to home for advisers, Swiss Re says it can help with improved risk assessment and customer understanding when it comes to underwriting.
A 2023 report, "Benefits and use cases of AI in insurance", explained: "Re/insurers get access to more and more data at the time of underwriting thanks to the digitalisation of existing touch points or access to new data assets with digital partners – just consider telematics, remote sensors, satellite images or digital wellness records.
"The ability of re/insurers to convert this data into actionable insights for underwriting is a key competitive differentiator, as it allows them to offer customers more tailored coverage and pricing."
AI techniques such as supervised learning can complement and streamline certain processes, such as smarter triaging and routing customers to the appropriate department, without the customer having to repeat their information every time.
For example, Swiss Re has already integrated AI-driven predictive models to support triaging life and health underwriting and simplify the consumer journey.
Similarly, life and pensions provider Aviva has announced its AI-driven pension tracking service has proved popular and successful so far, with a 50 per cent increase in transfer flows as a result.
Speaking as the company unveiled its results today (March 7), chief executive Amanda Blanc said: "We continue to innovate to improve our offering to customers.
"Aviva Zero, our next generation personal lines proposition is going from strength to strength, while our AI driven pensions tracing service Fabric has seen a more than 50 per cent increase in transfer-in flows.
"Digital-led improvements are enhancing the way our customers can interact with us too. This year saw us add 600,000 more MyAviva app users, bringing the total up to 6.3mn."
