Nov. 9, 2022

Using Predictive Life Events Data in Financial Services with Robert Kirk

It's human nature to hope for the best and avoid contemplating the worst. But in reality, no one is immune to the trials and tribulations of life. And yet, people don't plan for bad things to happen, and those who provide advice don't like to talk about them. But what if there's a way we could identify life events that might negatively impact our finances?

In this episode, Sanjeev and Ali talk with Robert Kirk, Founder and CEO at InterGen Data. Robert is a financial services industry executive with over 30 years of experience. Throughout his career, Robert has developed business-aligned solutions built around the fast-paced evolution of technology and innovation. At InterGen Data, Robert is responsible for establishing, growing, and providing proprietary AI-machine-based learning that helps companies identify when their clients are likely to have important life events occur, what they could be, and how much of a financial impact each could represent.

Knowing that a life event could have a tremendous financial impact on a person's life, Robert talks with Sanjeev and Ali about how AI-based machine learning can help banks, financial service companies, and insurance companies predict and identify when their clients are likely to have an important life event and how advisors can help clients prepare for negative events.

Key Takeaways

  • [01:15] - What InterGen Data is and how it helps clients.
  • [02:45] - The role of AI in giving users empathy-based data insights.
  • [07:56] - The value AI provides to companies.
  • [11:54] - InterGen's data management and security processes.
  • [15:31] - How advisors can convince clients to plan for negative events.
  • [22:36] - How the pandemic has changed how InterGen manages data.
  • [27:05] - The benefits of working with actuaries.
  • [30:26] - What the Digital Life Series is all about.
  • [34:36] - What's next for InterGen Data.


[05:18] - "Machine learning doesn't give empathy, but it provides the data to build that context around a person where that person can interpret that and then build that empathy." ~ Robert Kirk

[16:10] - "If you look at all the financial plans and all the risk systems and tools, they're all going to say to put in X dollars. It's either a dollar-cost average or a goals-based system where you look at a goal over many years. And then they'll run the Monte Carlo scenario. But if you've ever noticed, they're always perfect. How is something bad happening built into the plan?" ~ Robert Kirk

[39:25] - "From a marketing perspective, why not have a completely digitized version where people only see what's relevant to them and their next stage of life? More importantly, the cross-sell-upsell opportunities or the understanding of the products." ~ Robert Kirk


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