Mercer has been exploring how AI can help solve problems for their scheme members!

For over 75 years, Mercer has been guiding individuals and organisations toward healthier, more sustainable futures. Now, they’re harnessing the power of AI to help solve problems better for their Master Trust members and maybe take them to places that they hadn’t been before.

Before we delve into the specific advancements Mercer is making with its AI language model, let’s take a moment to acknowledge the shift that has occurred in the world of technology.

Two years ago, OpenAI’s release of ChatGPT ignited a firestorm of innovation, propelling artificial intelligence into the mainstream.

Prior to this watershed moment, AI was already being employed in various sectors, albeit in less visible ways.

However, the release of large language models, capable of generating human-quality conversational content, has unlocked a new era of possibilities. This technological leap has rippled across industries, and the financial services sector is no exception.

What has Mercer been working on?

  • AI-Powered Personalised Member Engagement: Mercer has developed a prototype AI language model pension agent to provide pension information and guidance to its Master Trust members. This aims to enhance member engagement through conversations, allowing members to ask questions about pensions, test their understanding and check their thinking.
  • Innovative Delivery Channels: Mercer is exploring new ways for the AI pension agent to reach members through platforms like WhatsApp and others. The aim is to provide accessible and convenient support to members via their preferred channels.
  • Advanced Pension Journey Solutions: Mercer is looking to streamline and improve various pension journeys, using the AI pension agent as a ‘co-pilot’ to support informed decision-making and remove barriers to completing transactions.

This demonstrates Mercer’s commitment to improve member experience, enhance efficiency, and drive innovation in the pension industry.

Let’s show you their AI pension agent

  • This one min video is a collection of images showing Mercer’s AI pension agent in action, answering a ’member’s’ questions about pensions.
  • Feel free to pause the video to fully read the chats, which may be of interest to you.  The intention is to tease some of the possibilities.
  • In the demo we had with Mercer we asked the agent various pension-related questions and the output was factual and easy to understand.

This initiative has potential to significantly benefit both advisers and members of Mercer’s Master Trust.

For advisers, it could provide a powerful tool to enhance interactions with scheme members. The AI Agent can handle a large volume of enquiries simultaneously, offering accurate and timely responses. This could allow advisers to focus on more complex and personalised aspects of their work, knowing that routine questions and concerns are being addressed efficiently. The AI’s ability to engage in personalised dialogue means that advisers could ensure members receive consistent and reliable answers to their questions, reducing the risk of misinformation.

For members, the benefits are substantial. The AI model offers a highly tailored experience, engaging with members based on their individual questions and teasing out their priorities. This means members can get the information they need at any time, without having to wait for help during office hours or navigate through generic material on pension websites.

Mercer has been collaborating with Engage Smarter to develop the AI pension agent. So far, this partnership has focused on creating a working prototype of an AI language model designed to provide personalised and timely interactions with scheme members.

The prototype has been trained to draw exclusively on the collective pension content of Mercer and its partners. This is important, because it goes a long way towards eliminating the risks of inaccuracy and misinformation inherent in large language models like ChatGPT, which can access the sum of all information, good or bad, that exists on the internet.

Engage members in what feels like a very personal dialogue, driven by their questions, agenda, and priorities. The collaboration with Engage Smarter has involved extensive testing, including biometric user testing involving eye tracking, anxiety level tracking, heart rate and blood pressure monitoring, and facial expression analysis. This testing has been crucial in iterating and improving the AI agent to ensure there are no blockers to members using it.

Engage Smarter is helping revolutionise the financial services industry with its AI-powered solutions. By enhancing client engagement, improving efficiency, and ensuring compliance, this tool could be game-changer for large-scale financial advisers and providers. Companies like Mercer are already using this tool. If you want to know more about Engage Smarter, please visit the Advisersoftware.com and read up on the latest analysis. You will have to be logged in to read this content

More detail on Mercer’s Innovative Delivery Channels

Mercer is focusing on integrating their AI pension agent with popular messaging platforms like WhatsApp, SnapChat, and Facebook Messenger. The idea is to meet people where they are most comfortable and where they spend their time, rather than relying on them to log into their pension apps. This offers users a highly interactive and adaptive experience for users, allowing them to engage with their pension information in a way that feels natural and convenient.

Combining the expert language model with the revolution in messaging platform technology will allow Mercer to support millions of personal conversations all at once, engaging with each member on their terms and at a time of their own choosing.

More detail on Mercer’s Advanced Pension Journey Solutions

Mercer is integrating forecasting capability with its AI pension agent to make the process of exploring future income scenarios much simpler and personally relevant. This means that members can get a clearer picture of their future financial situation and make more informed decisions about it.

They are also experimenting with transactional journeys. This involves helping members navigate various hurdles associated with tasks such as consolidating pension pots, nominating beneficiaries, and changing selected retirement dates. These transactional journeys are designed to simplify complex processes, making it easier for members to manage their pensions.

Additionally, Mercer is thinking about how AI can help them better meet the needs of vulnerable and diverse members. This includes using translation services, tone-of-voice settings, and red-flag alerts to ensure that all members receive the support they need in a way that is accessible and personalised.

Conclusion

In conclusion, Mercer’s innovative approach to leveraging AI technology to engage members in what feels like a very personal dialogue, driven by their questions and priorities, is set to revolutionise customer engagement in the pensions industry. By integrating AI with popular messaging platforms and focusing on personalised, timely interactions, Mercer is not only enhancing the user experience but also ensuring that members can access accurate and reliable information whenever they need it. This proactive and forward-thinking strategy highlights Mercer’s commitment to taking advantage of new opportunities to continuously improve their services to better meet the needs of their members.

As we look to the future, the possibilities for further innovation are endless. With ongoing developments in AI and other technologies, Mercer is well-positioned to continue leading the way in providing exceptional service and support to their members. The journey has just begun, and we are excited to see where it will take them next.