Artificial intelligence and the connected home – what this means for your elderly clients

aged care financial services technology artificial intelligence

13 April 2017
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Understanding the correlation between technological developments and the challenges of caring for elderly clients will help advisers give holistic advice, Richard Dunkerley writes.

Zurich hosted A study tour at the South by Southwest (SXSW) Interactive Festival this year and one of the hottest topics was our increasing life expectancy and the associated challenges around caring for the elderly.

More people than ever before are reaching the milestone of 100 years of age. In fact if the Queen is still sending out telegrams to centenarians, she will soon need a bigger mailing house to keep up with demand!

The trend is universal. Sure, there are pockets around the world– called bluezones – where the prevailing lifestyles have seen concentrations of the world’s oldest people. These zones include Sardinia in Italy and Okinawa in Japan, with research suggesting climate, diet, and family structures have helped drive this phenomena. 

However, survival rates beyond 100 years are on the increase everywhere; there are already more than 4,400 centenarians in Australia, with the latest estimates suggesting there are as many as 450,000 across the globe. 

But as improved lifestyles and medical advances are helping preserve physical health, the downside is that more and more people are surviving to an age where the deterioration of their mental faculties – including the onset of dementia, Alzheimer’s, and even depressive illnesses – become an issue.

For advisers this means you will increasingly encounter clients grappling with the challenges of caring for elderly partners or relatives.

Caring for elderly family members suffering these conditions can be challenging, both financially and emotionally. The increasing prevalence of this phenomenon has mobilised some of the biggest companies and smartest people in the planet, and at SXSW, IBM shared research that revealed half of all caregivers were forced to make changes to their work schedule to accommodate care giving. In some cases this meant working (and earning) less.

Specialist care facilities are increasing in number, but their costs can be prohibitive for many. Plus being able to stay at home can often provide better outcomes, on a number of levels.

Fortunately, developing technologies can help the elderly and their caregivers live their lives in a way that minimises disruption without compromising the quality of that care.

Readers may have heard of Alexa from Amazon, a form of artificial intelligence which is like a combination of Apple’s Siri and a desktop speaker. Alexa – and other digital assistants such as Cortana (Microsoft’s ‘intelligent personal assistant’) and Google Assistantx – can answer questions, provide reminders, and even interact with household appliances (for example turning lights on and off). 

As a true form of artificial intelligence, Alexa is continually learning from its environment and its ‘companions’. Before you know it Alexa can learn about your favourite music, and your shopping habits. Alexa can tell you when your favourite coffee brand is on sale or when a new TV series you are bound to like will appear on the airwaves. It can even remind you to take your medicine, tell you a recipe or take you through an exercise routine.  

Going several steps further, the IBM Accessibility Program on ageing aims to leverage a network of connected mobile devices, sensors and cognitive systems, to help family members and caregivers improve the health, wellness, safety and security of our parents and grandparents.

One project within this program is called ‘Ageing at Home’. By using sensors and the Internet of Things, IBM can monitor patterns in temperature, carbon monoxide, electricity, and water usage in order to help caregivers and social services organisations better understand a person’s daily routines and extend independence in their homes. Currently being trialled in Italy, this project sees sensors used to detect and learn when the fridge is open, when a stove is used, or the shower has turned on. 

The sensors can detect movement (or the lack of) and relay this information to a variety of mobile devices, individuals, and institutions. As they learn the habits of the household residents, the artificial intelligence behind the sensors can proactively determine if a resident is experiencing a health episode and alert people accordingly.

Of course the sensors don’t have to be limited to the home, with non-intrusive wearable biosensors able to give detailed readings on most biometric measures including heart rate, blood pressure, and body temperature.

The MC BioStampRC is one such example. It’s a waterproof sticker – not much bigger than a band aid – loaded with some of the most sophisticated tracking sensors ever created. Through Bluetooth it can relay valuable data to your doctor, providing a clear picture of your day-to-day health. This provides caregivers immediate access to real-time data or historical trends from their computer, smartphone or tablet no matter where they — or you — are. It’s almost like a doctor’s visit without ever leaving the house!

According to USA Today health columnist Jennifer Jolly, BioStamp is already unlocking a world of new medical possibilities.

“Teams of people are already working on the next generation of health tech devices too. Bioelectronics, where technology and biology meet, are poised to become the next, ‘next big thing’ in healthcare. Some truly science fiction type tech is in development, like smart tattoos to measure diabetics’ glucose levels and patches that can automatically administer drugs when needed,” she said.

“Research shows that sensors such as BioStamp can help lower the rate of emergency room visits, reduce trips to the doctor and generally keep people healthier. You won’t be able to skip this year’s check-up by wearing a smart sensor, but in a few more years you may be able to bypass all the people coughing in the waiting room. Instead, you’ll just wear a smart sensor and go over your latest health data with your doctor by video conference.”

What does all this mean for advisers?

Firstly, there will be an increased likelihood in the future that your clients will be an aged care giver or receiver. The associated financial, lifestyle, and mental health challenges will all be issues that advisers will encounter and – directly or indirectly – be expected to provide counsel on.

An awareness of the technological developments taking place in this area, and in the health space more broadly, will prove useful in the context of a holistic approach to advice.

Secondly, the rapid growth and increasing sophistication of artificial intelligence and connectedness can open up exciting possibilities for advisers, helping drive efficiency, improved customer experiences and business innovation.

Think about that the next time you ask Siri about the weather.  

Richard Dunkerley is head of marketing and communications for life risk and investments at Zurich Financial Services.

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