The convergence of health and wealth isn’t a radically new concept, but it certainly took center stage amidst the COVID-19 pandemic. Consumers are increasingly aware of and sensitive to how intertwined health and financial wellness really are. The current pandemic continues to fuel conversations around how to better plan for unforeseen health-related costs and expenses.
This acceleration effect has caused new fintechs to emerge, addressing the opportunity at this critical health-wealth intersection, using artificial intelligence, machine learning and predictive analytics.
Financial planning capabilities are evolving to help factor in the unknown
There are many well-known financial planning solutions available to advisors and wealth managers today, however most tend to focus on known planning scenarios, with milestones such as retirement, purchase of a home, college education for children or wealth transfer. Today, fintechs are bringing new capabilities into the space to help plan for the unknown — unexpected life and health events that can cause gaps in income, significant out-of-pocket expenses or unforeseen insurance needs.
As we’ve explored the intersection of health and wealth, we’ve seen disruptive startups emerge who leverage artificial intelligence and machine learning in tandem with biological factors, health/lifestyle risks, projected life milestones, financial goals and more to help clients and financial intermediaries more accurately plan for the future.
A conversation on emerging opportunities
We sat down with Jacqueline Baker, VP of Startup Programming at AARP Innovation Labs on The Intersection podcast to talk about the intersection of health and wealth, current challenges firms and consumers are facing and exciting opportunities for innovation in years to come.
Throughout the conversation, you’ll learn about:
- How financial services and health services intersect
- The concept of the longevity economy and emergence of AgeTech
- How innovative startups are disrupting the status quo across industries
- The greatest opportunities for financial and health services to partner now and in the next 10 years