The International Longevity Centre UK and Just Group announced the shortlisted entrants at the House of Commons on 17 October 2018.
The Innovating for Ageing competition aims to identify solutions to address the challenges faced by vulnerable consumers in later life. Seventy-seven submissions were entered into the competition over the summer which have been narrowed down by the project’s advisory board to twelve shortlisted entries. Innovating for Ageing was established by ILC-UK and Just Group in January 2018 to identify innovative solutions to the most common, intractable causes of vulnerability among older consumers.
MorganAsh has been selected for its creation of the vulnerability score – a way to measure all customers and their resilience.
Andrew Gething, managing director of MorganAsh, commented: “It is important for financial services to be able to identify and manage vulnerable customers. Our resilience (or vulnerability) Score enables the crucial aspects of a consumers’ capabilities to be understood and communicated. The aim is for the resilience score to be used just like a credit score has been in the past, but instead of just providing a measure of wealth, we can provide a measure of wealth, health, lifestyle and financial capability and hence the customer’s overall resilience which we summarise in a simple score. We also capture the consumer’s support network and engagement capability, and thus can suggest appropriate coping mechanisms and ways to not only mitigate consumer detriment but also to improve the consumer engagement and hence customer service.
David Sinclair, director of ILC-UK, said: “Innovating for Ageing was set up to ensure the best new ideas are applied to problems known to have the worst impact on vulnerable older people. The response has been superb, as has been the quality of submissions received.
“Narrowing the entries down to a shortlist of just 12 has been very difficult and we are hopeful that the finalists’ ideas will bring real benefits for people who find themselves in a range of difficult circumstances in later life. Our expectations are high based on the submissions received so far and after hearing the candidates bring their ideas to life in their pitches.”
Stephen Lowe, group communications director at Just Group, added: “Throughout the project I have been consistently impressed by the insightfulness and passion that institutions, charities and individuals have applied to our challenge – to make life easier and simpler for vulnerable people in society.
“There is clearly lots that can be done to make life easier, safer and more enjoyable for vulnerable consumers, and we want to demonstrate this through Innovating for Ageing. It’s a tremendously strong shortlist and the judges have some difficult decisions to make in picking the final candidates to present their solutions at the awards ceremony in 2019.”