Andy Miller is Senior Vice President of Innovation and Product Development at AARP and is responsible for the organization’s Innovation Labs, which works with start-ups, accelerators, and the innovation community to empower people to choose how they live as they age.

What’s the focus of the AARP Innovation Labs?

We have different issue areas, from caregiving to fraud, healthy living, etc. Anything with tech is a focus for us. We focus on healthtech and fintech. Last year we tried something that was a pretty common theme — how to deal with social isolation.

How does the lab work internally?

Our product development teams run like full speed mini start-ups based on a human-centered design model, where they transform intimate human insights into new products, services, and experiences from idea to conception.

How do you find start-ups?

We do six or seven pitch events a year, with different themes, but we accept anyone. Even if our theme is caregivers and they come in with a fintech pitch, we will accept.

Can you give an example?

A cohort we kicked off in January has a company, Genivity, which came through the fintech program, but I can also make a healthtech case for them. 

Genivity is part of fintech because they are selling to financial advisors, but they are healthtech-oriented too. They can take data from medical records or 23andMe, and then run algos for analysis. Say a client is now 49 and may be predisposed to Alzheimer’s; he may have a need for care when he turns 72 and then need a facility when he is 75. An advisor can use the data to create an appropriate plan.

What impact do you think Genivity will have?

It can change how you behave today. You are starting to think differently about your life. What would you do differently if you had this sort of analysis? It’s not 100% accurate; it’s more directional. It’s the first time we saw a healthtech or fintech company that can be both.

AARP has partnered with MassChallenge Fintech, which accelerates outcomes-driven partnerships between start-ups and enterprises to fuel innovation. It puts the AARP name alongside companies like Fidelity, Putnam, MassMutual, and Citizens Bank. What was the motivation?

We were involved with MassChallenge HealthTech and thought if Fintech mirrored that, it would be really helpful. 

The Putnams may not think about us at first, but when they do, they realize it makes perfect sense. They understand that, from a policy perspective, especially around finance services, fraud, and Social Security — all of these are things we really care about — they definitely can see a tie between HealthTech and Fintech.

What are you hoping to find from participating in MassChallenge Fintech?

Investment tech aimed at millennials. The tech they are using is mostly banking tech — things like Digit and Venmo. Robinhood is interesting because they are trying to get you to save, but outside Betterment and Wealthfront there is not a lot available, probably because millennials don’t have the money yet. The big investment firms like Fidelity are catering to the people who have money today.

Where else is better fintech needed?

There still should be a much better job around fraud. Robo calls are a real problem, especially for older folks. It’s easy for them to get caught up in that. It’s not a fintech play per se, but people are getting bilked out of thousands of dollars. It’s in our interest to keep dollars in peoples’ pockets and not get scammed, but it has to be a partnership with telcos and fintechs.

We also need solutions in the caregiver space. I can’t tell you how much fraud happens when someone doesn't have the power to write checks anymore. I don't know if it is a banking solution; I am not sure how you can solve it.