Custom Logic in Upsert/Insert on conflict

INSERT INTO my_table (id, language, name, data, updated_at)
VALUES ($1, $2, $3, $4, NOW())
ON CONFLICT (id, language) DO UPDATE
SET
  name = EXCLUDED.name,
  data = EXCLUDED.data,
  updated_at = CASE
    WHEN (my_table.name IS DISTINCT FROM EXCLUDED.name OR
          my_table.data IS DISTINCT FROM EXCLUDED.data) THEN NOW()
    ELSE my_table.updated_at
  END
WHERE my_table.name IS DISTINCT FROM EXCLUDED.name OR
      my_table.data IS DISTINCT FROM EXCLUDED.data;