Prudential plc and Google Cloud today announced an expanded strategic partnership to build innovative AI-powered products and applications. This was disclosed in a statement seen by Technext. According to the statement, the product of the partnership will help the health insurance company to enhance customer, agent and employee experiences.
Per the details of the partnership touted as the first partnership of its kind for the insurance industry in Asia and Africa, Google Cloud will support Prudential’s new AI Lab which will focus on solving business and customer challenges.
Launching later this year, Prudential said the AI Lab is designed to accelerate its adoption of machine learning, AI and generative AI (gen AI). This will also drive progress towards its strategic priorities of delivering a better customer experience, driving technology-powered distribution, and Improving access to affordable, quality healthcare.
The Lab will provide Prudential’s 15,000 employees with a new sandbox environment and step-by-step process for turning their ideas into scalable AI products and applications. This includes access to leading large language models, advanced and secure gen AI and data analytics solutions, and end-to-end Cloud provision. The partnership presents an opportunity to shape the future of AI in life and health insurance.
Speaking about the aims of the partnership, Chief Executive Officer of Prudential plc, Anil Wadhwani, said the health financing company is committed to leveraging technological innovation to create value for all its stakeholders.
“We are actively using data, advanced analytics and AI to create an exceptional customer and agent experience – while helping us work smarter and faster. Our expanded partnership with Google Cloud will unlock the innovation and creativity of our 15,000 employees and increase our speed to market, particularly in health insurance, where we see tremendous growth opportunities. By deepening our collaboration, we will build the future of insurance for our customers,” the CEO said.
Prudential is leveraging Google Cloud’s health-focused AI
Prudential plc is a health financing company that provides life and health insurance as well as assets management in 24 markets across Asia and Africa. its mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions.
The company says its proposed Lab will initially prioritise ways of using AI to provide improved access to quality healthcare while supporting agents’ ability to deliver a seamless and personalised customer experience. The Lab will also focus on using AI to improve operating processes. The goals include delivering a better experience for customers, agents and employees alike, and driving new, bottom-line efficiencies. These goals will be supported by Google Cloud’s deep expertise in health-focused AI.
Speaking about Google Cloud’s impact on the development, CEO, Thomas Kurian noted that generative AI represents a significant opportunity to drive innovation in the insurance industry.
“Our collaboration with Prudential and the launch of its AI Lab will help to reimagine customer experiences, optimise operations, and unlock new growth possibilities. Google Cloud is committed to providing the AI and data analytics capabilities, as well as the expertise needed to support Prudential’s vision for the future of insurance,” Thomas said.
Based in Singapore, the AI Lab will also partner with institutes of higher learning, research centres, promising start-ups and AI experts. This launch deepens the working relationship between Prudential and Google Cloud which was established in 2019. With the aim of driving better insurance, health, and financial outcomes across Asia and Africa, both organisations have been collaborating on digital transformation initiatives that have the potential to benefit millions globally.
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