Prudential plc (Prudential) and Google Cloud are betting big on AI to revolutionize insurance through a strategic partnership announced on Tuesday.
The two will create AI-powered products and applications that will revolutionize how customers, agents, and employees interact with insurance
Google Cloud will support Prudential’s new AI Lab – the first partnership of its kind for the insurance industry in Asia and Africa – which will focus on solving business and customer challenges.
Launching later this year, the AI Lab is designed to accelerate Prudential’s adoption of machine learning, AI and generative AI (gen AI), while also driving progress towards Prudential’s 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.
Supported by Google Cloud’s deep expertise in health-focused AI, the 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 – with the goal of delivering a better experience for customers, agents and employees alike, and driving new, bottom-line efficiencies.
“We are actively using data, advanced analytics and AI to create an exceptional customer and agent experience – while helping us work smarter and faster. ” Anil Wadhwani, Chief Executive Officer, Prudential plc, said. ”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.”
Thomas Kurian, CEO, of Google Cloud, echoed this sentiment saying “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.”
Based in Singapore, the AI Lab will also partner with institutes of higher learning, research centres, promising startups and AI experts. This launch deepens the working relationship between Prudential and Google Cloud that was established in 2019.
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