The collaboration will support Prudential’s newly established AI Lab, a pioneering initiative in the insurance sectors of Asia and Africa, designed to address both business and customer challenges through advanced AI solutions.
Set to launch later this year, the AI Lab will accelerate Prudential’s adoption of machine learning, artificial intelligence (AI), and generative AI (gen AI). The Lab’s efforts will align with Prudential’s key strategic goals: enhancing customer experiences, advancing technology-driven distribution, and increasing access to affordable, high-quality healthcare.
The AI Lab will provide Prudential’s 15,000 employees with a robust sandbox environment, enabling them to transform innovative ideas into scalable AI-driven products and applications. They will also gain access to cutting-edge large language models, secure generative AI, data analytics solutions, and comprehensive cloud infrastructure. This initiative positions Prudential at the forefront of AI integration in life and health insurance.
Headquartered in Singapore, the AI Lab will collaborate with institutes of higher learning, research centres, promising startups, and AI experts. This initiative further strengthens the partnership between Prudential and Google Cloud, which began in 2019. Together, the two organizations have been working on digital transformation projects aimed at improving insurance, healthcare, and financial outcomes across Asia and Africa, with the potential to positively impact millions of people worldwide.
Google Cloud’s extensive expertise in health-focused AI will play a critical role in the Lab’s early projects, which will prioritize improving access to quality healthcare and enabling agents to deliver seamless, personalized customer experiences. Additionally, the AI Lab will focus on optimizing operational processes, aiming to enhance efficiency and deliver superior experiences across Prudential’s customer, agent, and employee base.
Anil Wadhwani, Chief Executive Officer, Prudential plc, said: “Prudential is committed to leveraging technological innovation to create value for all our 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.”
Thomas Kurian, CEO, Google Cloud, said: “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.”
He added: “ 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.”
Source: Prudential
Join Prudential Leaders at Insurtech Insights Asia, 2024 in Hong Kong
Prudential’s Chief Partnership Distribution Officer, Hong Kong, Tracy Leung, will be taking to stage as part of a live panel debate to discuss ‘What’s Next for Agents and Brokers in the Asian Insurance Industry?’ . Candy Au Yeung, Prudential’s Chief Customer Operations and Health Officer, will also be taking part in the session: ‘The Rise of Mobile Insurance: Innovations in Digital Customer Experience’ at Insurtech Insights Asia 2024 in Hong Kong on December 4th and 5th, 2024 at The Kerry Hotel.
