Prudential has expanded its alliance with Google Cloud to develop artificial intelligence (AI)-powered products and solutions.
As part of the partnership, Google Cloud will back Prudential’s new AI Lab, which aims to address business and customer issues.
Prudential said the partnership is the first of its kind in the insurance sector in Asia and Africa.
Set to launch later this year, the AI Lab is intended to expedite Prudential’s integration of machine learning, AI, and generative AI (genAI).
It will also advance Prudential’s goals of enhancing customer experience, boosting technology-driven distribution, and increasing access to affordable healthcare.
With the AI Lab, Prudential’s 15,000 staff will gain access to a sandbox environment and a guided process for transforming their ideas into scalable AI products and applications.
It will provide access to large language models, genAI and data analytics tools as well as cloud services.
Prudential stated that this collaboration represents a chance to influence the future of AI in the life and health insurance sectors.
Leveraging Google Cloud’s knowledge in health-oriented AI, the Lab will first concentrate on enhancing access to high-quality healthcare through AI.
Additionally, the Lab will support agents in providing a smooth and personalised customer experience.
The Lab will also aim to improve operational processes using AI, with the objective of bettering experiences for customers, agents, and employees, while also achieving new efficiencies and boosting the bottom line.
Furthermore, located in Singapore, the AI Lab will collaborate with universities, research centres, innovative start-ups, and AI specialists.
Prudential CRO Anil Wadhwani 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.”
Google Cloud CEO Thomas Kurian 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. 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,” reported Life Insurance International.