Prudential, a multinational life insurance and financial services company, has partnered with Google Cloud to build the future of insurance with AI.
The collaboration centres on the launch of Prudential’s AI Lab, which is set to debut later this year, and will see the development of innovative AI-powered products and applications to enhance the experiences of customers, agents, and employees.
This initiative marks a significant step in Prudential’s digital transformation journey, with the AI Lab being the first of its kind in the insurance industry across Asia and Africa.
The Lab will play a critical role in accelerating Prudential’s adoption of machine learning, AI, and generative AI, aligning with the company’s strategic priorities to improve customer experience, leverage technology-driven distribution, and enhance access to affordable, quality healthcare.
The partnership will allow Prudential’s 15,000 employees to utilise a new sandbox environment within the AI Lab, providing access to cutting-edge AI models, secure generative AI solutions, and comprehensive data analytics tools.
This initiative is expected to foster the development of scalable AI applications, particularly in health insurance, where there is significant growth potential.
Additionally, the AI Lab will focus on enhancing operating processes, improving access to quality healthcare, and enabling agents to deliver a more personalised and seamless customer experience. Supported by Google Cloud’s expertise in health-focused AI, the Lab will drive new efficiencies and strengthen Prudential’s position in the market.
The AI Lab, based in Singapore, will collaborate with institutes of higher learning, research centres, promising start-ups, and AI experts. This launch signifies a deepening of the relationship between Prudential and Google Cloud, which began in 2019.
The partnership has already seen the two companies work together on digital transformation initiatives aimed at improving insurance, health, and financial outcomes for millions of people across Asia and Africa.
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. 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.”
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