Prudential employs GenAI to simplify insurance claims

Google Cloud and Prudential plc have announced that Prudential will begin to leverage MedLM, Google’s family of foundation models fine-tuned for healthcare industry use cases, to improve the accuracy and efficiency of medical insurance claim decisions.

While Prudential provides life and health insurance and asset management in 24 markets across Asia and Africa, it will kick off rollouts in Singapore and Malaysia. The company will use MedLM to analyse documents submitted alongside health insurance claims, such as diagnostic reports, prescriptions, and invoices.

In August, Google Cloud and Prudential partnered to build innovative AI-powered products and applications to enhance customer, agent, and employee experiences.

At the time, both companies announced the rollout of an AI Lab designed to accelerate Prudential’s adoption of machine learning, AI, and generative AI.

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Prudential stated that this new AI tool will support human decision-making by extracting relevant information and coding it accurately for claims. This will help reduce the potential for errors caused by manual data entry, allowing claims to be processed faster and more accurately.

“Prudential’s early tests with MedLM demonstrate that generative AI can play a major role in efficiently tackling the growing volume of health insurance claims, resulting in more frictionless processing and a faster turnaround time for customers,” said Arjan Toor, chief executive officer of Health at Prudential plc.

“We’re proud to pioneer this innovative approach to using MedLM to support our operational efficiency as we continue to expand our health insurance offering – while delivering our mission to be the most trusted health partner for customers in Asia and Africa.”

The company noted that its Singapore and Malaysia rollouts will allow it to compare the AI’s analysis and advice to actual decisions made using current approval processes.

Karan Bajwa, Vice President of Google Cloud in Asia Pacific, added, “This collaboration exemplifies how our strategic partnership with Prudential can empower its workforce to drive confident decision-making, improve the overal