Prudential plc (Prudential) and Google Cloud have announced an expanded strategic relationship to develop breakthrough AI-powered products and apps that will improve the customer, agent, and staff experience.
Prudential’s new AI Lab, the first of its type for the Asian and African insurance industries, will be supported by Google Cloud. The lab will focus on tackling business and consumer concerns.
Thomas Kurian, CEO, of 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, optimize 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.”
The Lab will provide Prudential’s 15,000 workers with a new sandbox environment and a step-by-step procedure for developing ideas into scalable AI products and services. This offers access to leading big language models, powerful and secure next-generation AI and data analytics tools, and complete cloud provisioning. The alliance provides a chance to influence the future of AI in life and health insurance.
The Lab, which will be supported by Google Cloud’s extensive expertise in health-focused AI, will first focus on methods to leverage AI to increase access to great healthcare while also assisting agents in providing a smooth and personalized customer experience. The Lab will also focus on applying AI to enhance operational operations, with the objective of providing a better experience for customers, agents, and staff while also achieving new bottom-line efficiencies.
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.”
The AI Lab, which will launch later this year, aims to advance Prudential’s strategic priorities of learning how to use machine learning, artificial intelligence (AI), and generative AI (gen AI) more quickly.
- Delivering a better customer experience;
- Driving technology-powered distribution; and
- Improving access to affordable, quality healthcare
The AI Lab, which is based in Singapore, will collaborate with research facilities, universities, prospective start-ups, and AI specialists. With this launch, Prudential and Google Cloud strengthen their collaborative partnership, which was formed in 2019. Both organizations have been working together on digital transformation projects that might help millions of people worldwide with the goal of promoting better insurance, health, and financial results throughout Asia and Africa.
