Posted by Hong Kong: Insurance provider Prudential and Google Cloud have announced an expanded strategic tie-up to build innovative AI-powered products and applications. This will help to enhance customer, agent and employee experiences. This move will further deepen the working relationship between Prudential and Google Cloud established in 2019.
Under the expanded key tie-up, Google Cloud will support Prudential’s new AI Lab. This is the first partnership of its kind for the insurance industry in Asia and Africa – which will focus on solving business and customer challenges, according to both companies.
The Singapore-based new AI lab expected to be launched later this year is designed to help Prudential’s adoption of Machine Learning (ML), AI and Generative AI (Gen AI). It will also be driving progress towards Prudential’s strategic priorities including a better customer experience, technology-powered distribution; and improving access to affordable and quality healthcare.
The Lab will provide 15,000 employees of Prudential with a new sandbox environment and a methodical process for turning their ideas into scalable AI products and applications. This includes access to leading large language models (LLMs), advanced and secure gen AI and data analytics solutions, and end-to-end cloud provision.
Supported by Google Cloud’s deep expertise in health-focused AI, the Lab will initially prioritise ways of using AI to provide improved access to quality healthcare, while supporting agents’ ability to deliver a seamless and personalised customer experience. The Lab will also focus on using AI to improve operating processes – to deliver a better experience for customers, agents and employees alike, and drive new, bottom-line efficiencies.
“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,” said Anil Wadhwani, CEO of Prudential plc.
“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,” added Wadhwani.
“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,” said Thomas Kurian, CEO of Google Cloud.
“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,” added Kurian.
The upcoming AI Lab will also partner with institutes of higher learning, research centres, promising startups and AI experts.