Singapore – Aiming to advance its insurance claim operations, multinational insurance and asset management firm Prudential has announced its latest partnership with Google Cloud. In this collaboration, Prudential will leverage the firm’s MedLM, Google’s family of foundation models fine-tuned for healthcare industry use cases.
As part of the partnership, Prudential is set to use MedLM to analyse documents submitted alongside health insurance claims like diagnostic reports, prescriptions, and invoices, beginning in Singapore and Malaysia. This will further support human decision-making through its capability to extract relevant information and code it accurately for claims.
As a result, this will help in reducing the potential for errors caused by manual data entry, thereby processing faster and more accurate claims.
The announcement comes after several proof-of-concept tests by Prudential that showed its use of MedLM doubled the automation rate of claim reviews and assessments, in addition to improving the accuracy of claims decisions. This allows the insurer to handle a higher volume and velocity of claims while improving the overall customer experience.
Arjan Toor, CEO, Health at Prudential plc, said, “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.”
“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,” he further explained.
Furthermore, the company will employ MedLM to select medical insurance claims made in Singapore and Malaysia over a period of 3-4 months. This will then compare the AI’s analysis and advice to actual decisions using current approval processes during this time.
With this, Prudential will easily identify areas where MedLM can deliver the greatest productivity improvements and most useful advice to claim assessors while maintaining a human touch at critical stages of the decision-making process.
Toor also noted, “In a fragmented and often confusing healthcare landscape, data and AI are enabling us to provide care beyond coverage for our customers. Our strategic partnership with Google Cloud has given us a valuable first-mover advantage in adopting generative AI to improve the customer experience at an important moment of truth. This is just the first step in using generative AI to deliver seamless, digitally enabled healthcare experiences at every step of our customers’ health journey, from the point of diagnosis through treatment, recovery, and prevention.”
Meanwhile, Karan Bajwa, vice president at Google Cloud in Asia Pacific, said, “Prudential has taken a truly innovative approach by adapting MedLM’s advanced healthcare and medical-specific capabilities to one of its core business processes.”
“This collaboration exemplifies how our strategic partnership with Prudential can empower its workforce to drive confident decision-making, improve the overall experience for policy holders, and create meaningful innovation in healthcare and finance,” added Bajwa.
