Life and health insurance provider, Prudential has partnered with Google Cloud to utilize its MedLM language models to enhance the efficiency of medical claims processing. This groundbreaking initiative marks Prudential as one of the first insurance providers globally to integrate generative AI into its operations, promising faster and more accurate claim approvals.
Set to launch in Singapore and Malaysia, Prudential will employ MedLM to analyze key documents associated with health insurance claims, such as diagnostic reports and invoices. The AI's capabilities will streamline extracting and coding relevant information, drastically reducing manual data entry errors. Initial tests revealed that MedLM doubled the automation rate of claim reviews, allowing Prudential to manage more claims with improved accuracy.
“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,” stated Arjan Toor, CEO of Health at Prudential plc. This innovation also strengthens Prudential's commitment to being a trusted health partner across Asia and Africa.
The partnership will initially focus on a trial period of 3-4 months, during which Prudential will compare MedLM's analyses with existing approval processes. This approach ensures that human oversight remains integral to the decision-making process, allowing for ongoing refinement and optimization of the AI's contributions.
Karan Bajwa, vice president of Google Cloud in Asia Pacific, praised Prudential's innovative strategy: “This collaboration exemplifies how our strategic partnership can empower its workforce to drive confident decision-making and create meaningful innovation in healthcare and finance.”
As Prudential embarks on this transformative journey, it aims to redefine customer experiences in healthcare and set a new standard in the industry.