Prudential Partners with Google Cloud to Build the Future of Insurance with AI | 08.15.24

Partnership enables Prudential’s 15,000 employees to use AI to better serve their customers, with end-to-end support from Google Cloud

The new ‘AI Lab’ will initially focus on use cases that deliver better healthcare experiences and operational excellence

HONG KONG SAR – Media OutReach Newswire – August 15, 2024 – Prudential plc (Prudential) and Google Cloud today announced an expanded strategic partnership to build innovative AI-powered products and applications that will improve customer, agent and employee experiences. Google Cloud will support Prudential’s new AI Lab – the first partnership of its kind for the insurance industry in Asia and Africa – which will focus on solving business and customer challenges.

The AI ​​Lab, launching later this year, is designed to accelerate Prudential’s adoption of machine learning, AI and generative AI (gen AI) while driving progress against Prudential’s strategic priorities:

• Delivering a better customer experience;
• Stimulate technology-driven distribution; and
• Improving access to affordable, quality health care

The Lab provides Prudential’s 15,000 employees with a new sandbox environment and a step-by-step process to transform their ideas into scalable AI products and applications. This includes access to industry-leading large language models, advanced and secure gen AI and data analytics solutions, and end-to-end cloud provisioning. The partnership offers an opportunity to shape the future of AI in life and health insurance.

Backed by Google Cloud’s deep expertise in health-focused AI, the Lab will initially prioritize ways to use AI to provide greater access to quality care while supporting agents in their ability to deliver a seamless and personalized customer experience. The Lab will also focus on using AI to improve operational processes, with the goal of providing a better experience for customers, agents, and employees, and driving new, profitable efficiencies.

Anil Wadhwani, Chief Executive Officer, Prudential plc, said: “Prudential is committed to harnessing technology innovation to create value for all our stakeholders. We actively use data, advanced analytics and AI to create exceptional customer and agent experiences, while working smarter and faster. Our expanded partnership with Google Cloud will unlock the innovation and creativity of our 15,000 employees and accelerate our speed to market, particularly in health insurance, where we see tremendous growth opportunity. By deepening our partnership, we are building the future of insurance for our customers.”

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 the AI ​​Lab will help reimagine customer experiences, optimize operations, and unlock new growth opportunities. Google Cloud is committed to providing the AI ​​and data analytics capabilities, as well as the expertise, to support Prudential’s vision for the future of insurance.”

Based in Singapore, the AI ​​Lab will also collaborate with higher education institutions, research centers, promising startups and AI experts. This launch deepens the working relationship between Prudential and Google Cloud that was established 2019To drive better insurance, health and financial outcomes in Asia and Africa, the two organizations are collaborating on digital transformation initiatives that can benefit millions of people worldwide.

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About Prudential plc

Prudential plc provides life and health insurance and asset management services in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, providing simple and accessible financial and health solutions. The company has dual primary listings on the Hong Kong Stock Exchange (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect Programme and the Shanghai-Hong Kong Stock Connect Programme.

Prudential is not affiliated in any way with Prudential Financial, Inc., a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

https://www.prudentialplc.com/

About Google Cloud

Google Cloud is the new path to the cloud, delivering AI, infrastructure, developers, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated, and optimized AI stack with its own world-scale infrastructure, custom chips, generative AI models and development platform, and AI-powered applications to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

News source: Prudential plc