Global insurance firm Prudential plc and cloud computing services provider Google Cloud have on Thursday announced an expanded strategic partnership to build innovative artificial intelligence (AI)-powered products and applications that will help enhance customer, agent and employee experiences.
The duo said in a statement that 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.
Launching later this year, the AI Lab is designed to accelerate Prudential’s adoption of machine learning, AI and generative AI (gen AI), while also driving progress towards Prudential’s strategic priorities of delivering a better customer experience; driving technology-powered distribution; and improving access to affordable, quality healthcare.
The Lab will provide Prudential’s 15,000 employees with a new sandbox environment and step-by-step process for turning their ideas into scalable AI products and applications.
This includes access to leading large language models, advanced and secure gen AI and data analytics solutions, and end-to-end Cloud provision.
The partnership presents an opportunity to shape the future of AI in life and health insurance, said the statement.
Supported by Google Cloud’s deep expertise in health-focused AI, the lab will initially prioritize ways of using AI to provide improved access to quality healthcare, while supporting agents’ ability to deliver a seamless and personalized customer experience.
The lab will also focus on using AI to improve operating processes – with the goal of delivering a better experience for customers, agents and employees alike, and driving 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, Chief Executive Officer, 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,” he added.
Thomas Kurian, Chief Executive Officer of Google Cloud, said that 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,” he added.
Based in Singapore, the AI Lab will also partner with institutes of higher learning, research centers, promising start-ups and AI experts.
This launch deepens the working relationship between Prudential and Google Cloud that was established in 2019.
With the aim of driving better insurance, health, and financial outcomes across Asia and Africa, both organizations have been collaborating on digital transformation initiatives that have the potential to benefit millions globally, said the statement.
Prudential is a firm provides life and health insurance and asset management in 24 markets across Asia and Africa.
The firm has dual primary listings on the Stock Exchange of Hong Kong and the London Stock Exchange.
It also has a secondary listing on the Singapore Stock Exchange and a listing on the New York Stock Exchange.
Google Cloud is a platform that provides AI, infrastructure, developer, data, security, and collaboration tools.
The firm offers an integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications.
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