Prudential is partnering with Google Cloud to leverage the MedLM suite of healthcare-focused foundation models to improve medical insurance claim processing.
The innovative approach makes Prudential one of the first global insurance providers to adopt AI technology typically reserved for healthcare organisations.
Set to begin in Singapore and Malaysia, MedLM will be used to analyse claim-related documents such as diagnostic reports, prescriptions, and invoices. By extracting and accurately coding relevant information, the AI solution should reduce manual data entry errors, leading to faster and more precise claim processing.
Prudential’s decision to integrate MedLM follows proof-of-concept tests that demonstrated a doubling of the automation rate for claim reviews and assessments, along with improved accuracy in claims decisions.
The enhancement allows the insurance firm to handle a higher volume of claims more efficiently while improving overall customer experience.
“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,” said Arjan Toor, CEO of Health at Prudential.
The initial phase of implementation will involve applying MedLM to select medical insurance claims in Singapore and Malaysia over a three- to four-month period. Prudential will compare the AI’s analysis and recommendations against actual decisions made through current approval processes.
The approach will help identify areas where MedLM can provide the most significant productivity improvements and valuable advice to claims assessors, all while maintaining human oversight at critical decision-making stages.
“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,” said Toor.
“The 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,” said Karan Bajwa, Vice President of Google Cloud in Asia Pacific.
Entelechy Asia 