Prudential & Google Cloud team up for AI innovation push

Prudential and Google Cloud have announced an expanded strategic partnership aimed at creating innovative AI-powered products and applications. These efforts are expected to enhance the experiences of customers, agents, and employees. A new AI Lab, to be supported by Google Cloud and unique in the insurance industry across Asia and Africa, is central to this initiative.

Set to launch later this year, the AI Lab will focus on accelerating Prudential's adoption of machine learning, artificial intelligence (AI), and generative AI (gen AI). This move aligns with Prudential's strategic priorities of improving customer experiences, leveraging technology for distribution, and enhancing access to affordable, quality healthcare.

The Lab will offer Prudential's 15,000 employees a sandbox environment and a process for transforming ideas into scalable AI products and applications. It will provide access to advanced technologies, including large language models, secure generative AI, and data analytics solutions, supported by Google Cloud's end-to-end Cloud services. The initiative aims to shape the future of AI in the life and health insurance sectors.

Anil Wadhwani, Chief Executive Officer of Prudential, stated, "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."

"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."

The AI Lab will initially focus on use cases aimed at providing improved access to quality healthcare and enhancing operational processes. The goal is to deliver a better experience to customers, agents, and employees, while driving new efficiencies. The Lab is based in Singapore and will collaborate with institutes of higher education, research centres, start-ups, and AI experts. This initiative builds on the existing collaboration between Prudential and Google Cloud, established in 2019.

Thomas Kurian, CEO of Google Cloud, commented, "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, optimise 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."

The partnership between Prudential and Google Cloud aims to drive better insurance, health, and financial outcomes across Asia and Africa. Their ongoing digital transformation efforts are poised to benefit millions of people globally.