Prudential, Google Cloud to Build the Future of Insurance with AI

Prudential and Google Cloud have announced an expanded strategic partnership to build innovative AI-powered products and applications that will help enhance customer, agent and employee experiences.

In the deal, Google Cloud will support Prudential’s new AI Lab, to solve business and customer challenges through machine learning, AI and generative AI (gen AI) in a move expected to deliver a better customer experience; drive technology-powered distribution; and improve access to affordable, quality healthcare.

Anil Wadhwani, Chief Executive Officer, Prudential plc, said: “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.”

Launching later this year, the AI Lab will provide 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.

Supported by Google Cloud’s deep expertise in health-focused AI, the Lab will initially prioritise ways of using AI to provide improved access to quality healthcare, while supporting agents’ ability to deliver a seamless and personalised 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.

“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,” said Thomas Kurian, CEO, Google Cloud. “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.”

Based in Singapore, the AI Lab will also partner with institutes of higher learning, research centres, promising start-ups and AI experts. This launch deepens the working relationship between Prudential and Google Cloud that was established in 2019 to drive better insurance, health, and financial outcomes across Asia and Africa.