15 Aug 2024

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

Partnership will empower Prudential's 15,000 employees to use AI to better serve its customers, with end-to-end support from Google Cloud

New 'AI Lab' will initially focus on use cases that deliver better healthcare experiences and operational excellence

Prudential plc (Prudential) and Google Cloud today announced an expanded strategic partnership to build innovative AI-powered products and applications that will help enhance 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.

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.

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.

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."

Thomas Kurian, CEO, Google Cloud, said: "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."

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. With the aim of driving better insurance, health, and financial outcomes across Asia and Africa, both organisations have been collaborating on digital transformation initiatives that have the potential to benefit millions globally.

About Prudential plc

Prudential plc provides life and health insurance and asset management 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, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (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 manner 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.

About Google Cloud

Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully 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, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.