Prudential plc Enhances Claims Efficiency with Google Cloud’s MedLM

Prudential plc has announced its adoption of MedLM, a suite of foundation models developed by Google Cloud, fine-tuned explicitly for healthcare applications.

The partnership aims to enhance the accuracy and efficiency of medical insurance claim decisions, marking Prudential as one of the first insurance providers globally to leverage this advanced technology.

Initially implemented in Singapore and Malaysia, Prudential plans to utilize MedLM to systematically analyze critical documents associated with health insurance claims, including diagnostic reports, prescriptions, and invoices

Prudential seeks to support human decision-making by accurately extracting pertinent information and code claims efficiently. This approach is anticipated to minimize errors usually linked to manual data entry, thereby accelerating the claims processing cycle and increasing accuracy.

The announcement follows successful proof-of-concept tests conducted by Prudential, which demonstrated that integrating MedLM could double the automation rate of claim reviews and assessments. These enhancements will enable Prudential to manage a higher volume of claims while simultaneously improving the customer experience.

Arjan Toor, CEO of Health at Prudential plc, emphasized the transformative potential of generative AI in streamlining the increasing volume of health insurance claims.

“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 faster turnaround times for customers,” he stated.

Toor also underscored Prudential’s commitment to becoming the most trusted health partner for clients across Asia and Africa.

Prudential’s deployment of MedLM will roll out over a period of three to four months, during which selected medical insurance claims will be evaluated.

This phase will involve comparing the AI’s analyses against traditional decision-making processes to identify areas where productivity improvements can be maximized while ensuring that a human element remains integral to critical decision stages.

Karan Bajwa, Vice President of Google Cloud in Asia Pacific, recognized Prudential’s forward-thinking strategy. “Prudential has taken a truly innovative approach by adapting MedLM’s advanced healthcare capabilities to one of its core business processes,” he remarked.