Tag: Prudential

Singapore – Prudential plc has launched its AI Lab in Singapore to promote AI-powered health solutions.

Launched in collaboration with Google Cloud, the Prudential AI Lab integrates advanced technology into the company’s operations and services. Through its end-to-end support, Prudential aims to enhance customer experience.

The Lab is prioritising consumer’s access to quality healthcare, streamlining Prudential’s operations through AI solutions.

Staffed by a team of AI engineers and data scientists, Prudential’s financial representatives will be equipped with more informed advice to serve customers better. 

Prudential collaborated with the Ministry of Digital Development and Information, the Economic Development Board of Singapore and the Monetary Authority of Singapore (MAS) for the development of the lab.

Additionally, Prudential is also forging partnerships with institutes of higher learning to provide students with experiences in the field.

Anil Wadhwani, chief executive officer at Prudential plc, said, “Data, advanced analytics and AI are crucial to the delivery of our strategic priorities. The AI Lab will supercharge the development of exciting applications such as predictive analytics, hyper-personalised customer engagement, and real-time guidance for agents. I believe we are just beginning to explore the vast possibilities and value this technology offers. Prudential’s AI Lab will significantly enhance our ability to deliver exceptional experiences for our customers, agents and financial representatives, across all markets.”

“Singapore was selected as the location of Prudential’s global AI Lab for its robust infrastructure and supportive environment for AI innovation, highlighted by its National AI Strategy (NAIS 2.0)1. Our partnership with EDB and MAS allows us to tap into Singapore’s rich network of resources and talent from academia, business and government. This collaboration will greatly support our ability to develop innovative solutions that address customer and business challenges while building even stronger AI capabilities,” Wadhani  added.

Gillian Tan, assistant managing director (development and international) and chief sustainability officer of MAS, said, “Prudential’s AI Lab is aligned with Singapore’s Smart Nation 2.0 goal to encourage businesses to utilise AI and technology to raise productivity, transform and serve customers better. MAS will continue to support financial institutions as they develop capabilities and harness AI to enhance their customer and advisory services, fraud detection, and risk insights generation.”

Singapore – Prudential has forged a partnership with Google Cloud, utilising MedLM—Google’s specialised foundation models for healthcare—to enhance the accuracy and efficiency of its medical insurance claims process.

Among the first insurance providers globally to implement MedLM, Prudential is harnessing this technology—typically used by healthcare organisations—to create solutions that improve the experiences of healthcare providers and their patients.

Beginning in Singapore and Malaysia, Prudential will deploy MedLM to analyse documents submitted with health insurance claims, including diagnostic reports, prescriptions, and invoices. MedLM enhances human decision-making by accurately extracting and coding relevant information from these documents, significantly reducing the risk of errors associated with manual data entry. This technology enables faster and more precise claims processing.

This partnership comes after Prudential’s proof-of-concept tests, which demonstrated that using MedLM doubled the automation rate of claim reviews and assessments. This improvement increased the accuracy of claims decisions, enabling Prudential to process more claims quickly while enhancing the 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 for Health at Prudential plc. 

“We’re proud to pioneer this innovative approach to using MedLM to support our operational efficiency as we continue to expand our health insurance offering while delivering our mission to be the most trusted health partner for customers in Asia and Africa,” added Toor. 

Prudential will implement MedLM for selected medical insurance claims in Singapore and Malaysia over the next 3-4 months, evaluating the AI’s analysis against existing decision-making processes. This approach aims to identify ways MedLM can boost productivity and offer valuable insights to claims assessors while ensuring a “human in the loop” at critical decision points.

“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. This is just the first step in using generative AI to deliver seamless, digitally enabled healthcare experiences at every step of our customers’ health journey, from the point of diagnosis through treatment, recovery, and prevention,” Toor further explained. 

Karan Bajwa, vice president of Google Cloud in Asia Pacific, said, “Prudential has taken a truly innovative approach by adapting MedLM’s advanced healthcare and medical-specific capabilities to one of its core business processes. This 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.”

Indonesia – Prudential plc has announced that its Indonesian subsidiary PT Prudential Sharia Life Assurance has entered into a long-term strategic bancassurance partnership with Bank Syariah Indonesia (BSI). Through this cooperation, Prudential will become the Syariah life insurance provider of BSI from early 2025 and BSI will market, promote, distribute and/or refer Prudential products to its customers.

This partnership marks a significant step in diversifying Prudential’s Indonesian business which has historically been dependent on the agency channel. It will increase Prudential’s participation in the fast-growing bancassurance channel and deepen its exposure to the under-penetrated Syariah segment.

Solmaz Altin, managing director of strategic business group at Prudential plc, said, “This is a unique opportunity for us to partner with the market-leading Syariah bank in Indonesia. Indonesia is a key growth market for Prudential in ASEAN and this partnership will accelerate our growth ambitions. We look forward to working closely with BSI to support their customers in achieving their savings and protection goals.”

Meanwhile, Anil Wadhwani, CEO at Prudential plc, commented, “We are excited to leverage our bancassurance expertise in the Indonesian market. We will deploy our operating experience and product capabilities for our new banking relationship with BSI, further advancing our extensive transformation of our Indonesian business. Our focus is on creating a platform of long-term sustainable value for our customers, our partners and our shareholders. This in-country transaction aligns with our strategic and financial objectives.”

Malaysia – Prudential Malaysia has introduced the ‘PRUMillion Med Active’, a medical plan that provides Malaysians with more control of their medical insurance through the ‘Be In Control’ campaign created with advertising agency Naga DDB Tribal. 

The campaign details the benefits of the new medical plan, which allows people to pay less for insurance when claiming less while ensuring that medical coverage is not affected.

Using dance to express self-control in the campaign, Be In Control conveys the medical plan’s active-pricing element. Beginning with a 15% instant discount on medical insurance charges, they can continue to enjoy an annual discount when they maintain good health and make no claims. 

“We wanted to create a visually stunning campaign that truly captures the innovation of the medical plan. After exploring various ways to convey the concept of ‘control,’ we found that ballet and breakdancing perfectly embodied the essence of ultimate control in movement,” Alicia Hew, creative director at Naga DDB Tribal, said

“Our focus group uncovered that people have very little knowledge, which hinders their ability to make better healthcare, insurance, and medical claims decisions. But what remained true across all respondents was that they wanted to become more discerning and well-informed consumers to offset the rising cost of living. So our strategy was clear: To empower them with the confidence to make equally informed decisions when it came to insurance – which we knew would position PRUMillion Med Active in the best possible light” Mark Siew, associate director of strategic planning at Naga DDB Tribal, said.

The campaign also includes a series of content informing Malaysians on claim-based pricing plans.

Singapore – Prudential Singapore, in collaboration with AI CREATE, has announced the launch of ‘The Dream Creator’, an innovative AI-driven interactive installation at the ArtScience Museum. The installation will be part of the ‘In the Ether – A Festival of Technology and Innovation,’ running from September 1 to 30, 2024.

‘The Dream Creator’ invites visitors to explore the endless possibilities of generative AI by transforming their imagination into vivid digital art. Guided by YAI, AI CREATE’s vibrant pink mascot, participants can craft unique characters, scenarios, and styles that come to life on screen, turning their dreams into a collective display of creativity and innovation.

By making AI accessible and fun, ‘The Dream Creator’ aims to inspire a new generation of creatives to explore the possibilities of this transformative technology.

@_aicreate_

Landed Singapore! 🌇 Soaking up every bit of this place while gearing up for something exciting. Our big event with @artsciencemuseum as part of ‘In The Ether: a Festival of Technology and Innovation’. Magic is about to happen! 💫🩷 #AICreate #ArtScienceMuseum #PrudentialSG #AMD #ASUS

♬ sonido original – Yai

Goh Theng Kiat, chief customer officer at Prudential Singapore, said, “Prudential is committed to supporting people in achieving their well-being needs for today and the future. ‘The Dream Creator’ pushes the boundaries of technology and creativity, making AI accessible to everyone and encouraging reflection on life choices and aspirations.”

He added, “By sponsoring this initiative, we hope to inspire individuals to think deeply about their mental and physical wellness and understand how today’s choices can lead to a brighter, more fulfilling future.”

Meanwhile, David Webster, co-founder of AI CREATE, commented, “. We believe that The Dream Creator will not only entertain but also educate the public on the potential of AI in creative industries. It’s about making the abstract power of AI tangible and inspiring new ways of thinking about technology and art.”

In addition to ‘The Dream Creator’, AI CREATE will also present ‘Creator RenAIssance’, a two-day programme at the ArtScience Cinema on September 14-15, 2024. This event will feature iconic short films that exemplify the role of AI in reshaping the filmmaking process. Attendees can participate in insightful panel discussions with filmmakers and creators, exploring how AI is transforming the way films are made. 

The programme will also include a live prompt battle where professional creators compete to generate the most impressive AI-generated images. 

Hong Kong – Prudence Foundation, the community investment arm of Prudential plc in Asia and Africa, and Warner Bros. Discovery in Asia Pacific (WBD) are collaborating on a content series called ‘Decode with Prudence’ to help educate audiences on the planet, human lives and their livelihood. 

Through fact-based storytelling, ‘Decode with Prudence’ aims to provide informative, engaging content on current issues that inspire actions for a better and more resilient future. ‘Decode with Prudence’ will kick-off the series by targetting two key topics around the climate crisis – heat and air pollution.

Diana Guzman, chief sustainability officer at Prudential and chair of the Prudence Foundation said, “Prudence Foundation is committed to building climate and health resilience, working with our partners to implement programmes that protect communities from the impacts of climate change. We’re pleased to collaborate with Warner Bros. Discovery and leverage on their ability to reach millions of households in Asia.”

She added, “With Decode, we’re highlighting the importance of the individual and collective human action to address the climate crisis. We want to inspire people to action, using what they learned from the programme to keep themselves and their loved ones safe.”

Meanwhile, Tony Qiu, GM for Greater China & Southeast Asia at Warner Bros. Discovery, commented, “WBD has a long history with environmentally focused storytelling, with stories that educate our audiences and inspire action. We are pleased to partner with the Prudence Foundation on this initiative to help drive increased awareness of key topics affecting our society.”

The content series is available on Warner Bros. Discovery’s Southeast Asia and Taiwan TV channels and social media platforms, including Discovery Channel Southeast Asia, Discovery Channel Taiwan, TLC Southeast Asia, TLC Taiwan, and Discovery Channel Southeast Asia Facebook, Instagram and YouTube.

For this content series, global NGO Climate Resilience for All has come on board as a content partner for the topic of heat, to ensure accuracy of information related to the topic.

Kathy Baughman McLeod, CEO at Climate Resilience for All said, “One of the best ways to protect health and livelihoods from the impacts of heat is to build awareness, and campaigns like this are a great example of action communities everywhere can take.”

Singapore – Life insurance company Prudential in Singapore has partnered with Ngee Ann Polytechnic and ST Engineering to equip small and medium-sized enterprises (SMEs) with the knowledge and resources on how to go digital in a safe and secure manner.

The initiatives include a digital commerce playbook launched in collaboration with Ngee Ann Polytechnic in September 2021 to help SMEs kickstart their digital journey. Said playbook was developed together with students from the Ngee Ann Poly School of Business & Accountancy who specialize in business digitalization. 

Meanwhile, with ST Engineering, Prudential is offering training to improve SMEs’ cybersecurity awareness so they can better safeguard their business.

For Goh Theng Kiat, chief customer officer at Prudential Singapore, digitalization is important for businesses to better engage their employees and customers, as well as optimize processes.

“SMEs recognize that going digital is not just about being future-ready but a matter of survival in the current pandemic. To support SMEs through this challenging time, we are collaborating with different industry players to empower them with knowledge, experience and tools, to accelerate their digital transformation so they can stay relevant to their customers,” Goh said.

Meanwhile, Goh Eng Choon, president of cyber at ST Engineering, commented, “The collaboration between ST Engineering and Prudential will empower the SMEs, equipping them with the knowledge and resources to elevate their cybersecurity readiness. We draw upon our deep cybersecurity competencies to provide robust and latest technologies, solutions and services to enhance their cyber resilience.”

In October 2020, the company launched the SME Skills Accelerator programme to equip SMEs with the skills and resources to grow and innovate, upskill their employees, and improve employee retention. It is a collaboration between Prudential and SkillsFuture Singapore, under the SkillsFuture Queen Bee partnership.

Singapore – Insurance company Prudential in Singapore has launched a new campaign where they will be giving away 85 limited edition decks of their “Ready, Reset, Go! Power Cards”, specially crafted to help Singaporeans improve their overall well-being amid the COVID-19 pandemic.

The deck consists of 15 cards divided into three categories that are key to living well holistically – finances; health and wellness; and work and relationships. Each card in these categories contains an interesting tidbit followed by a prompt for the reader to take an action step that will improve the state of their wealth, health, or work or social life. 

Also included in the deck are three blank cards that people can personalize by penning intentions and reflections as they take action to improve their well-being.

For people checking on the cards under the ‘finance’ category, the cards direct them to discover a set of wealth solutions that are available on Pulse, a digital health and wellness app from Prudential. Meanwhile, on checking cards under the ‘health and wellness’ category, they need to follow the instructions on the card to access a ‘BMI Recorder’ on Pulse. The feature just needs the user to upload a selfie to reveal their BMI. A SG$50 Deliveroo voucher is also available within the card deck of the ‘work and relationships’ category.

The campaign will run from 2 to 24 December 2021, until stocks last. To join the contest, consumers can register an account on the Pulse by Prudential app. Then, take a screenshot of the registration page and send it to a dedicated email address and wait for confirmation.

Hong Kong – Hong Kong-headquartered life insurance PrudentialAsia has tapped the talents of Korean boy band SuperM in its new marketing campaign to encourage people across Asia to be healthy while maintaining fun.

Formed in 2019 by Korean entertainment group SM Entertainment and records company Capitol Music Group, SuperM is composed of seven members, coming from other groups such as NCT 127 and EXO.

The campaign, called ‘We DO Well Together’, will center around collaboration of Prudential and SuperM in a series of events to motivate people to lead healthier lives and achieve better wellness.

“Prudential and SuperM share a common goal. We want to promote the importance of staying fit and healthy, especially during these times. Together, we want to motivate people to attain wellness in a positive, proactive, and fun way,” said Nic Nicandrou, chief executive of Prudential Asia.

He added, “Prudential goes beyond the provision of protection to offer holistic health and wellness services, helping people prevent and postpone the onset of diseases. We do this through our all-in-one health app Pulse by Prudential, and a comprehensive range of best-in-class solutions and services to help people live well, for longer. This latest campaign focused on health and wellness reflects our continued commitment to putting our customers at the heart of our business.”

Meanwhile, SuperM released a statement, stating that “As the world experiences challenging times due to the pandemic, it is our ambition to spread positive energy and help as many people as possible to achieve not just good physical health, but mental wellbeing as well. We share a common mission with Prudential to help improve people’s wellness and drive optimism in good and bad times. Through ‘We DO Well Together’, we call on everybody to put in the same energy and spirit as ‘We DO’ to achieve our life goals together.”