Google Cloud and Prudential plc (“Prudential”) announced that Prudential will become one of the first insurance providers globally to use MedLM to deliver better experiences for healthcare workers and patients. MedLM is Google’s family of foundation models for healthcare industry use cases.
“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 of Health at Prudential plc.
MedLM
Prudential will use MedLM to select medical insurance claims in Singapore and Malaysia. It aims to analyse documents submitted alongside health insurance claims, such as diagnostic reports, prescriptions, and invoices.
The AI-powered solution aims to support decision-making by extracting relevant information and coding it accurately for claims. It aims to help reduce manual data entry errors for faster and more accurate claims processing.
After 3-4 months, Prudential will compare MedLM’s analysis to actual decisions using current approvals processes over the period.
Advancing healthcare
“Prudential has taken a truly innovative approach by adapting MedLM’s advanced healthcare and medical-specific capabilities to one of its core business processes,” said Karan Bajwa, vice president of Google Cloud in Asia Pacific. “This collaboration exemplifies how our strategic partnership with Prudential can empower its workforce to drive confident decision-making, improve the overall experience for policyholders, and create meaningful innovation in healthcare and finance.”
