Google Cloud and Prudential have announced a collaboration where Prudential will use Google's MedLM models to enhance the accuracy and efficiency of medical insurance claim decisions.
Prudential is initiating the use of MedLM in Singapore and Malaysia, targeting the analysis of documents such as diagnostic reports, prescriptions, and invoices that accompany health insurance claims. This adoption marks Prudential as one of the initial insurance providers globally to implement MedLM, a model commonly utilised within healthcare organisations to support solutions for medical professionals and institutions.
The integration of MedLM aims to bolster human decision-making capabilities by accurately extracting and coding relevant information for claims processing, which can reduce errors associated with manual data input. This capability promises faster and more accurate processing of claims.
Proof-of-concept tests conducted by Prudential have shown that using MedLM has doubled the automation rate for claim reviews and assessments and enhanced the accuracy of claim decisions. This improvement enables Prudential to handle larger volumes of claims at an increased pace, improving the customer experience.
Arjan Toor, CEO of Health at Prudential, commented, "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. 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."
Prudential plans to apply MedLM to select medical insurance claims in Singapore and Malaysia over the next three to four months. During this period, the output generated by AI will be compared with actual decisions through current approval processes. This approach aims to identify the areas where MedLM can provide substantial productivity advancements and offer valuable advice to claims assessors, all while maintaining a "human in the loop" in crucial decision-making stages.
In light of this development, Arjan Toor stated, "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."
Karan Bajwa, Vice President of Google Cloud in Asia Pacific, added, "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 policyholders, and create meaningful innovation in healthcare and finance."
