Prudential Leverages AI to Transform Customer Experience and Operational Efficiency in Insurance

Prudential Leverages AI to Transform Customer Experience and Operational Efficiency in Insurance

1644+ Words Refined into 7 Facts by AI • 1 source • 0m ago

• Prudential is leveraging artificial intelligence (AI) to enhance customer service and operational efficiency in the insurance sector. According to Tomasz Kurczyk, Prudential Singapore's chief information technology officer, technology is viewed as a key enabler to provide a more personalised and effective service, enhancing the human connection at the heart of the insurance industry.
• AI is expected to create up to US$1.1 trillion in annual value for the global insurance industry, with Prudential leading the way in its implementation. Kurczyk notes that customers' preferences are increasingly digital-centric, and AI tools can provide tailored insights to financial representatives, improving customer engagement.
• Prudential has implemented AI across various services, including the use of PRUChat, an AI-powered chatbot that assists customers, and an AI talkbot named Grace that reminds clients of due insurance premiums. These innovations free up customer service representatives to focus on more complex queries.
• AI is also enhancing efficiency in underwriting and claims processing. Kurczyk explains that AI co-pilots can help underwriters make faster decisions by summarising key information and providing scenario-based recommendations, leading to quicker policy issuance and claims settlements.
• Prudential is committed to responsible AI use, adhering to ethical principles and participating in the Veritas initiative to promote responsible AI adoption. Kurczyk emphasizes the importance of protecting consumer interests while harnessing AI's potential.
• The launch of the Prudential AI Lab in Singapore aims to accelerate the development of innovative AI solutions. This global hub will provide employees with a sandbox environment to turn ideas into scalable AI products, focusing on health, wealth, and digital-powered operations.
• Kurczyk envisions a future where AI can assess individual habits and provide dynamic health recommendations, ultimately enhancing the customer experience and preempting health risks.