Prudential is adopting cutting-edge generative artificial intelligence (gen AI) technology to streamline the verification of medical insurance claims, revolutionizing traditional processes in the insurance industry.
The forward-thinking insurance company disclosed its strategic move on Thursday, aiming to accelerate claim processing while minimizing the risk of errors affiliated with manual data input. Leveraging Google’s MedLM family of large language models meticulously trained for healthcare scenarios, Prudential is ushering in a new era of efficiency and accuracy.
Introduced by Google last December, the MedLM model represents a breakthrough from its predecessors, Med-PaLM and Med-PaLM2. This transformative model boasts two variants, tailored for managing basic to intricate workflows.
Furthermore, the strategic partnership with Google Cloud grants Prudential a distinctive competitive advantage, propelling it as a trailblazer in the adoption of Gen AI technologies to enhance customer experiences at pivotal stages of their health journeys.
The iterative rollout of MedLM in Singapore and Malaysia will continue for three to four months, strategically pooling the intuitive prowess of gen AI to systematically vet select medical insurance claims. This sophisticated analysis includes parsing and extracting pertinent information from submitted documents like diagnostic reports and prescriptions.
Additionally, early trials of MedLM showcased a significant boon in the automation rate of assessment processes, doubling the speed of claim evaluations and substantially augmenting the accuracy of decisions made.
“The successful implementation of MedLM underscores the pivotal role that gen AI can play in fortifying the health insurance landscape, leading to smoother operations and expedited claim resolutions,” emphasized Arjan Toor, CEO of Health at Prudential.
By embracing data-driven strategies and AI advancements, Prudential is positioned to offer unparalleled care beyond conventional coverage, primed to deliver seamless, digitally-enabled healthcare experiences at every juncture of its customers’ wellness odyssey.