Todd Pruzan, Senior Editor for Research and Special Projects harvard business reviewrecently sat down with Lee Boon Huat, Group Chief Digital Officer at Prudential plc to discuss how Prudential is using artificial intelligence and data analytics to improve insurance coverage and levels of financial inclusion in communities across Asia and Africa. We talked about strengthening. Below is a transcript of the highlights of their conversation.
TP: Thank you very much for joining us today.
LBH: I’m happy for you, Todd. Thank you for calling me.
TP: I’d like to start this discussion by asking the first question. How is Prudential using technology to close protection gaps and increase financial resilience?
LBH: The Covid-19 crisis has made people more aware of the need for insurance protection. For example, in large regions such as Asia and Africa, the majority of the population was found to be uninsured or underinsured. Unfortunately, this protection gap is likely to widen as healthcare inflation rises and people live longer. .
At Prudential, we’ve spent the last few years building Pulse by Prudential. Pulse by Prudential is a health and wellness mobile app with over 38 million downloads worldwide to date.
Through this app we are able to reach out to more people in Asia and Africa and offer very affordable solutions. We offer insurance. In Indonesia, we partner with electronic payment companies to offer sharia insurance in 34 states.
TP: Hmm, those are some pretty impressive numbers. Can you tell us more about how Prudential is using data and artificial intelligence (AI) to meet these challenges and achieve better health?
LBH: Yes, Todd. Preventive medicine is important to help people live longer and healthier lives. Technology can now motivate people to adopt healthier lifestyles and get regular checkups by providing them with data, insights and nudges. That’s one of the reasons we invested in Pulse by Prudential a few years ago.
Through Pulse, we have developed many features to help people adopt a healthier lifestyle. For example, consider the Health Check feature that uses AI to help users better understand their risk of future illness and provide recommendations on actions they can take to improve their health. These early actions can help reduce the development of chronic diseases such as diabetes, which are becoming increasingly prevalent in Asia and Africa.
Another worthwhile feature is the fitness tracker. It is used to encourage people to exercise regularly and rewards exercise by providing better insurance. Examples of other health features in the app include symptom checkers and telemedicine. This allows customers to seek timely health advice anytime, anywhere. These are just a few examples of how data, technology and AI can be used to drive better outcomes for users.
TP: Very interesting example. On a different note, Boon Huat, how are you leveraging technology to enhance customer experiences and capture new business opportunities?
LBH: Over the past few years, we have invested more and more in technology, gradually digitizing our customer service to improve the customer experience. We’ve also made our financial consultants more productive so they can spend more energy on advisory services. Here are some examples.
Starting with billing, we’ve automated the entire end-to-end billing process over time, helping our customers access services faster and enjoy a smoother overall experience. For example, in the claims process, we provide our clients with a simple and secure platform to receive consistent and accurate information about their claims status via our mobile app or YouTube channel. This has also improved the productivity of claims agents.
We have also developed data and AI models for agencies, which has manifested itself in multiple ways. First, we identify agent success metrics through our models and use them to train our agencies. Second, we also use our model for recruitment initiatives. Finally, leads can be matched to agents with the right profile to help convert them.
TP: It’s all very exciting, Boon Huat. Thank you for today. It was a great conversation. I really appreciate your insight.
LBH: Thank you Todd.
TP: Click the link below for more information.
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