Google Cloud and Prudential plc (“Prudential”) announced that Prudential is using MedLM, Google’s family of foundation models fine-tuned for healthcare industry use cases, to improve the accuracy and efficiency of medical insurance claim decisions.
Prudential is one of the first insurance providers globally to use MedLM, which is typically used by healthcare organizations to build solutions for doctors, hospitals, and other medical providers to deliver better experiences for healthcare workers and patients.
“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, 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.”
Streamlining Health Claims with MedLM in Singapore and Malaysia
MedLM will be used to analyze documents such as diagnostic reports, medications, and invoices submitted with health insurance claims, starting in Singapore and Malaysia over 3-4 months. It will facilitate human decision-making by extracting essential information and precisely coding it for claims, reducing the possibility of errors caused by manual data entry and allowing claims to be processed more quickly and accurately.
The AI will compare its analysis with actual decisions using current approval processes. This will help identify areas where MedLM can improve productivity and provide useful advice to claims assessors.
“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, Health at Prudential plc. “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.”
“In a fragmented and often confusing healthcare landscape, data and AI are enabling us to provide care beyond coverage for our customers,” said Toor.
“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.The post Google Cloud & Prudential’s Introduce MedLM Initiative first appeared on IT News Africa | Business Technology, Telecoms and Startup News.