Prudential Launches AI Underwriting with Alibaba Cloud
Prudential has launched an AI-powered underwriting solution, developed with Alibaba Cloud, to provide preliminary underwriting guidance to financial advisers within minutes. The company plans to expand AI into claims processing and fraud detection. Development time for such solutions has been cut to under three months, with staff training and transition support offered.
Prudential has officially launched an artificial intelligence-powered underwriting solution, named "AI Underwriter," developed in collaboration with Alibaba Cloud. The solution is designed to assist financial advisers in obtaining preliminary underwriting guidance within minutes.
Lawrence Lam, Chief Executive of Prudential, said that as the business expands, the demand for frontline staff continues to grow, while back-office roles are evolving. The skills required for these roles have changed, with repetitive tasks such as data entry now less frequently performed by employees. The company now needs more professionals skilled in data analysis and partner coordination, and it will provide training and transition opportunities for its staff.
Aileen Au, Chief Customer, Operations and Health Protection Officer at Prudential, noted that the next step is to develop AI applications in claims processing and to explore using AI to identify fraudulent and abusive medical cases. Through "frontier deployment engineers" who facilitate close collaboration between AI, technology, and project teams and business units, the company has shortened the development time for such solutions to less than three months, significantly improving the speed at which solutions are brought to market compared with traditional development cycles.