Prudential applies AI to optimize payment process

Recently, Prudential applied next-generation OCR technology to automate the payment process for urgent insurance benefit claims. In recent years, digital transformation in Vietnam has been making strong progress. Efforts to digitize administrative procedures such as chip-embedded citizen identification cards and move public services online have placed Vietnam 71st out of 193 countries in the 2024 E- Government Development Index. Following this trend, businesses are also leading the way in applying technology to their operational processes and products and services. For example, in the life insurance industry, following amendments and updates to the Insurance Business Law, insurance companies are using technology as a new approach to adapt to the market context. During a discussion on the topic of digital transformation in the life insurance industry, Mr. Tran Le Quoc Son – Chief Technology Officer (CIO) of Prudential Vietnam – shared: “Digital transformation and the application of technology will play a significant role in implementing the new regulations,” and further affirmed, “This is a catalyst for insurance companies to upgrade themselves, retain customers, and achieve sustainable development.”

Specifically, insurance companies have been applying technology to their operational and management processes to manage their massive and complex customer databases. This has helped companies optimize their operations and save costs, especially in adapting to the new wave of the Insurance Business Law. A prime example is Prudential, one of the first insurance companies to "shift" its traditional claims processing to an electronic E-claim system since 2018, allowing customers to easily submit claims through online portals such as Prudential Vietnam's official Zalo page or via the PRUOnline application and website. Furthermore, Prudential recently continued to apply next-generation OCR technology (Optical Character Recognition with AI), automating the payment process for urgent insurance benefit claims such as outpatient healthcare, hospital expense support, surgery, etc. Developed in collaboration with partner VinBigdata, this next-generation OCR technology enables the system to automatically read and analyze information on insurance documents submitted by customers in image format.

Prudential automates the insurance benefits payment process with its next-generation OCR (Optical Vision Radar) technology.

From there, customers can receive immediate feedback from the system regarding the validity of documents, guidance on submitting the correct and complete documents, and notification of the insurance claim settlement results. Simultaneously, consultants can closely monitor the customer's request processing and proactively provide timely support when needed. Although only officially implemented since mid-October 2024, the new generation OCR system has already supported over 50% of insurance claim requests, significantly reducing customer waiting times. Many cases receive results within minutes from the time the customer completes the request until they receive the payment confirmation from the system. Beyond just the payment process, in recent years, Prudential has implemented comprehensive solutions to gradually improve its technology infrastructure, with over 90% of its infrastructure already migrated to the cloud. This serves as a foundation for Prudential to continuously apply new technologies and AI to optimize service processes and enhance payment capabilities for customers. As a result, by Q3 2024, Prudential recorded 87% of claims processed online. 92,828 cases were approved for payment, raising the approval rate to 91%, meaning that for every 10 claims, more than 9 were approved for payment. Source: https://congthuong.vn/prudential-ung-dung-ai-giup-toi-uu-hoa-quy-trinh-chi-tra-360692.html