Prudential applies AI to optimize payment process

Recently, Prudential applied new 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. From efforts in digitizing administrative procedures such as chip-embedded ID cards, public services transferred to online systems have brought Vietnam to the 71/193 ranking of the 2024 E- Government Development Index. With that trend, businesses are also leading in applying technology to their operating processes and service products. For example, in the life insurance industry, before the amendments and updates in the Law on Insurance Business, insurance companies use technology as a new direction to adapt to the market context. On an occasion when sharing about the topic of digital transformation in the life insurance industry, Mr. Tran Le Quoc Son - Deputy General Director of Technology (CIO), Prudential Vietnam shared: "Digital transformation and technology application will play a significant role in implementing new regulations" and further affirmed "This is a catalyst for insurance companies to upgrade themselves and retain customers with the goal of sustainable development."

Specifically, insurance companies have been applying technology to their management and operation processes to manage their massive and complex customer databases. This has helped companies optimize their operations and save budgets, especially in adapting to the new wave of the Insurance Business Law. Typically, Prudential, one of the first insurance companies to "move" the traditional payment and compensation process to the E-claim electronic system since 2018, helping customers to easily submit claim applications through online portals such as Prudential Vietnam's official Zalo page or through the PRUOnline application and website. Not stopping there, most recently, Prudential continues to apply new generation OCR technology (Optical Character Recognition integrated with AI generation), automating the payment process for urgent insurance benefit claims such as outpatient health care, hospital support, surgery, etc. Researched and developed in collaboration with partner VinBigdata, the new generation OCR "magic eye" helps the system automatically read and analyze information on insurance documents that customers submit in image form.

Prudential automates insurance benefit payment process with new generation OCR.

From there, customers can receive immediate feedback from the system on the validity of documents, instructions on submitting correct and complete documents as well as immediate notification of insurance benefit settlement results. At the same time, consultants can also closely monitor the customer's request processing process and proactively provide timely support when needed. Although it has only been officially applied since mid-October 2024, the new generation OCR "magic eye" has supported more than 50% of insurance benefit claim cases, helping to significantly reduce customer waiting time. Many cases are given results within a few minutes from the time the customer completes the request until receiving payment results from the system. Not only in the payment process, in recent years, Prudential has deployed synchronous solutions to gradually improve the technology infrastructure with more than 90% of the infrastructure converted to cloud computing. This is the premise for Prudential to continuously apply many new technologies with AI to optimize the service process and improve payment capacity for customers. Thanks to that, by the third quarter of 2024, Prudential recorded 87% of compensation records being made online. 92,828 cases were approved for payment, bringing the approval rate to 91%, meaning that for every 10 compensation claim records, more than 9 cases were approved for payment. Source: https://congthuong.vn/prudential-ung-dung-ai-giup-toi-uu-hoa-quy-trinh-chi-tra-360692.html