Prudential Hong Kong has advanced the insurance industry with the launch of MedScreen+, a digital underwriting tool created in partnership with Reinsurance Group of America (RGA).
By leveraging optical character recognition (“OCR”) and AI technology, coupled with RGA’s proprietary digital underwriting engine, MedScreen+ can assess medical reports in less than half the time needed when using traditional methods, providing a fast, simple, and transparent underwriting process for underwriters, while supporting our financial consultants in providing instant and indicative underwriting results to customers at the application stage for a better, more seamless onboarding journey.
MedScreen+ employs optical character recognition and artificial intelligence to streamline underwriting by automating medical report analysis. This reduces processing time, resulting in faster and more efficient decision-making.
This tool benefits both customers and underwriters. Customers receive quick, indicative underwriting outcomes at the application stage, while underwriters can focus on complex cases rather than manual data input.
MedScreen+ is capable of processing over 160 lab tests, including blood tests, ultrasounds, urine tests, ECG, CXR, CT chest and other tests, to assess a variety of routine health check-ups and medical requirements and provide indicative underwriting outcomes, making the underwriting process more efficient and consistent.
By automatically processing results from check-up findings, underwriters are able to focus on more complex assessment and synthesising information, rather than sifting through pages of medical test results.
Prudential Hong Kong’s emphasis on technology and customer experience sets a new benchmark in the industry.
We understand the importance of providing swift protection. In response to this, we introduced a solution to streamline our underwriting in partnership with RGA
Candy Au Yeung, Chief Customer Operations and Health Officer at Prudential Hong Kong
Carmony Wong, Senior Vice President, Southeast Asia Markets, and CEO, Hong Kong at RGA, added, “Our partnership with Prudential in launching MedScreen+ empowers insurers to elevate their underwriting experience. This collaboration reflects our shared commitment to enhancing customer experiences and advancing a customer-focused, efficient insurance landscape in Hong Kong.”
“This collaboration underscores our shared commitment to customer excellence and our dedication to digitally enabling the customer experience”, Candy Au Yeung says.
In August, Prudential Financial entered a reinsurance agreement with Wilton Re for an $11 bn block of guaranteed universal life policies.
Prudential has been catering to the Hong Kong market since 1964, offering a suite of financial planning services and products through Prudential Hong Kong and Prudential General Insurance Hong Kong.
With more than 1.3 mn clients in Hong Kong, Prudential continues to expand its services, including the establishment of a branch in Macau in 2023.
