Prudential automates insurance benefit payment process with new generation OCR “magic eye”

The new generation OCR technology is a new generation document recognition and extraction solution integrated with generative AI, jointly researched and developed with partner VinBigdata. This technology is capable of recognizing and extracting information from images to text with up to 96% accuracy and a processing speed of less than 20 seconds, helping the system automatically read and analyze information on insurance documents submitted by customers in image form. As a result, the system can immediately respond to the validity of the documents and speed up the process of making decisions on approving payment applications quickly.

During the trial period from October 19 to November 5, 2024, the new generation OCR “magic eye” supported the settlement of more than 50% of the total number of insurance benefit claims submitted online. Of which, 243 claims received payment results within just 3 minutes, and 1,636 claims received results within 30 minutes from the time the customer successfully submitted the claim to the time the payment results were received. With the new generation OCR “magic eye”, the process of settling urgent insurance benefit claims such as outpatient health care, hospital support, surgery, etc. will be shortened, thereby better meeting customers' needs for a quick, simple, and seamless payment process.

During the implementation of OCR technology, Prudential also received recognition and positive reviews from customers. Ms. Thao My (35 years old, Ho Chi Minh City) is one of Prudential's first customers to experience this technology: "I was completely surprised to receive payment results in such a short time. Although I don't understand much about technology or AI, this time to return results makes me completely satisfied and even more secure if I get sick in the future, I won't have to worry about money."

Applying modern technology to the insurance claim process is one of the aspects that Prudential focuses on, because this is the step to increase customer trust, thereby helping customers accompany the insurance company more deeply and further. Ms. Nguyen Thanh Ha, Deputy General Director of Insurance Transactions (COO), Prudential Vietnam, shared: “We believe that the role of insurance is to build trust through every touchpoint such as consulting, customer care or insurance payment, thereby bringing the best values ​​to customers on their journey with Prudential. And the application of new generation OCR technology to the payment process, helping to minimize waiting time, is one of the clearest evidences of Prudential's efforts to improve payment capacity, increase service quality, thereby building and strengthening trust with customers. In the coming time, we will continue to introduce many initiatives aimed at improving customer experience, making access and participation in Life Insurance faster, easier and more effective."

Thanks to initiatives to automate the customer insurance benefit payment process, by the end of the third quarter of 2024, Prudential recorded many outstanding figures proving its payment capacity. Specifically, 87% of compensation records were made online. Of which, 92,828 cases were approved for payment, bringing the rate to 91%, meaning that for every 10 compensation claims, more than 9 cases were approved for payment. These figures are a testament to Prudential's tireless efforts to increase customer trust, helping them accompany Prudential deeper and further.

About Prudential Vietnam

Prudential Vietnam Assurance Private Limited (Prudential) is a member of Prudential plc, a group providing life insurance, health insurance and wealth management solutions in 24 markets across Asia and Africa. Prudential's mission is to be the most trusted companion and protector for today and future generations, by providing simple and accessible financial and health solutions.

With 25 years of operation in Vietnam, Prudential has served 7 million customers and is constantly focusing on expanding the life insurance market, changing people's perception of insurance. Prudential currently holds the No. 1 position in the Vietnamese market in terms of the number of MDRTs* with 1,522 members.

With the slogan “Listen.Understand.Act.”, Prudential affirms its commitment to always put customers at the center of all activities, providing creative and comprehensive solutions to protect financial security, helping customers increase their assets and proactively take control of their life plans.