Prudential and RGA launch “first-in-market insurtech solutions” MedScreen+

Prudential has announced the Hong Kong launch of MedScreen+, a digital underwriting tool developed in collaboration with Reinsurance Group of America, Incorporated (RGA), a global life and health reinsurer.

By utilising optical character recognition (OCR) and artificial intelligence (AI) technology, RGA’s MedScreen+ can reduce medical report assessment times to half the time compared to traditional methods, allowing for a streamlined underwriting process.

This enables underwriters to make informed decisions efficiently, while financial consultants can provide immediate and indicative underwriting results to customers during the application stage.

The result enhances onboarding experience, with a faster, simpler, and more transparent process for all parties involved, according to Prudential.

Candy Au Yeung, Chief Customer Operations and Health Officer at Prudential Hong Kong Limited, commented: “We recognise the importance of providing swift protection for our customers.

“In response to this critical need, we introduced this innovative solution to streamline our underwriting process, in partnership of RGA. This initiative underscores our commitment to being a forward-thinking, customer-centric company, dedicated to delivering efficient solutions that meet the evolving needs of our customers.”

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.

Through the automation of check-up result processing, underwriters can redirect their attention to more involved assessment and information synthesis, alleviating the need for manual examination of extensive medical test results.

Carmony Wong, Senior Vice President, Southeast Asia Markets & Chief Executive Officer, Hong Kong at Reinsurance Group of America, Incorporated, said: “I am thrilled to announce our partnership with Prudential to launch MedScreen+, an innovative first-in-market solution that empowers insurance companies to enhance their underwriting journey.

“This collaboration underscores our shared commitment to customer excellence and our dedication to digitally enabling the customer experience. Together, we are paving the way for a more efficient insurance landscape in Hong Kong that is oriented around customer needs.”

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