The tool can process more than 160 lab tests to ensure consistent underwriting outcomes. Credit: chayanuphol / Shutterstock.

Prudential has partnered with Reinsurance Group of America (RGA) to introduce MedScreen+, an advanced digital underwriting tool, for the insurance market in Hong Kong.

MedScreen+ uses optical character recognition (OCR) and AI technologies alongside RGA’s digital underwriting engine to rapidly assess medical reports, reducing the time required compared to traditional methods.

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This tool is claimed to streamline the underwriting process, offering a faster and more transparent experience for both underwriters and financial consultants, who can now provide immediate indicative underwriting results to clients.

Prudential Hong Kong chief customer operations and health officer Candy Au Yeung said: “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 with 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.”

The tool can process more than 160 different lab tests, including blood tests and ultrasounds, to deliver consistent underwriting outcomes.

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By automating the analysis of medical check-up results, underwriters can focus on more complex assessments and information synthesis.

RGA Hong Kong CEO and Southeast Asia senior vice-president Carmony Wong 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.”

In August, Prudential Financial entered a reinsurance agreement with Wilton Re for an $11bn 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 million clients in Hong Kong, Prudential continues to expand its services, including the establishment of a branch in Macau in 2023.