2026-11-05 · Source: Insurance Asia
Summary in 3 Points • Prudential aims to reduce insurance product development cycles from four to six months to six to eight weeks using AI. • 71% of insurance executives primarily use AI for content generation or routine task automation, according to KPMG. • Prudential is investing in AI across agency distribution, operations, and healthcare services to enhance efficiency. --- Prudential plc is leveraging artificial intelligence (AI) to potentially cut insurance product development cycles from four to six months down to six to eight weeks. This shift could enable insurers to introduce new products more swiftly and tailor coverage to diverse customer segments, addressing long-standing challenges in actuarial processes and legacy systems. Despite the promise of faster development, human oversight remains crucial in actuarial calculations and pricing decisions, as highlighted by Group Chief AI Business Officer Priscilla Ng. A September 2026 KPMG report indicates that while 92% of insurers have seen productivity improvements from AI, only 25% are using it to drive growth through new products. Prudential is also applying AI in areas such as underwriting and customer service, with tools designed to streamline processes and enhance agent efficiency. However, challenges related to data infrastructure and employee adoption persist, as only 11% of insurers feel their data governance is strong enough to scale AI effectively. Prudential's use of AI to reduce product development time could impact the speed of introducing new insurance offerings, particularly in delegated authority business.
Prudential's use of AI to reduce product development time could impact the speed of introducing new insurance offerings, particularly in delegated authority business.