Prudential and Babylon Join Forces to Pioneer AI-Powered Digital Health Services in Asia
Prudential Corporation Asia today announced it has entered into an exclusive partnership agreement with UK-based healthcare technology and services company Babylon Health.
Babylon's artificial intelligence ("AI") expertise will be made available to existing and new customers of Prudential across Asia marking a step change in Prudential's commitment to provide digital health services making healthcare affordable and accessible across Asia.
Prudential is a leading provider of medical insurance in Asia, with over five million health customers and premium income exceeding £800 million in 2017. Based in the UK, Babylon offers a world-leading suite of AI-powered health services, including personal health assessment and treatment information, empowering users to proactively manage their health.
Through the deployment of cutting-edge AI technology, the Prudential-Babylon proposition will offer customers in up to 12 markets in Asia 24/7 access to a comprehensive set of digital health tools, complementing Prudential's existing suite of world-class protection products.
Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said: "At Prudential, we strive to help customers lead healthier and more secure lives. The strategic partnership with Babylon is consistent with our ambition to address the unmet healthcare needs in Asia where the majority of the population are uninsured or underinsured, alongside an ageing population and escalating medical costs. This partnership accelerates our efforts to provide customer-centric, cost efficient and scalable health and wellness digital services to customers in the region."
"We are significantly expanding our role from protection to encompass the prevention and postponement of adverse health events. By empowering customers with self-help tools and real-time health information, we believe the Babylon-enabled platform will inspire them to take an active role in understanding and managing their current and future health needs. Prudential remains committed to help both consumers and governments find efficient solutions to expand access to quality healthcare across Asia."
Dr Ali Parsa, Babylon's Founder & CEO, said: "Prudential is one of Asia's leading insurance providers, where its brand is synonymous with trust. We find it humbling that after a lengthy search, Prudential's forward-looking leadership has put its trust in Babylon as its partner. Both organisations share the same mission, which is to make healthcare accessible and affordable to everyone on Earth. We look forward to working with one of the most innovative leadership teams in insurance, as they work to build on their strong legacy in Asia and continue in their contribution of enhancing the well-being of its people."
Market-specific details and launch dates for Prudential's Babylon-enabled health services will be announced later in the year.
ABOUT PRUDENTIAL CORPORATION ASIA
Prudential Corporation Asia is a business unit of Prudential plc (United Kingdom), comprising its life insurance operations in Asia, and its asset management business, Eastspring Investments. It is headquartered in Hong Kong.
Prudential is a leading life insurer that spans 12 markets in Asia, covering Cambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Prudential has a robust multi-channel distribution platform providing a comprehensive range of savings, investment and protection products to meet the diverse needs of Asian families.
Eastspring Investments manages investments across Asia on behalf of a wide range of retail and institutional investors. It is one of the region's largest asset managers, with a presence in 10 major Asian markets plus distribution offices in the US and Europe. It has £139 billion (c. US$188 billion) in assets under management (as at 31 December 2017), managing funds across a range of asset classes including equities and fixed income.
ABOUT PRUDENTIAL PLC
Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for 170 years and has £669 billion in assets under management (as at 31 December 2017). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
Prudential plc is listed on the stock exchanges of London (PRU.L), Hong Kong (2378.HK), Singapore (K6S.SG) and New York (PUK.N).
ABOUT BABYLON HEALTH
Babylon's mission is to put an accessible and affordable health service in the hands of every person on earth. Babylon uses a combination of cutting-edge AI technology and the best available medical expertise to deliver 24-hours-a-day, 7-days-a-week access to digital health tools (including health assessment, triage and health tools), with over 3 million members across Europe, North America, Asia, the Middle East and Africa, as well as video doctor consultations.