Prudential plc has officially launched its global artificial intelligence (AI) lab in Singapore, a move aimed at advancing AI adoption across its operations in Asia and Africa.
The initiative was announced during an event at the Prudential Singapore office, attended by Minister for Digital Development and Information (MDDI) Josephine Teo and Prudential plc chief executive officer Anil Wadhwani.
The insurance industry continues to adopt AI to address challenges in claims processing, customer service, and operational efficiency. According to Edin Imsirovic, director at AM Best, the evolution of generative AI has introduced new possibilities, including the ability to process unstructured data and streamline complex tasks.
The AI Lab is designed to accelerate the company’s efforts in leveraging AI, including generative AI and machine learning, to enhance customer interactions, streamline processes, and develop innovative products.
The facility, which underwent a soft launch in August, has already received over 100 AI use cases proposed by employees from Prudential’s 24 markets.
The initiative is backed by Singapore’s Ministry of Digital Development and Information, the Economic Development Board (EDB), and the Monetary Authority of Singapore (MAS).
Google Cloud has also partnered with Prudential to offer technical support and access to advanced AI tools.
Commenting on the launch, Wadhwani said that Singapore provides a robust environment for AI development.
“Singapore was selected as the location of Prudential’s global AI Lab for its robust infrastructure and supportive environment for AI innovation, highlighted by its National AI Strategy,” he said.
He added that the new AI Lab would strengthen Prudential’s ability to deliver tailored solutions for customers while improving operational efficiency across its markets.
“The AI Lab will supercharge the development of exciting applications such as predictive analytics, hyper-personalised customer engagement, and real-time guidance for agents,” Wadhwani said. “Prudential’s AI Lab will significantly enhance our ability to deliver exceptional experiences for our customers, agents, and financial representatives across all markets.”
The lab’s focus areas include expanding access to healthcare through AI-powered tools, increasing operational efficiency, and enhancing the advisory capabilities of financial representatives.
A dedicated team of AI engineers and data scientists in Singapore will oversee its projects, which range from predictive analytics to real-time customer guidance systems.
Wadhwani emphasised the importance of data and analytics in Prudential’s strategy.
“Data, advanced analytics, and AI are crucial to the delivery of our strategic priorities. The AI Lab will supercharge the development of exciting applications such as predictive analytics, hyper-personalised customer engagement, and real-time guidance for agents,” he said.
The AI Lab is also aligned with Singapore’s Smart Nation 2.0 vision, which encourages businesses to adopt AI and other technologies to boost productivity and improve customer services.
MAS assistant managing director Gillian Tan noted that the lab’s efforts could help transform financial services through enhanced fraud detection, advisory services, and operational insights.
“MAS will continue to support financial institutions as they develop capabilities and harness AI to enhance their customer and advisory services, fraud detection, and risk insights generation,” she said.
Prudential is collaborating with several educational institutions, including the National University of Singapore, Singapore Management University, and local polytechnics, to nurture AI talent.
Students will have opportunities to work on real-world projects alongside Prudential’s teams, focusing on the development of AI-driven solutions.
Internships and final-year projects will allow students to engage in building proofs-of-concept for selected use cases. This collaboration aims to foster innovation while contributing to the development of a skilled AI workforce in Singapore.
