Prudential officially launches global AI Lab in Singapore, Business Wires News

PUBLISHED ONNovember 19, 2024 7:00 AM

The AI Lab will collaborate with ecosystem partners including government agencies, research organisations, and technology firms.
The Lab will also work with institutes of higher learning to provide local students with hands-on experiences and internships.

SINGAPORE - Media OutReach Newswire - 19 November 2024 - Prudential plc ("Prudential") today launched the Prudential AI Lab in Singapore, with the aim of accelerating the adoption of AI, generative AI (gen AI) and machine learning organisation-wide. The launch ceremony, held at the Prudential Singapore office, was officiated by Mrs J osephine Teo, Singapore's Minister for Digital Development and Information (MDDI) and Mr Anil Wadhwani, Chief Executive Officer of Prudential plc . As the Guest-of-Honour of the launch event, Mrs Teo gave a speech and toured a showcase of AI solutions in the health and wealth domains, presented by Prudential's AI experts.

The Prudential AI Lab will incubate AI-powered solutions designed to deliver a better customer experience and meaningful business impact, while integrating AI capabilities into Prudential's operations, services and products. Following its soft launch in August 2024 , more than 100 AI use cases have been submitted to the Lab by employees across Prudential's 24 markets in Asia and Africa.

The Prudential AI Lab was developed with support from the Ministry of Digital Development and Information (MDDI), the Economic Development Board of Singapore (EDB) and the Monetary Authority of Singapore (MAS). It has been launched in partnership with Google Cloud, which is providing Prudential employees with end-to-end technical support and access to advanced AI solutions.

The Lab will prioritise solutions that improve consumer access to quality healthcare and drive operational excellence at Prudential. AI will also enable financial representatives to serve customers better and faster with strengthened advisory capabilities. The Lab will be staffed by a dedicated team of AI engineers and data scientists based in Singapore.

Anil Wadhwani, Chief Executive Officer, Prudential plc, said: "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. I believe we are just beginning to explore the vast possibilities and value this technology offers. Prudential's AI Lab will significantly enhance our ability to deliver exceptional experiences for our customers, agents and financial representatives, across all markets."

Commenting on the collaboration with the Singapore government, Mr Wadhwani said: "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 (NAIS 2.0)¹. Our partnership with EDB and MAS allows us to tap into Singapore's rich network of resources and talent from academia, business and government. This collaboration will greatly support our ability to develop innovative solutions that address customer and business challenges while building even stronger AI capabilities."

Ms Gillian Tan, Assistant Managing Director (Development and International) and Chief Sustainability Officer of MAS , said: "Prudential's AI Lab is aligned with Singapore's Smart Nation 2.0 goal to encourage businesses to utilise AI and technology to raise productivity, transform and serve customers better. 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."

Nurturing AI innovators through a strong ecosystem

The Lab will collaborate closely with ecosystem partners, such as institutes of higher learning (IHLs), research centres, government agencies and technology partners.

It already has agreements with several IHLs including the National University of Singapore Asian Institute of Digital Finance, Singapore Management University School of Computing and Information Systems, Republic Polytechnic and Singapore Polytechnic. The Lab will engage students from these local schools to nurture the next generation of AI experts by offering hands-on experiences as well as fostering knowledge sharing and innovation.

Students on their internships with Prudential and those whose final year projects are selected will work alongside the Lab, its partner ecosystem, as well as Prudential's business units to build proofs-of-concept for selected use cases.

Notes to Editor
About the Prudential AI Lab

The Prudential AI Lab mission is to enable Prudential employees and AI partners to co-develop advanced AI solutions in areas aligned to business priorities and to help tackle key challenges in insurance and accelerate AI adoption.

Vision for the Prudential AI Lab:

Reimagine the customer experience: Develop AI applications and products that create highly personalised and seamless interactions between agents and customers, driving measurable business value
Transform healthcare access: Implement AI-powered solutions that utilise data and advanced analytics, ensuring a smooth and well-connected customer journey
Increase operational efficiency: Streamline internal processes and enhance automation with AI to boost efficiency and effectiveness
Develop AI capabilities: Empower employees across the organisation to work smarter and faster by building robust AI capabilities and tools

Prudential is committed to the responsible application of AI and does so in line with the company's AI Ethics Principles and the principles of fairness, ethics, accountability, and transparency (FEAT). It actively participates in the Veritas initiative, a collaborative project between the MAS and the financial industry which promotes responsible AI adoption. Prudential is also a member of the Infocomm Media Development Authority of Singapore's AI Verify Foundation and is participating in large language model (LLM) testing as part of project Moonshot².

^[1] For more information, please visit: https://www.smartnation.gov.sg/nais/
^[2] For more information on Project Moonshot, please visit: https://aiverifyfoundation.sg/project-moonshot/

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About Prudential plc

Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential's mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme.

Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

https://www.prudentialplc.com/