Prudential has officially launched its global AI Lab in Singapore, aiming to integrate artificial intelligence (AI), generative AI, and machine learning across its operations.
The lab, launched in partnership with Google Cloud, will focus on developing AI solutions to improve customer experience, enhance business efficiency, and strengthen advisory capabilities.
It will prioritise solutions in the health and wealth domains, such as predictive analytics for health risks and hyper-personalised financial planning.
The AI Lab will play a key role in improving access to quality healthcare and driving operational excellence within Prudential.
For example, AI-powered tools could help identify individuals at high risk of developing certain health conditions, enabling early intervention and preventative care.
Prudential has already received over 100 AI use case submissions from employees across its 24 markets in Asia and Africa since the lab’s soft launch in August.
The lab will be staffed by a dedicated team of AI engineers and data scientists based in Singapore.
To foster AI innovation, the lab will collaborate with various ecosystem partners, including government agencies, research organisations, and technology firms.
It will also work with local universities and polytechnics, offering students hands-on experience and internships to nurture the next generation of AI experts.
Specifically, the lab has agreements with institutions like the National University of Singapore Asian Institute of Digital Finance, Singapore Management University School of Computing and Information Systems, Republic Polytechnic, and Singapore Polytechnic.
Prudential chose Singapore for its global AI Lab due to the country’s strong support for AI innovation, robust infrastructure, and access to talent.
The initiative is supported by the Ministry of Digital Development and Information, the Economic Development Board of Singapore, and the Monetary Authority of Singapore (MAS).
The launch event was officiated by Josephine Teo, Singapore’s Minister for Digital Development and Information, and Anil Wadhwani, CEO of Prudential.
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.”
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.”
