Prudential officially launched the Prudential AI Lab in Singapore, on 19 November 2024, marking a significant milestone in the local insurance sector.
Set up 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), the Prudential AI Lab will incubate AI-powered solutions designed to deliver better customer experience and meaningful business impact, while integrating AI capabilities into Prudential’s operations, services and products.
The Prudential AI Lab mission is to enable Prudential employees and AI partners to co-develop advanced AI solutions in areas aligned with business priorities and to help tackle key challenges in insurance and accelerate AI adoption.
Vision for the Prudential AI Lab:
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Reimagine the customer experience: Develop AI applications and products that create highly personalised and seamless interactions between agents and customers, driving measurable business value
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Transform healthcare access: Implement AI-powered solutions that utilise data and advanced analytics, ensuring a smooth and well-connected customer journey
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Increase operational efficiency: Streamline internal processes and enhance automation with AI to boost efficiency and effectiveness
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Develop AI capabilities: Empower employees across the organisation to work smarter and faster by building robust AI capabilities and tools.
Collaboration
The Lab will collaborate closely with ecosystem partners, such as institutes of higher learning (IHLs), research centres, government agencies and technology partners.
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.
Mr Anil Wadhwani, CEO of 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. The Prudential 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. 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.”
Following the Lab’s 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.
Prudential provides life and health insurance and asset management services. The business has dual primary listings on the Stock Exchange of Hong Kong and the London Stock Exchange. It also has a secondary listing on the Singapore Stock Exchange and a listing on the New York Stock Exchange in the form of American Depositary Receipts.