Singapore – Prudential, a financial services firm, has recently announced the inauguration of the Prudential AI Lab in Singapore to accelerate the implementation of artificial intelligence, generative AI, and machine learning organisation-wide.
As a new hub, the lab is set to develop AI-powered solutions designed to provide a better customer experience and meaningful business impact. This includes the integration of AI capabilities into Prudential’s operations, services, and products.
Said lab will also prioritise solutions that elevate consumer access to quality healthcare and drive operational excellence at Prudential.
With AI, this approach enables financial representatives to serve customers better and faster with strengthened advisory capabilities. Additionally, a dedicated team of AI engineers and data scientists based in Singapore will further facilitate the lab.
Interestingly, the lab will work hand-in-hand with ecosystem partners, including institutes of higher learning (IHLs), research centres, government agencies, and technology partners. In particular, it has also established partnerships 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.
Meanwhile, to develop future AI leaders, the lab will partner with local schools to offer hands-on experiences and foster knowledge sharing and innovation. Prudential interns and final-year students with approved projects will join forces with the lab, its ecosystem, and business units to design proofs-of-concept for identified challenges.
Anil Wadhwani, chief executive officer at 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,” he further said.
Wadhwani also 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.”
Gillian Tan, assistant managing director (Development and International) and chief sustainability officer at MAS, stated, “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.”
The launch ceremony at the Prudential Singapore office was officiated by Josephine Teo, Singapore’s Minister for Digital Development and Information (MDDI), and Anil Wadhwani, CEO of Prudential plc.
