Prudential Officially Launches Global AI Lab in Singapore | 19.11.24

• The AI ​​Lab will collaborate with ecosystem partners, including government agencies, research organizations and technology companies.
• The Lab will also partner with higher education institutions to provide local students with hands-on experiences and internships.

SINGAPORE – Media OutReach Newswire – November 19, 2024 – Prudential plc (“Prudential”) today launched the Prudential AI Lab in Singapore, aiming to accelerate the adoption of AI, generative AI (gen AI) and machine learning across the organization . The launch ceremony, held at Prudential’s Singapore office, was officiated by Mrs Josephine Teo, Minister of Digital Development and Information (MDDI) of Singapore And Mr Anil Wadhwani, CEO of Prudential plc. As guest of honor at the launch event, Ms Teo delivered a speech and toured a showcase of AI solutions in health and wealth, presented by Prudential’s AI experts.

The Prudential AI Lab will develop 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 were 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 was launched in partnership with Google Cloud, which provides Prudential employees with end-to-end technical support and access to advanced AI solutions.

The Lab will prioritize 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 enhanced advisory capabilities. The Lab will be staffed by a dedicated team of AI engineers and data scientists based in Singapore.

Anil Wadhwani, CEO of Prudential plc, said: “Data, advanced analytics and AI are critical to achieving our strategic priorities. The AI ​​Lab will boost the development of exciting applications such as predictive analytics, hyper-personalized customer engagement and real-time guidance for agents. I believe we have only just begun to explore the tremendous possibilities and value this technology offers. Prudential’s AI Lab will significantly enhance our ability to deliver exceptional experiences to 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 due to 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, industry 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, Deputy Director (Development and International) and Chief Sustainability Officer of MASsaid: “Prudential’s AI Lab aligns with Singapore’s Smart Nation 2.0 goal to encourage businesses to use AI and technology to increase productivity, transform and better serve customers. MAS will continue to support financial institutions in developing capabilities and leveraging AI to support their client and advisory services, fraud detection and generating risk insights.”

Nurturing AI innovators through a strong ecosystem

The Lab will work closely with ecosystem partners such as higher education institutions (IHLs), research centers, 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 providing hands-on experiences and promoting knowledge sharing and innovation.

Students interning at Prudential and those whose final-year projects are selected will collaborate with the Lab, partner ecosystem, and Prudential business units to build proofs-of-concept for selected use cases.

Notes for editors
About the Prudential AI Lab

The mission of the Prudential AI Lab is to enable Prudential employees and AI partners to co-develop cutting-edge AI solutions in areas that align with business priorities to address the most important insurance challenges and accelerate AI adoption.

Vision for the Prudential AI Lab:

• Reimagine the customer experience: Develop AI applications and products that create highly personalized and seamless interactions between agents and customers, driving measurable business value
• Transform Access to Healthcare: Implement AI-powered solutions that leverage data and advanced analytics, ensuring a smooth and well-connected customer journey
• Increase operational efficiency: Streamline internal processes and improve automation with AI to increase efficiency and effectiveness
• Develop AI capabilities: Empower employees across the organization to work smarter and faster by building robust AI capabilities and tools

⁽¹⁾ For more information, visit: https://www.smartnation.gov.sg/nais/
⁽²⁾ For more information about Project Moonshot, visit: https://aiverifyfoundation.sg/project-moonshot/

Hashtag: #Prudential

The publisher is solely responsible for the content of this announcement.

About Prudential plc

Prudential plc provides life and health insurance and asset management in 24 markets in Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, providing simple and accessible financial and healthcare solutions. The company has dual primary listings on the Hong Kong Stock Exchange (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 part of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect Program and the Shanghai-Hong Kong Stock Connect Program.

Prudential is not affiliated in any way with Prudential Financial, Inc., a company headquartered 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/

News source: Prudential plc