Prudential Unveils AI Lab in Singapore to Drive Innovation and AI Adoption

(IN BRIEF) Prudential has launched the Prudential AI Lab in Singapore to accelerate the integration of AI technologies across its operations, aiming to enhance customer experience, streamline services, and promote innovation. The Lab will collaborate with government agencies, academic institutions, and technology partners to drive AI adoption while providing students with hands-on experience. With support from Singapore’s government and Google Cloud, Prudential’s initiative aligns with the nation’s AI strategy and the company’s commitment to improving its services through AI.

(PRESS RELEASE) LONDON, 20-Nov-2024 — /EuropaWire/ — Prudential plc has officially launched the Prudential AI Lab in Singapore, a state-of-the-art facility designed to accelerate the adoption of AI, generative AI, and machine learning within the company’s operations. The announcement was made at a launch event attended by Mrs. Josephine Teo, Singapore’s Minister for Digital Development and Information, and Mr. Anil Wadhwani, CEO of Prudential plc. Mrs. Teo delivered a keynote speech and explored various AI solutions focused on enhancing health and wealth services, showcased by Prudential’s AI experts.

The AI Lab, which follows a soft launch in August 2024, will serve as an incubator for developing AI-powered solutions aimed at improving customer experience and creating meaningful business impact. Over 100 AI use cases have already been submitted by Prudential employees across 24 markets in Asia and Africa, reflecting the growing enthusiasm and innovation within the company.

Developed with support from Singapore’s Ministry of Digital Development and Information (MDDI), the Economic Development Board (EDB), and the Monetary Authority of Singapore (MAS), the Prudential AI Lab is launched in collaboration with Google Cloud. The partnership will provide Prudential employees with comprehensive technical support and access to advanced AI tools.

“We are excited to see the launch of the AI Lab,” said Anil Wadhwani. “AI, advanced analytics, and data play a central role in realizing our strategic goals. The Lab will drive innovation in areas such as predictive analytics, hyper-personalized customer engagement, and real-time agent guidance. This is just the beginning of a vast opportunity to create exceptional experiences for our customers and agents across all our markets.”

Wadhwani also highlighted the importance of Singapore’s infrastructure and AI strategy in the decision to base the global AI Lab in the city-state:
“Singapore was chosen for its strong infrastructure and its National AI Strategy (NAIS 2.0), which aligns with our own goals to develop and integrate AI solutions that address customer needs while strengthening Prudential’s AI capabilities.”

The Lab’s mission includes not only transforming customer interactions with AI-powered applications but also improving healthcare access, enhancing operational efficiency, and increasing employee capability across the organization. To foster innovation, the AI Lab will collaborate with academic institutions such as the National University of Singapore, Singapore Management University, and Republic Polytechnic, providing students with internships and real-world experience in AI applications.

Ms. Gillian Tan, Assistant Managing Director at MAS, expressed her support for the initiative:
“Prudential’s AI Lab supports Singapore’s Smart Nation 2.0 objectives by encouraging businesses to leverage AI for improved productivity and customer service. We are committed to supporting financial institutions in enhancing AI-driven services and building stronger risk management capabilities.”

As part of Prudential’s dedication to responsible AI usage, the company adheres to its AI Ethics Principles, ensuring fairness, transparency, and accountability in all AI initiatives. The Lab is also actively involved in initiatives like the Veritas project and the Infocomm Media Development Authority’s AI Verify Foundation.

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/

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/

Media Contacts:

Prudential

Jess Lo
+852 6025 6858
jess.lo@prudential.com.hk

Sonia Tsang
+852 5580 7525
sonia.ok.tsang@prudential.com.hk

SOURCE: Prudential plc