Prudential has opened an AI lab in Singapore to accelerate the adoption of AI, generative AI (GenAI) and machine learning across the company to enhance customer experience and make operations more efficient.
The Prudential AI Lab was launched by Josephine Teo, Minister for Digital Development and Information (MDDI), alongside Anil Wadhwani, CEO of Prudential, at the insurance company’s Singapore headquarters last week.
In her address, Teo said: “Prudential’s success can be a showcase of AI value creation within the finance sector, not just in Singapore, but worldwide.”
“This is why I’m glad that the AI solutions developed here may be scaled up elsewhere to impact [Prudential’s] operations, services and products across Asia and even Africa,” she added.
Adding that the government is commited to fostering digital innovation, she said: “Singapore is proud to support initiatives like the Prudential AI Lab, which aligns with our vision of a vibrant digital ecosystem.” She also saw two demonstrations spotlighting the company’s AI-driven breakthroughs.
In his opening remarks, Wadhwani said: “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,” he added. “The Prudential AI Lab will significantly enhance our ability to deliver exceptional experiences for our customers, agents and financial representatives, across all markets.”
The launch of the lab is a pivotal moment for the insurance company as it seeks to harness the power of AI to transform its operations and enhance customer service.
In addition to developing cutting-edge technology solutions, the AI Lab aims to nurture future talent by collaborating with local educational institutions such as the National University of Singapore, Singapore Management University, Republic Polytechnic, and Singapore Polytechnic.
These partnerships will provide students with hands-on experience through internships and final-year projects focused on building proofs of concept for selected AI use cases.
The Prudential AI Lab is designed to incubate AI-powered solutions to improve the insurance experience as well. It seeks to enable tailored interactions between customers and agents, as well as healthcare transformation by using AI and data analytics for seamless healthcare experiences.
The lab will also find ways to streamline internal processes with advanced automation, while equipping Prudential’s workforce with advanced AI tools to improve productivity and service delivery.
Since its “soft launch” in August 2024, the Prudential AI Lab has received over 100 AI use cases submitted by employees from Prudential’s 24 markets across Asia and Africa
The establishment of the Prudential AI Lab was supported by key government bodies, including the MDDI, the Economic Development Board (EDB), and the Monetary Authority of Singapore (MAS). Prudential has also partnered with Google Cloud for technical support and access to advanced AI solutions.
