Prudential has launched its Prudential AI Lab in Singapore, with the aim of accelerating the adoption of AI, generative AI and machine learning organisation-wide.
The Prudential AI Lab will incubate 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 last August, more than 100 AI use cases have been submitted to the Lab by employees across Prudential’s 24 markets in Asia and Africa.
The facility 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 has been launched in partnership with Google Cloud, which is providing Prudential employees with end-to-end technical support and access to advanced AI solutions.
The company said the lab will prioritise solutions that improve consumer access to quality healthcare. AI will also enable financial representatives to serve customers better and faster with strengthened advisory capabilities.
Anil Wadhwani, CEO of Prudential, said data, advanced analytics and AI are crucial to the delivery of their 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,” he said.
Wadhwani added that 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).
“Our partnership with EDB and MAS allows us to tap into Singapore’s rich network of resources and talent from academia, business and government,” he said. “This collaboration will greatly support our ability to develop innovative solutions that address customer and business challenges while building even stronger AI capabilities.”
Further, the lab will collaborate closely with ecosystem partners, such as institutes of higher learning (IHLs), research centres, government agencies and technology partners.
The Prudential AI Lab 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. It will engage students from these local schools to nurture the next generation of AI experts by offering hands-on experiences as well as fostering knowledge sharing and innovation.
Students on their internships with Prudential and those whose final year projects are selected will work alongside the facility, its partner ecosystem, as well as Prudential’s business units to build proofs-of-concept for selected use cases.
