Prudential on Nov 19 launched its global Artificial Intelligence (AI) Lab in Singapore, strengthening its commitment to integrating advanced AI technologies across its operations. Officiated by Josephine Teo, Minister for Digital Development and Information, and Prudential CEO Anil Wadhwani, the launch underscores Singapore’s standing as a hub for AI innovation.
The AI Lab aims to enhance customer experiences and operational efficiency through AI-driven solutions, leveraging generative AI and machine learning. Supported by Singapore’s Ministry of Digital Development and Information (MDDI), the Economic Development Board (EDB), and the Monetary Authority of Singapore (MAS), the initiative is a collaboration with Google Cloud, providing Prudential access to cutting-edge technical capabilities.
Since its soft launch in August, over 100 AI use cases have been submitted by Prudential employees spanning 24 markets in Asia and Africa. These include predictive analytics, hyper-personalised engagement and tools for real-time agent guidance.
Prudential plans to nurture AI talent through partnerships with local institutes, such as the National University of Singapore and Singapore Polytechnic. This initiative will provide hands-on learning opportunities for students, fostering the next generation of AI specialists.
The lab also aligns with Singapore's Smart Nation strategy, focusing on increasing healthcare accessibility and advancing financial advisory services. “Today, we officially launched our global AI Lab with a dedicated team of AI engineers and data scientists right here in Singapore, with its strong talent infrastructure and desire for innovation, there could not be a better place than Singapore for us to launch the AI lab,” said Wadhwani in his speech during the event, highlighting the city's support for technological innovation.
“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. The Prudential AI Lab will significantly enhance our ability to deliver exceptional experiences for our customers, agents and financial representatives, across all markets,” adds Wadhwani.
MAS Assistant managing director Gillian Tan welcomed the initiative, aligning it with goals to enhance productivity and customer service in financial services. “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,” says Tan.
At the launch event, minister Teo says: “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.”
Teo adds that these solutions align with the AI ecosystem in Singapore, which serves as a booster to not just local businesses but global ones too. “I can assure you that Singapore government will continue to support AI innovation with enabling policies, frameworks and sandboxes. We will, at the same time, grow the breadth and depth of AI talents to sustain capability developments such as [Prudential’s],” she says.
Prudential, dual-listed on the London Stock Exchange and the Stock Exchange of Hong Kong, with a secondary listing on the Singapore Stock Exchange and New York Stock Exchange, operates in 24 markets and adheres to strict ethical standards in AI applications, participating in initiatives such as MAS's Veritas and IMDA’s AI Verify.
