Prudential plc has inaugurated its global AI Lab in Singapore, aiming to enhance the integration of artificial intelligence, generative AI, and machine learning throughout the organization. The launch event took place at Prudential Singapore's office and was attended by Mrs. Josephine Teo, Singapore’s Minister for Digital Development and Information, along with Anil Wadhwani, Chief Executive Officer of Prudential plc.
The AI Lab is designed to foster AI-driven solutions that improve customer experiences and generate business value. Since its preliminary launch in August 2024, over 100 AI use cases have been proposed by employees across Prudential’s 24 markets in Asia and Africa.
Developed with assistance from the Ministry of Digital Development and Information (MDDI), the Economic Development Board of Singapore (EDB), and the Monetary Authority of Singapore (MAS), the lab is partnered with Google Cloud to provide technical support.
The focus will be on enhancing healthcare access and operational efficiency at Prudential. "Data, advanced analytics and AI are crucial to the delivery of our strategic priorities," said Anil Wadhwani. He emphasized that the lab will enhance applications like predictive analytics and real-time guidance for agents.
Singapore was chosen as the location due to its supportive environment for AI innovation. "Our partnership with EDB and MAS allows us to tap into Singapore’s rich network of resources," Wadhwani added.
Ms. Gillian Tan from MAS stated: "Prudential’s AI Lab is aligned with Singapore’s Smart Nation 2.0 goal."
The lab plans collaborations with educational institutions such as National University of Singapore Asian Institute of Digital Finance and others to nurture future AI experts through internships and projects.
Prudential remains committed to ethical AI practices, participating in initiatives like Veritas which promotes responsible adoption.