Hong Kong insurance firm FWD Group Holdings Limited announced Wednesday the inauguration of the FWD AI Lab in Singapore, a strategic move to accelerate innovation in insurance through artificial intelligence (AI) and data science.
By 2027, the FWD AI Lab aims to deliver hundreds of AI models and to build PhD-level agentic AI systems, in collaboration with the National University of Singapore and other research institutes, the firm said in a statement.
The initiative is supported by the Singapore Economic Development Board (EDB) and aligns with the country’s National AI Strategy (NAIS 2.0).
“At FWD, we believe in the transformative power of digital innovation, AI, and responsible technology leadership to redefine the insurance experience,
“By tapping into innovation ecosystems and exceptional talent across our markets, we’re building the capabilities to deliver more personalized and simpler customer journeys,” said Dr. Yao Yu Hui, Group Chief Data Officer of FWD Group.
The FWD AI Lab is designed to be a center of excellence (CoE), where cutting-edge AI and generative AI technologies are developed and deployed to address insurance industry opportunities and challenges.
From personalized product recommendations, underwriting, claims to fraud detection, agent recruitment and training, the FWD AI Lab aims to make the insurance experience faster and more intuitive for customers.
“FWD’s new lab joins a growing community of AI CoEs across different industries in Singapore. These AI CoEs help companies drive business transformation and unlock new opportunities through responsible AI adoption,
“We welcome more companies to tap on our skilled talent pool and collaborate with both industry and academia to create innovative solutions that deliver tangible value,” said Chen Yiwen, Vice President, Singapore EDB.
Complementing these efforts, FWD Group is also a participant in the Pathfin.ai program, led by the Monetary Authority of Singapore (MAS) in collaboration with the financial industry.
The program fosters knowledge exchange and accelerates adoption in AI implementation.
FWD Group embarked on its AI journey in 2019 and first began exploring generative AI opportunities in 2022.
Earlier this year, the group joined the AI cohort program, led by the Insurance Authority (IA) in Hong Kong, as a core participant.
The IA initiative aims to establish centers of excellence, nurture talent, and foster experience sharing across the industry.