FWD Establishes AI Lab in Singapore
Hong Kong-based insurer FWD has formed a new artificial intelligence lab in Singapore with support from a local government agency.
FWD Group has established an AI Lab in Singapore, according to a statement, in a what it calls a «strategic move to accelerate innovation in insurance through artificial intelligence and data science».
The FWD AI Lab is designed to be a center of excellence (CoE), where AI and generative AI technologies are developed and deployed to address insurance industry opportunities and challenges, including personalized product recommendations, underwriting, claims and fraud detection, agent recruitment and training.
Target by 2027
According to FWD, the 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 initiative is supported by the Singapore Economic Development Board (EDB) in alignment with the city-state'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 personalised and simpler customer journeys,» said Yao Yu Hui, FWD’s group chief data officer.
«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,» added EDB vice president Chen Yiwen.
