FWD has inaugurated the FWD AI Lab in Singapore, a strategic initiative to advance the use of AI and data science in insurance.
Supported by the Singapore Economic Development Board (EDB), the lab aligns with the country’s National AI Strategy (NAIS 2.0).
By 2027, it aims to develop hundreds of AI models and build PhD-level agentic AI systems in collaboration with the National University of Singapore and other research institutions.
Dr Yao Yu Hui, Group Chief Data Officer of FWD Group, said,
“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.”
The FWD AI Lab will serve as a centre of excellence, developing and deploying AI and generative AI technologies to address challenges in areas such as product recommendations, underwriting, claims, fraud detection, and agent recruitment and training.
Chen Yiwen, Vice President at the Singapore Economic Development Board, said,
“FWD’s new lab joins a growing community of AI centres of excellence across different industries in Singapore. These centres help companies drive business transformation and unlock new opportunities through responsible AI adoption.”
FWD Group also participates in the Pathfin.ai programme, led by the Monetary Authority of Singapore (MAS) and the financial industry, which promotes knowledge exchange and AI adoption.
The company began its AI initiatives in 2019 and started exploring generative AI in 2022.
Earlier this year, FWD joined the Insurance Authority’s AI cohort programme in Hong Kong as a core participant to support industry collaboration and talent development.
Featured image credit: Edited by Fintech News Singapore, based on image by lifeforstock via Freepik
