Challenge StatementsTimelineApplicationFAQS
Apply Now

The AI Lab
Accelerator

by Prudential

Apply Now

About the AI Lab Accelerator

A key part of the Prudential AI Lab, the Accelerator programme is a platform for early- to mid-stage startups with innovative, transformative AI technologies to collaborate with our teams and deliver solutions that integrate with and be adopted by Prudential.

Selected startups will benefit from hands-on guidance and technical support from AI experts, Prudential domain experts and other industry leaders, and access to data and a sandbox, enabling them to execute their proposed pilots with the Lab. They can accelerate their growth, as they refine and validate their technology, scale their operations, execute market entry, and establish new partnerships.

We now invite startups to apply for the programme.

Challenge Statements 

The following challenge statements outline specific opportunities where AI can make a significant impact in the insurance industry, especially to enhance client experience or transform how Prudential operates.

Health

Wealth

Tech-Powered Distribution

Core Insurance & Ops

Open Category

Health and Wellness Management

How might we help insurance clients prevent or manage chronic conditions?
The solution should enable insurance clients to manage their health, wellness and/or medical conditions independently through personalised, scalable, and accessible care pathways. AI-driven health and wellness coaching can provide customised, even personalised healthcare knowledge. The aim is to provide clients with a more affordable alternative to treatment programmes and reduce their reliance on the healthcare system.

Client Accessibility to Wealth Advisory 

How might we improve the accessibility and quality of wealth advisory services to clients? 
The solution should provide real-time insights and personalised recommendations for agents, thus enabling them to offer tailored financial advice. The goal is to make wealth advisory services more accessible to a broader range of clients, enhancing both the client experience and the overall growth of the wealth management business.

Expertise and Advisory Augmentation

How might we augment the expertise and advisory capabilities of agents during client interactions?
The solution should provide AI-driven support, such as product knowledge, personalised product recommendations, even health and wellness advice, to help agents better meet client needs. This way, clients can also understand the benefits and entitlements more easily; agents can better explain them, provide insights, and respond to questions. The goal is to improve client engagement, boost sales, and foster stronger relationships and trust between agents and clients.

Expertise and Client Experience Augmentation

How might we bridge the expertise gap in core insurance processes, such as claims handling and underwriting?
The solution should provide human decision-makers with AI-driven insights and recommendations to enable employees to make faster, more informed decisions. For example, agents can access an AI-powered indicative underwriting outcome. The solution can also reduce reliance on human intervention. For example, claim assessors can access AI-powered case summaries, payout estimations, etc., allowing them to redirect time to attend to more complex cases.

By seamlessly integrating AI into human workflows, the goal is to improve transparency, efficiency, consistency and accuracy in decision-making, and ultimately, client satisfaction.

Open Category

If you have a groundbreaking AI solution that holds potential to shape the future of the insurance industry but does not directly address any of the above challenge statements, we welcome you to make a submission under this category.

Your application could be revolutionising client interactions, enhancing operational excellence and resilience, transforming core insurance offerings, or even introducing an entirely new business model. You may be addressing the unique challenges and opportunities, from expanding inclusivity to navigating diverse regulatory landscapes, in Prudential’s key Asian markets, including emerging markets and underserved client segments.

Timeline

Information Sessions

Week of 2 December

Early Submission

15 December

Submission Deadline

15 January 2025

Evaluation

January-February

Cohort Announcement

February

Programme

March-July

Process for Startup Applicants

Applications Open

There are four challenge statements for this Accelerator programme, each highlighting a Prudential focus area. Start by identifying the challenge statement that your company would like to address with your AI capabilities, or consider entering the Open Category.

Application Portal

Steps:

  1. Upon clicking the “Apply Now” button on this website, you will be redirected (in a new tab) to the application portal (Delta.cc). 
  2. Complete the signup process to get access to the application page. Further information on the application process and submission guidelines can be found on the application page. 
  3. Click “Apply Now” on the application page to view the application form. You may complete the application in one go or save as draft. Hit “Submit Now” once the application fields are complete.

‍

Information Session

We recommend that you attend one of the two events to get a better understanding of the challenge statements and the Accelerator programme, and to get your questions answered by the Prudential AI Lab team. Check the Events section for more details.

Early Submission

If you make your submission before Wednesday, 15 December, 11.59pm (GMT+8), we will provide feedback to help you refine your submission to increase your chance of being selected for the programme.

Application Deadline

Applications will close on Wednesday, 15 January, 11.59pm (GMT+8).

Result Announcement

Following the closure of applications, completed applications will be evaluated. You may be invited to do a pitch to the evaluation panel. The results will then be announced in February 2025.

Accelerator Programme Outline

‍Problem Investigation (1 month)

Research the problem more deeply and conduct stakeholder/user interviews, in order to better understand the problem and refine the solution.

‍

Pilot Preparations (1 month)

Analyse the market, validate the market fit, and plan for the pilot.

‍

Pilot Execution (3 months)

Launch the pilot, engage with stakeholders and users, collect and evaluate the data, and iterate. This is the main goal of the programme.

‍

Demo Day

‍Pitch to Prudential stakeholders, partners, investors, and other ecosystem stakeholders and influencers. May have additional opportunities to showcase the solution.

‍

Information Session (Physical)

For participants in Singapore

Join us at one of the information sessions to learn more about the Prudential AI Lab Accelerator, explore the challenge statements in depth, and get your questions answered.

Date: Tuesday, 3 December 2024
Time: 5-6pm (GMT+8)
Location: Prudential Singapore Office

Sign up (In-person)

Information Session (Virtual)

For participants overseas

Join us at one of the information sessions to learn more about the Prudential AI Lab Accelerator, explore the challenge statements in depth, and get your questions answered.

Date: Thursday, 5 December 2024
Time: 5-6pm (GMT+8) via Zoom

Sign up (Virtual)

Application

Ready with a proposal?

Ready with your AI driven proposal? Tell us about it. Apply now!

Apply Now*

* Clicking ‘Apply Now’ will redirect you to TheDelta.cc, where you can manage your application under a registered account.

Evaluation Citeria

Innovativeness

Does the solution offer a unique approach to a problem compared to current solutions in the market?

20%

Effectiveness and Impact

How effective is the solution in solving the problem? What is the expected impact of the solution on the Prudential business/operation?

20%

Team and Capability

Does the company have the technical and business expertise to execute the pilot project? What is the company’s track record in developing and deploying similar solutions?

20%

Technical Feasibility and Development

Technical Soundness: Is the AI technology used technically viable and proven in practice?

‍
Stage of Development: Is the solution at a prototype stage, MVP, or already in production? Is it clear how the Accelerator programme can provide assistance to further develop the solution?

40%

FAQ

Have more questions? Contact us

1. What is the goal of the Prudential AI Accelerator programme?

The goal of the programme is to help startups, entrepreneurs, and teams develop and refine AI-based solutions that align with Prudential’s strategic priorities. The programme aims to accelerate these innovations for potential integration and adoption by Prudential.

2. Who is eligible to apply for the programme?

The programme is open to startups and organisations that have an AI-based solution that can address the published challenges. Both early-stage and growth-stage companies may apply, provided their solution is AI-driven and can be scaled.

3. What will startup participants receive as part of the programme?

Participants will receive access to:

  • Mentorship from industry experts in AI and insurance
  • Networking opportunities with Prudential stakeholders, partners, investors, and other ecosystem stakeholders and influencers
  • Access to anonymised data sets and proprietary tools from Prudential (if and where applicable)
  • Workshops and training sessions on scaling AI products
  • Pilot execution support, with a view of probable integration and adoption by Prudential after a successful pilot
4. How long does the programme run?

The programme runs for 6 months. During this time, participants will engage in various workshops, one-on-one technical and business mentoring sessions.

5. What is the application process like?

The process is:

  • Submission of an online application form (you will taken from this website to the delta.cc platform), includes a deck outlining the AI solution, team, business model and pilot proposal
  • Shortlisting of applications
  • Interview with and/or pitching by shortlisted applicants to assess their technical feasibility and business viability
  • Final selection of programme cohort
6. Is there a fee to participate in the programme?

No, there is no fee to participate. However, participants must cover their own expenses, if required, for attending in-person events in Singapore.

7. Will the Prudential AI Lab take any equity in my startup?

Participation in the programme does not require any equity to be taken by the Prudential AI Lab. However, if there is a follow-on commercial arrangement post-programme, this will be discussed on a case-by-case basis.

8. Will my intellectual property be protected?

Yes, participants retain ownership of the intellectual property they bring into the programme. However, if new intellectual property is developed in collaboration with the Prudential AI Lab during the programme, this will be subject to separate agreements on ownership and commercialisation. You can find more details in the Terms and Conditions.

9. What if my AI solution is still in an early stage? Can I still apply?

Yes, early-stage solutions are welcome to apply as long as you can demonstrate a working prototype or a clear path towards developing a minimum viable product (MVP). We are looking for innovative ideas with strong potential for growth and scalability.

10. Will I have access to data and resources from the Prudential AI Lab?

Participants may have access to selected anonymised datasets from the Prudential AI Lab to help develop and validate their AI solutions. The specific data and resources provided will depend on the nature of the project and the needs of each participant.

11. How are participants evaluated during the programme?

Participants are evaluated based on the progress of their solution’s development, technical feasibility, business viability, scalability, and alignment with the strategic objectives of the insurance company. Regular check-ins and mentoring sessions will help participants refine their solutions throughout the programme.

12. What happens at the end of the programme?

Participants will have the opportunity to present their solution at a demo day to Prudential stakeholders, partners, investors, and other ecosystem stakeholders and influencers. Selected participants may receive a commercial contract.

13. Is there any post-programme support?

Yes, depending on the success and relevance of the solution, the Prudential AI Lab may provide post-programme support through pilot project opportunities, further mentorship, and/or access to partners. This will be assessed on a case-by-case basis.

14. How will my data be handled during the programme?

All personal data and proprietary information provided by participants will be handled in compliance with the Personal Data Protection Act (PDPA) of Singapore. Confidential information disclosed during the programme will remain confidential as outlined in the Terms and Conditions.

15. Can I participate remotely, or do I need to attend in person?

The programme will primarily run in a virtual format, allowing participants to join remotely for most sessions. That means your startup does not have to be based in Singapore to join the programme.

16. What is the commitment level expected from participants?

Participants are expected to commit a significant amount of time to the programme, including attending workshops, mentoring sessions, and making regular progress updates. The exact schedule and milestones will be shared upon acceptance into the programme.

17. Can I apply if my startup is based outside Singapore?

Yes, international startups are welcome to apply, provided they can commit to the programme requirements, including attendance at key events such as the demo day. In the event of physical presence requirement for milestones such as graduation day, travel expenses will be subsidised.

18. How will I know if my application is successful?

Applicants will be notified by email if they are shortlisted for the next phase of the selection process. Successful applicants will then receive further information regarding onboarding and the start date of the programme.

19. Who can I contact for further information?

For any further questions or information, please contact us at info@padang.co or visit submission site for detailed submission guidelines.