FWD Group Holdings Limited has launched its new AI Lab in Singapore, aiming to accelerate the use of artificial intelligence and data science in the insurance sector.
The initiative, supported by the Singapore Economic Development Board (EDB), is part of the country’s broader National AI Strategy (NAIS 2.0) and represents a step forward for digital transformation in insurance.
The FWD AI Lab is set to serve as a centre of excellence for the development and deployment of AI and generative AI technologies.
The company plans to deliver hundreds of AI models by 2027 and to work with academic partners, including the National University of Singapore, as well as other research institutions.
The lab’s mission is to address a range of insurance industry needs, from product recommendations and underwriting to claims management, fraud detection, and agent training.
Dr. Yao Yu Hui, FWD Group’s group chief data officer, commented on the company’s strategy.
“By tapping into innovation ecosystems and exceptional talent across our markets, we’re building the capabilities to deliver more personalised and simpler customer journeys,” he said, noting the EDB’s support in establishing the lab in Singapore.
“We’re deeply grateful for the support from EDB, which has been instrumental in helping us to establish our AI Lab in Singapore, as we carry on our vision of changing the way people feel about insurance,” Hui said.
The EDB has welcomed FWD’s move, noting that the lab joins a growing network of AI centres of excellence across Singapore’s industries.
Chen Yiwen, vice president at EDB, said FWD’s new AI Lab is now part of a broader network of AI centres of excellence spanning various sectors 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,” she said.
FWD Group is also participating in the Pathfin.ai programme, a Monetary Authority of Singapore (MAS) initiative designed to facilitate knowledge sharing and accelerate AI adoption in the financial sector.
Earlier this year, FWD joined the Insurance Authority’s AI cohort programme in Hong Kong, furthering its engagement in regional AI initiatives.
The opening of the FWD AI Lab comes amid significant growth in Singapore’s digital economy.
The Infocomm Media Development Authority’s (IMDA) Singapore Digital Economy Report 2025 indicates that the digital economy contributed 18.6% to Singapore’s GDP in 2024, amounting to S$128.1 billion.
The finance and insurance sectors have become leading contributors to this growth, reflecting the increasing adoption of digital tools and platforms.
The report also highlights that more than two-thirds of digital economy value is now generated outside the traditional information and communications sector, with insurance firms playing a key role in this shift.
