Prudential’s success is built on a foundation of trust. As we accelerate the adoption of data, analytics and AI, that trust becomes even more important.
Our customers are our compass, guiding every decision we make. We are dedicated to the responsible use of AI, ensuring that our technologies are designed, developed, and deployed with the utmost care and ethical consideration. This commitment allows us to continue fulfilling our mission to be the most trusted partner and protector for this generation and generations to come.
AI Governance Working Group
At Prudential, we apply our AI Ethics Principles in everything we do. This is overseen by our AI Governance Working Group, which is dedicated to making sure we design, develop and use AI technologies in a responsible and ethical way.
This group consists of senior leaders representing multiple disciplines across Prudential, including customer functions, operation, data science and risk management, to offer a comprehensive, risk-based evaluation to all our AI initiatives.
Our customers, shareholders, employees and communities can trust that we have robust oversight mechanisms to monitor AI performance and behaviour – and that this ongoing commitment is shared by everyone at Prudential.
AI Ethics Principles
These long-standing principles apply to both our own and third-party solutions, ensuring that every AI system and innovation is thoroughly evaluated for ethical considerations and all types of risks. They are also regularly reviewed and updated to align with evolving regulations and technologies.
| Value |
We design AI applications with a clear purpose and Prudential’s customer values in mind – from the ground up. |
| Transparency and explainability |
We are transparent about the use of Al as part of our products and services. We make sure we explain the use of AI, and the value it delivers, as simply as possible. |
| Fairness |
We treat people fairly, actively taking steps to avoid bias and unfair discrimination in our AI. |
| Accountability and responsibility |
We accept accountability and responsibility for the outcomes created by our AI systems. |
| Compliance |
We comply with and respect relevant regulations, including human rights laws, everywhere we operate. |
| Reliability |
We design AI systems that are highly reliable and robust. Our commitment to quality ensures that customers can depend on our AI to perform consistently and effectively. |
| Privacy and security |
We take customer privacy and data security extremely seriously, using robust measures to protect personal information. |
| Assurance |
We continuously review and monitor our Al deployment and outcomes to ensure ongoing adherence with our AI Ethics Principles. |
Responsible AI in Action
Data Privacy and Data Governance – We maintain a strong privacy governance as safeguarding customer data is a top priority. Our Group Privacy Policy outlines the standards we adhere to across all our businesses, ensuring we handle personal data, including data processed by AI systems, in compliance with regulatory requirements across regions. Our Group Data Governance Policy defines our approach to ensuring that data is effectively managed throughout its lifecycle in line. For more information about our data and privacy policies.
On-going Monitoring and Assessment – We continuously monitor and review our AI systems developed in-house, by third-party vendors, or in partnership with Prudential, to evaluate model performance with respect to acceptable business thresholds and fitness for purpose, and test for compliance with our standards, AI ethics principles, and industry best practices.
Bolstering In-house Capabilities – We address the knowledge gap by providing necessary training workshops on ethical use of AI consistently across different levels of the organization. Our programmes are designed to consistently elevate our AI capabilities and understanding of advancements in this field.
Continuous Dialogues and Joint-initiatives with Regulators – We actively engage with regulatory bodies in markets we operate to ensure our AI systems adhere to the highest ethical standards and regulatory requirements. For instance, we participate in the Veritas initiative, a collaboration with Monetary Authority of Singapore to promote responsible AI adoption, and we are a member of the Infocomm Media Development Authority of Singapore’s AI Verify Foundation.