News

Leveraging tech to set a course for future of insurance

The Business Times

Singapore

LIFE insurer Prudential Singapore has launched the third edition of its flagship innovation initiative - the Pru Fintegate Partnership - in an effort to strengthen its partner ecosystem of fintech, insurtech, healthtech and medtech companies.

The initiative, set up two years ago, is done in collaboration with technology firms to find solutions that solve business challenges and enhance customer experience.

It is open to scale-ups, which are defined as companies with a proven track record in creating solutions that can be applied at scale and speed, and have an existing customer base and secured funding.

Under PRU Fintegrate, Prudential will invest in the co-creation of proofs of concept with its scale-up partners, run pilot projects for these solutions, as well as develop implementation and deployment plans.

Wilf Blackburn, the CEO of Prudential Singapore, said the aim is to work with partners to develop solutions that can make insurance simpler for customers, make work more efficient, and make healthy living easy for all.

"Health and wellness is a priority for us. Our customers are living longer but not all of those extra years are necessarily spent in good health. This is why we want to work with tech partners to develop healthcare solutions that help people live healthier, and to prevent and postpone the progression of chronic diseases," he said.

Speaking at the launch of this year's Pru Fintegate in London, Kalai Natarajan, the head of strategic engagements at Prudential Singapore, said the company sees "tremendous untapped opportunities" to innovate with the right partners.

She hopes to find partners in London and bring them to Singapore to work with the local teams to come up with solutions and help Prudential chart the future of insurance.

"Singapore is a key innovation test bed for the Prudential Group because of the country's strong digital infrastructure and conducive business environment which make the development and deployment of technology solutions much easier," she said.

"New digital solutions that are created for the Singapore business can potentially be deployed across our 12 life insurance markets in Asia to benefit our 15 million customers in the region," said Ms Natarajan.

This year, Prudential will continue to focus on finding solutions to enable employees and financial consultants to better engage with customers, enhance the buying and servicing experience, help them work smarter and more efficiently, as well as help enterprises thrive.

During the launch event in London, Prudential also announced three new technology partners - Ailleron, Knowtions Research and DataRobot.

They were selected from 30 companies which presented innovative and practical solutions in customer engagement and data analytics.

In a news release, Prudential said these scale-ups were chosen "because of their understanding of the customer need, strong business and financial model, maturity of their offering, strength of their technology, and their ability to deploy and scale their proposed solutions".

Prudential has already signed deals with the three firms for the commercialisation and deployment of their solutions in Singapore.