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Let's chart the future of insurance, together!
The PRU Fintegrate Partnership programme is Prudential Singapore’s flagship innovation programme for FinTech, InsurTech, HealthTech and MedTech scale-ups around the world and aims to build an ecosystem of relevant partners to help solve business challenges with creative solutions.
1. Self-service platform
Background:
Insurance is complex, and it will benefit a policy holder to have a full view of his/her policy portfolio and coverage at all times.
What are we looking for?
An online self-service platform where customers can easily access a comprehensive view of their policy portfolios as well as that of their families.
2. Always by Your Side
Background:
It is important to offer uninterrupted 24/7 service and support to our customers. This will contribute to their overall customer experience and allow us to provide proactive customer engagement.
What are we looking for?
Ways to give our customers anywhere, anytime (24/7) access to manage claims, payments, personal data, beneficiary access nominations, policies, and notifications. In other words, creating a round-the-clock customer experience.
3. Data Data Everywhere – but what gives us the best ROI?
Background:
Use of third party data will help us better understand our customers’ preferences, and ensure we provide them with more relevant products.
What are we looking for?
Ways to integrate other external data sources in our marketing and sales while being compliant with all regulations. The solution will enable us to know our customers better and make contextual and relevant offers to them.
4. Leads, automatically
Background:
Tracking and managing leads from our sales activities such as roadshows is manual and time consuming.
What are we looking for?
Tools that allow us to manage all aspects of business development – from customer relationship management (CRM) to backend processes including application, approval, incentives, etc.
5. Mirror, mirror, predict me a winner
Background:
Current measurement mechanisms to assess performance of Financial Consultants are based on lag indicators.
What are we looking for?
Tools that allow us to forecast performance of individual Financial Consultants.
6. Keep me in the know
Background:
The insurance market is accelerating, and innovative products are launched regularly.
What are we looking for?
Market screening tools that highlight new product launches and compares them with our existing products.
7. Commission commotion
Background:
Timely and correct commission payments are important for our sales producers. However, manual processing for dynamic incentives delays payments and introduces errors.
What are we looking for?
A platform that automates commission calculations while allowing for dynamic incentives.
8. Bulk bank transfers are hard
Background:
We see a high volume of transactions every day. Our current systems require different processes for different banks.
What are we looking for?
A platform that provides one file format for bulk payments, automates reconciliation, and allows for transfer tracking in real time.
9. The identity of a premium
Background:
We have cases of in-bound payments without policy numbers or other unique identifiers, leading to customer friction.
What are we looking for?
Tools that make it easier for us to track and identify in-bound premium payments even without policy numbers or other unique identifiers.
10. Reinventing Enterprise Business (EB) and going back to basics
Background:
We want to be a market leader in EB solutioning to help our clients build the workplace of tomorrow.
What are we looking for?
Comprehensive product offerings, competitive pricing, and a strong go-to-market proposition that helps our clients to care for and engage their employees better.
11. A spine for the backend
Background:
Some processes in our employee benefits business are manual and time-consuming.
What are we looking for?
Workflow automation in the employee benefits business for processes such as quotations, queries and issue tracking.
12. Intelligent sales assistance
Background:
Sales representatives are currently prospecting clients on their own which results in poor sales conversion and long lead times.
What are we looking for?
Ways to improve the automation and intelligence of sales leads for our Financial Consultants.