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Prudential powers up PRUWorks for SMEs with HælthTech technology

In View Summary

In HK, Prudential has entered into a regional agreement with HælthTech, a provider of technology solutions and operating platforms for insurers. PRU leverages HælthTech’s OMNI cloud-computing technology by integrating it into its digital ecosystem called PRUWorks.

PRUWorks a digital ecosystem designed for Asia’s small and medium-sized enterprises (SMEs)

Launched in 2018, PRUWorks is a one-stop platform that offers SMEs a range of insurance products, employee benefits and business services that match their size, needs and budget. Prudential has invested S$3mn to create the platform which has onboarded more than 200 SMEs till date.

The OMNI technology will enable PRUWorks to streamline transactions and accelerate automation of core processes to deliver superior customer experience from insurance underwriting to policy servicing and claims management. With this partnership, PRU will deploy the integrated administration platform in all markets across Asia.

Additionally, PruWorks helps in addressing the talent retention issues in the SMEs as it provides not only technical benefits like insurance benefits but also benefits such as online HR portals and wellness programs. Not only this, but Prudential has also partnered with financing companies, Milliman for employee benefits consulting and Hintsa Performance for performance coaching programs. The SME once onboard will have free access to Health Promotion Board’s SME Health + Initiative which a health management program.

PruWorks targets to have c.5000 SMEs on its digital ecosystem by end of 2019.

Mr. Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said, “As a leading insurer and asset manager, Prudential is committed to supporting the growth of SMEs, which are the backbone of Asia’s economy. By broadening and simplifying access to insurance and employee benefits, PRUWorks enables business owners to focus on what matters most – growing their business.  With HælthTech’s cloud technology, PRUWorks’ single digital platform delivers a wealth of complementary offerings from our growing ecosystem of partners across health services, wellness and electronic payments.”

Additionally, PRU plans to launch Pulse which is a digital app for consumers which initially focusses on health and will be powered by AI. To help boost Pulse, PRU recently partnered with Tictrac to provide personalised wellness services to consumers in Asia, engaging them on their lifestyle goals and helping them lead healthier, longer lives. It is in discussion with many other partners and will also integrate Babylon Health which is an AI-powered digital health service into its digital ecosystem in 2019.

Pulse is the first of its kind in Asia to offer holistic health management to consumers

Reported Benefits

Benefits to Customers:

  • Innovation
  • Product customization
  • Improved customer experience
  • Less processing time and costs
  • Easy accessibility
  • 24/7
  • Paperless and cashless transactions

Benefit to the Insurer:

  • Innovation
  • Wider Reach across SMEs
  • Competitive advantage
  • Improved customer engagement

The Digital Insurer's View

Changing consumer lifestyle and technology trends has a wide range of impact in the health management industry. Consumers are looking for more innovative products and solutions. They are looking for affordable health management solutions in addition to improved financial security. Currently, there is a huge gap in the insurance industry solutions and healthcare providers causing many consumers stuck in endless time-consuming processes.

This is where players like Prudential come into play by actively leveraging the changing consumer needs by taking health insurance to next level by focusing more on services.

By targeting the service industry, Prudential is playing a key role in disrupting the digital health ecosystem landscape which will encompass affordability, 24/7 availability and improved accessibility.

SME segment is an untapped and unorganized market which accounts for 96% of all businesses. Changing how insurance is served in this segment can pave way to larger disruptive trends in the industry.

References

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