Singapore, 19 December 2018 – Prudential Singapore (“Prudential”) has set up PRUworks, a digital ecosystem designed to help small-and-medium sized enterprises (SMEs) grow their business as well as attract and retain talents.
This one-stop digital shop gives business owners, HR teams and employees easy and convenient access to insurance, employee benefits and business solutions in one seamless digital experience. It is a first-of-its-kind offering by an insurer in Singapore.
Mr Dennis Ng, Prudential’s Regional Head of Enterprise Strategy, said SMEs are an under-served market in need of such solutions catered to their size and budget.
"SMEs are challenged with retaining good talent as well as getting access to employee benefits and business services due to their size and limited resources. In fact, many SMEs do not even offer insurance to their employees or have dedicated HR functions looking after employee benefits and engagement. These are must-haves in the modern workplace,” said Mr Ng.
More than 50 per cent of SMEs do not have group life insurance1 while up to 43 per cent do not have group medical insurance, according to a survey conducted by Prudential in April this year. SMEs surveyed said insurance plans were too expensive for their small company size and that employee benefits were not a priority.
“This is why we have partnered business associations and technology companies to bring a range of services that are convenient and cost-effective for SMEs in a single digital platform,” said Mr Ng.
The system allows for easy tracking of insurance claims and employee benefits online as well as access to value-added services such as financing options or wellness programmes.
Backed by an initial investment of S$3 million, PRUworks is designed for SMEs with an annual turnover of up to S$100 million and headcount of between three and 200 employees. In Singapore, SMEs make up more than 99 percent of the businesses and employ up to 65 per cent of the workforce in the country.2
Since the launch of PRUworks in June this year, Prudential has onboarded more than 200SME customers and aims to increase this number to 5,000 by the end of 2019.
Closing the protection gap for SMEs
To help SMEs protect their employees and business, Prudential offers insurance plans that provide coverage catered to a company’s size, needs and budget. With the assistance of its Financial Consultants, SMEs can choose plans that offer the best coverage to fit their needs.
Through PRUworks, business owners and HR personnel can easily adjust insurance coverage based on employee movement. In turn, employees have mobile access to a benefits portal which allows them to submit and make claims easily and at anytime.
Helping SMEs nurture a healthier and more productive workforce
Wellness solutions are a core component of PRUworks, designed to support employees in staying healthy. These solutions include fitness monitoring and tracking, specialist doctor recommendations and health screenings. They are offered as part of Prudential’s trial collaboration with HealthTech companies.
Additionally, SMEs can also enjoy complimentary access to Health Promotion Board’s (HPB) SME Health+ initiative which includes programmes in chronic disease management, healthy eating, active living and mental wellbeing. Typically, SMEs need to pay 30 percent of the programme cost.
“Businesses need to think long-term and invest in a holistic employee benefits programme to attract and retain talents. Employees will appreciate the investments made in their health and future,” said Mr Ng.
Supporting SMEs with access to financing
Getting the necessary financing is also a constant challenge for businesses. In a 2017 DP Information Group survey, 35 percent of SMEs said they had finance-related issues. To help bridge this financing gap, PRUworks will link businesses that need short and medium-term funding to Validus, a peer-to-peer lending provider.
More solutions will be made available on PRUworks as it continues to meet evolving customer needs and market trends.
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 87 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$36.3 billion funds under management as at 31 December 2017. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of 5,000 financial consultants.
1 Group life insurance covers critical illness, permanent disability income, term insurance while group medical provides coverage for hospitalisation & surgical, General Practitioner (GP) outpatient, specialist outpatient and dental services.