SINGAPORE, 22 April 2019 – Prudential Singapore (“Prudential”) is trialing a new digital solution that enables the life insurer to perform real-time risk assessment on policy applications and make instant underwriting decisions.
With this latest offering, Prudential’s customers will answer a series of questions tailored to their individual profiles and know instantly, at the point of sales, if their applications for insurance cover are successful or require further review.
If the policy application passes through the digital underwriting engine successfully, customers can expect to receive a copy of their electronic policy contract in as fast as two hours. Currently, the turnaround time is approximately two days.
Mr Goh Theng Kiat, Chief Customer Officer, Prudential Singapore, said the company is keen to make the buying and selling experience as hassle-free as possible for its customers and financial consultants.
“Customers prefer face-to-face advisory when it comes to making long-term financial decisions. Having underwriting done at the point of sales instead of post-sales means our customers can get insurance coverage more quickly, without having to wait for two days to know the status of their applications.
“By digitising and simplifying the underwriting process, we also reduce paperwork for our more than 5,000 financial consultants so they can spend more time engaging with their customers and advising them on their financial needs,” said Mr Goh.
For now, the digital underwriting solution is available for Prudential’s PRUTriple Protect, a critical illness plan that provides protection against multiple illnesses. It will be extended to Prudential’s complete suite of savings, investment, protection, and medical plans in the next one year.
As at end 2018, Prudential has underwritten over two million policies for close to one million customers.
Since Prudential introduced its digital underwriting engine in late January this year, the life insurer has applied the solution to more than 1,700 PRUTriple Protect applications. Two in three of these applications were accepted on the spot while the remaining one-third had to undergo further reviews.
“Now that most of the PRUTriple Protect applications are digitally underwritten, the underwriting team can spend their time more meaningfully on the more complex cases. We expect time saved on underwriting to be substantial when we roll out our digital under writing solution to more products over the course of the year,” said Mr Goh.
The instant underwriting solution, which is built on a rules-based engine and business analytics, is developed by UK-based technology firm, Underwrite Me, a fully-owned subsidiary of Pacific Life Re.
Transforming customer experience and working with technology
The new digital underwriting tool is one of the many new technologies Prudential is investing in to transform customer experience and make work more efficient for its employees and financial consultants.
In 2018, the insurer enhanced its point-of-sales tool which now has the capability to generate a Policy Illustration in three seconds. It also launched askPRU, an industry-first AI-powered chatbot, that provides information specific to customers’ life insurance plans in 2017.
The askPRU mobile app has been downloaded by more than 85 per cent of Prudential’s more than 5,000 financial consultants, who now find most of their answers online, enabling them to respond to customers’ queries more promptly. As a result, call centre volume has dropped by 40 per cent since the launch of askPRU.
Notes to the Editor:
For more information about askPRU:
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$36.7 billion funds under management as at 31 December 2018. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,000 financial consultants.