London, 31 January 2019 – Prudential Singapore (Prudential) today announced the Prudential Singapore (Prudential), a subsidiary of international financial services group Prudential plc, is strengthening its partner ecosystem of FinTech, InsurTech, HealthTech and MedTech companies with the third edition of its flagship innovation initiative - the PRU Fintegrate Partnership (PRU Fintegrate).
Set up in 2017, PRU Fintegrate seeks collaboration with technology companies to find solutions that solve business challenges and enhance the customer experience. It is open to scale-ups who share Prudential’s commitment to help everyone live well and who see opportunities in leveraging the life insurer’s strong Asian presence to bring their solutions to a larger consumer base with scale and speed.
Under PRU Fintegrate, Prudential will invest in the co-creating of proofs of concept with its scale-up partners, run pilot projects for these solutions, as well as develop implementation and deployment plans.
Speaking to the innovation community in London, where the insurer launched the 2019 PRU Fintegrate programme, Ms Kalai Natarajan, Head of Strategic Engagements, (InsurTech Ecosystem), Prudential Singapore, said the company sees tremendous untapped opportunities to innovate with the right partners.
“We believe in innovating with technology companies from around the world and not just in Asia. Here in London, a vibrant innovation hub, we want to find like-minded partners and bring them to Singapore where they can work with our local teams to co-create solutions that will help us 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. 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 that will enable its 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.
As part of Prudential’s vision to go beyond insurance into the space of wellness, it is also seeking groundbreaking solutions in preventative healthcare that will help its customers and the community live better and healthier for longer.
Selected Partners for the 2018 PRU Fintegrate programme
At the London launch of this year’s PRU Fintegrate programme, Prudential also announced the three selected technology partners for its 2018 edition. Ailleron, Knowtions Research and DataRobot were selected from 30 companies which presented innovative and practical solutions in customer engagement and data analytics.
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.
“We look forward to working closely with Ailleron, Knowtions Research and DataRobot and integrating their solutions into our business. PRU Fintegrate is about fostering greater innovation through such partnerships, to bring about the right solutions that can meet the needs of our customers as well our employees and the financial consultants who serve them,” said Ms Natarajan.
Prudential has signed a Memorandum of Understanding (MOU) with Ailleron, Knowtions Research, and DataRobot for the commercialisation and deployment of their solutions in Singapore.
2018 PRU Fintegrate Programme - selected partners
Ailleron – Customer Engagement solution
Ailleron leverages communication and collaboration technology to improve sales and service experiences. Its solution, LiveBank, is designed to help deepen customer engagement by enabling regular and meaningful exchanges between Prudential Financial Consultants and their customers. The solution will allow Financial Consultants to conduct virtual presentations, share documents and onboard customers through its electronic Know-Your-Customer (e-KYC) process.
Knowtions Research – Analytics solution
Knowtions Research is an applied artificial intelligence company that aims to make health data useful. The company’s AI platform uses deep learning to surface patterns on how people consume medical services, which enables insurers to better understand customer health and healthcare preferences. Prudential can potentially use the AI-generated information to develop tailored preventative healthcare programmes for its customers.
DataRobot – Automated Machine Learning Platform
DataRobot is the category creator and leading provider of automated machine learning and augmented data science. It uses analytics to provide customer insights that can be used to shape solutions and to improve the customer buying experience. With DataRobot, Prudential’s Financial Consultants can get a better understanding of its customers’ evolving needs over different life stages, and propose the right solutions to help them meet their financial goals. DataRobot is one of the accredited companies under the IMDA’s [email protected] programme.
The PRU Fintegrate Partnership is open to Fintechs, Insurtechs, Healthtechs and Medtechs with a proven track record in creating solutions that can be applied at scale and speed. Other participation criteria include a valid product set, an existing customer base, and secured funding.
Participating scale-ups will be assessed on their ability to put forward a sound and unique value proposition that meets business and customer needs and technical and commercial considerations, and has market opportunity.
Milestones and Important Dates:
ABOUT Prudential Assurance Company Singapore (Pte) Limited (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.
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