Prudential Singapore Launches Instant Underwriting Solution
Prudential Singapore has launched a new digital solution – developed by UnderwriteMe – that offers customers instant underwriting decisions at the point of sales. With the new feature, customers answer a series of questions tailored to their individual profiles and 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, compared to the current turnaround time of approximately two days.
Since introducing the solution 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. For now, the 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.
“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 digitizing 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.” – Chief Customer Officer, Prudential Singapore, Goh Theng Kiat.
Speaking of innovation, Prudential’s PRU Fintegrate Partnership is accepting applications.