Prudential powers up PRUWorks for SMEs with HælthTech technology
Hong Kong, 24 June 2019 – Prudential Corporation Asia (“Prudential”) today announced it has entered into a regional agreement with HælthTech, a specialist provider of technology solutions and operating platforms for insurers. Under the agreement, Prudential will integrate HælthTech’s OMNI cloud-computing technology into PRUWorks by Prudential, a digital ecosystem designed for Asia’s small and medium-sized enterprises (SMEs).
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 launched PRUWorks in Singapore in 2018 and in Indonesia this month, continuing the platform’s expansion in Southeast Asia.
HælthTech’s OMNI technology will enable straight-through processing of transactions and accelerate automation of core processes for PRUWorks, delivering a superior customer experience from insurance underwriting to policy servicing and claims management. Prudential and HælthTech will work together to deploy the integrated administration platform in all markets where PRUWorks will be launched.
The SME segment is a strategic focus of Prudential, offering significant growth potential. SMEs account for more than 90 per cent of all enterprises in Southeast Asia and typically contribute between 30 and 50 per cent of a country’s gross domestic product (GDP).[1] However, many of them remain underserved and face a widening protection gap. In Singapore for example, more than 50 per cent of SMEs do not have group life insurance, while up to 43 per cent do not have group medical insurance[2], according to a Prudential Singapore survey in 2018.
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.”
Simon Spratt, Chief Executive Officer of HælthTech, said, “Prudential and HælthTech have a shared vision to create customer-centric solutions using innovative technology. With the fully integrated and versatile OMNI platform, PRUWorks will give SMEs centralised, easily accessible digital services that deliver great value and an enhanced user experience.”
PRUWorks builds on Prudential’s ecosystem of wellness, health and payment services. Alongside the enterprise offerings of PRUWorks, Prudential is also launching a digital app for consumers, called Pulse by Prudential. With an initial focus on health, Pulse is the first app of its kind in the region to offer holistic health management to users, powered by Artificial Intelligence technology.
“The digital services of PRUWorks and Pulse enhance Prudential’s capabilities to serve the needs of consumers and businesses across the region in line with our vision to help customers protect their health and grow their wealth,” added Mr. Nicandrou.
[1] https://asean.org/asean-economic-community/sectoral-bodies-under-the-purview-of-aem/micro-small-and-medium-enterprises/overview/
[2] Group life insurance covers critical illness, permanent disability income, term insurance while group medical provides coverage for hospitalization and surgical, General Practitioner (GP) outpatient, specialist outpatient and dental services.
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Note to Editors
Prudential is launching a digital health app, Pulse by Prudential, that is the first of its kind in Asia to offer holistic health management to consumers. Using AI-powered self-help tools and real-time information, the app serves as a 24/7 health and wellness partner to users, helping them prevent, postpone, and protect against the onset of diseases. Recently previewed in Malaysia, Pulse by Prudential will soon be available across the region, supported by a growing suite of regional and local service providers such as Babylon Health (symptom checker and health assessment), Tictrac (digital wellness services), DoctorOnCall (online consultation in Malaysia), AIME (dengue tracker in Malaysia) and Boost (e-wallet in Malaysia).
Recent announcements related to the launch of the Prudential’s digital ecosystem and partnerships:
Recent announcements related to PRUWorks:
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About HælthTech
HælthTech is an advanced software company specialising in highly cost effective, flexible, cloud-based and mobile health insurance and risk management systems for individual, insured group and self-insured schemes. HælthTech operates across Asia with offices in Singapore, the Philippines, Indonesia, Hong Kong, Thailand and New Zealand.
HælthTech is revolutionising legacy health insurance systems with automated and scalable solutions that streamline complex, critical and time-consuming processes. HælthTech’s Omni Group Health system using cloud-computing technology has been built for health insurance providers, helping them to manage risk, provide administrative efficiencies and reduce loss ratios.
For more information, please visit: www.haelthtech.com