PRUDENTIAL Singapore (Prudential) is looking to become a global launchpad for insurtech tie-ups for the international group, as it launched its first global fintech partnership programme in Singapore.
The PRU Fintegrate Partnership, known as PRU Fintegrate, looks to partner with global fintech startups and to co-develop digital solutions for customers.
These solutions will be applied across the entire value-chain, from helping customers understand how to bridge their protection gap to simplifying their insurance purchase and claims process, said Prudential.
Unlike a traditional incubator model, PRU Fintegrate is a deployment programme offering startups the opportunity to build and to validate prototypes at scale and speed.
PRU Fintegrate is open to fintech startups from around the world, and will work with startups that offer a solution to one of the 19 insurance-related problem statements listed in the global fintech hackcelerator programme and as selected by Prudential. This programme is part of the Singapore FinTech Festival 2017.
The statements cover areas such as customer engagement, financial inclusion, and regtech.
Selected startups will be able to integrate their solutions into the business through the insurer's application programming interface (API) platform. Prudential's business mentors and digital specialists will provide guidance to ensure that the solutions are commercially viable.
Prudential will at this point collaborate with startups that have a solid track record and offer solutions that can be applied at scale and at speed. Other selection criteria include the applicability of their solutions to provide better customer experiences as well as viable customer use cases. Startups selected for PRU Fintegrate will be featured at Prudential's booth at the festival.
Six finalists have emerged for the competition. They include Solus Connect, a regtech startup that offers scalable digital documentation, and Kyckr, a fintech focused on know-your-customer services.
Prudential said it sees Singapore as an important innovation test bed for the group, and best-in-class solutions developed here could be deployed across the region.
It added that PRU Fintegrate is a key pillar of Prudential's digital roadmap to deliver better customer experiences, engage new customer segments, and enhance efficiency.
To support this goal, Prudential Singapore CEO Wilfred Blackburn said the company has been strengthening its digital architecture and developing the skill set of its people, as it continues to deepen its focus on customers.
"Our customers are leading digital lives where they work, shop and transact online with ease. To connect with them more meaningfully, we are building new digital capabilities which will provide a seamless and convenient experience for them at all our touch-points. We are also harnessing technology to understand their needs more deeply and to support the further development of value-added, quality financial solutions," said Mr Blackburn.
"Innovation is an area in which we are committed to investing over the long term. In addition to enhancing the customer experience and increasing brand loyalty, it translates into significant efficiencies for our business," said Mr Blackburn.