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Prudential powers up PRUWorks for SMEs with HælthTech technology

Asia’s SMEs to benefit from one-stop digital service for insurance, employee benefits and business solutions

 HONG KONG, CHINA - Media
OutReach
 - 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.


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:

 

  • Prudential and Tictrac in
    partnership to provide personalised digital wellness services across Asia
    (31 May 2019)
  • Preview of Prudential's digital health app in Malaysia (3 May 2019)
     
  • Prudential and Babylon join
    forces to pioneer AI-powered digital health services in Asia (2 August
    2018)

Recent announcements related to PRUWorks:

  • Supporting
    the growth of Micro, Small and Medium Enterprises, Prudential Indonesia
    launches PRUWorks (19 June 2019)
  • PRUWorks
    digital ecosystem helps underserved SMEs increase productivity, build a
    more engaged workforce (19 December 2018)

 

For more information, visit:

  • PRUWorks Singapore


[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.

About Prudential Corporation Asia

Prudential
Corporation Asia is a business unit of Prudential plc (United Kingdom),
comprising its life insurance operations in Asia, and its asset management
business, Eastspring Investments. It is headquartered in Hong Kong.

 

Prudential
is a leading life insurer in Asia with operations in 12 markets, covering
Cambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, the Philippines,
Singapore, Taiwan, Thailand and Vietnam. Prudential has a well-established multi-channel
distribution platform providing a comprehensive range of savings, investment
and protection products to meet the diverse needs of Asian families.

 

Eastspring
Investments manages investments across Asia on behalf of a wide range of retail
and institutional investors. It is one of the region's largest asset managers,
with a presence in 11 major Asian markets plus distribution offices in the US
and Europe. It has £151 billion (US$193 billion) in assets under management (as
at 31 December 2018), managing funds across a range of asset classes including
equities and fixed income.

 

For more
information, please visit: www.prudentialcorporation-asia.com

 

Prudential plc is incorporated in England and
Wales, and its affiliated companies constitute one of the world's leading
financial services groups. It provides insurance and financial services through
its subsidiaries and affiliates throughout the world. It has been in existence
for 170 years and has £657 billion in assets under management (as at 31
December 2018). Prudential plc is not affiliated in any manner with Prudential
Financial, Inc, a company whose principal place of business is in the United
States of America.

 

Prudential plc is listed on the stock exchanges
of London (PRU.L), Hong Kong (2378.HK), Singapore (K6S.SG) and New York
(PUK.N).


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

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