Prudential Singapore announced the second edition of its digital innovation programme, the PRU Fintegrate Partnership (PRU Fintegrate), which is now open to scale-ups from around the world.
This year, the insurer has identified opportunities for collaboration in 10 rapidly- growing areas, including preventative healthcare, enterprise solutions, customer engagement and underwriting.
Mr Wilf Blackburn, CEO, Prudential Singapore said, “these represent key areas that Prudential is transforming within its business to build for the digital future, help people live well and enable enterprises to thrive.
“PRU Fintegrate is about charting the future of insurance. This means creating truly great customer experiences, working smarter and complementing the efforts of our financial consultants to provide customers with valuable advice and solutions in meeting their changing needs.
We see tremendous untapped opportunities to innovate with the right partners in a number of areas, for example, by using technology to improve preventative healthcare and provide community support for customers with pre-existing conditions. Through such initiatives, we are proud to support Singapore’s Smart Nation vision where people are empowered by technology to lead meaningful and fulfilled lives.”
Launched in 2017, PRU Fintegrate aims to build an ecosystem of partners from the FinTech, InsurTech, HealthTech and MedTech communities to help solve business challenges with creative solutions.
This year, Prudential welcomes submissions from scale-ups, which are companies with a valid business model and are ready to accelerate growth in their business. Prudential’s team of experts will work with selected PRU Fintegrate finalists to help them enhance their value proposition and develop their proof-of-concept. The final group of successful partners will be invited to showcase their solutions at the 2018 Singapore FinTech Festival (12 to 16 November) and start a fully-paid pilot programme of their solutions in 2019.
New in 2018 – Team and Open Challenge
In a new addition to the programme format, Prudential is encouraging scale-ups to team up and collaboratively design a comprehensive and/or end-to-end solution that will address any of the 10 problem statements.
“Close collaboration with the global scale-up community is essential to developing viable solutions,” said Ms. Kalai Natarajan, Head, Strategic Engagements, Prudential Singapore.
“Through PRU Fintegrate, we aim to work more closely with the FinTech, InsurTech, HealthTech and MedTech communities in Asia and globally, and to bring the right mix of partners together. There are many game-changing solutions available but often we find that they make up individual pieces of the big picture. To develop an end-to-end solution, collaboration between various parties is key. That is why we are introducing the team challenge category this year to encourage the building of more complete solutions that we can bring to market with speed and scale.”
Another addition to the programme is the open challenge category. Participants with solutions that fall outside of the 10 opportunity areas identified by Prudential can enter the programme via this category. This is where participants themselves identify a completely new opportunity in the insurance industry and address it with a compelling solution.
The PRU Fintegrate Partnership is open to scale-ups 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 based on their ability to put forward a value proposition that meets business and customer needs, technical and commercial considerations and market opportunity.
Selected partners will be announced at the Singapore FinTech Festival 2018 of which Prudential is a Grand Sponsor and their solutions will be showcased at the Prudential booth at the Festival.
Applications for this year’s session of the PRU Fintegrate Partnership programme must be submitted by 16 September 2018.