Prudential Wins Model Insurer Asia Awards
With great pleasure and pride, we are pleased to share with you that our client Prudential (Indonesia) has won Celent’s Model Insurer Asia 2017 award in the category “Digital and Omnichannel Technologies” at an awards event held on May 23rd, 2017 in Singapore.
Hosted by Celent, a global research and consulting firm focused on the application of information technology in the financial services industry, the annual Model Insurer Award recognizes insurance firms that effectively utilize technology as a means to foster investment in innovation. Model Insurer is awarded for best practices of technology usage in different areas critical to success in insurance operations. Nominated insurers are evaluated on three criteria: demonstrable business benefits; degree of innovation; technology or implementation excellence.
The award has been given to Prudential (Indonesia) for implementing C2L BIZ’s solution “SymbioSys Sales Tool” labelled internally as “PRUsmart” which empowers its’ sales force to engage interactively with potential customers. The sales force can show latest products from the device’s digital catalogue, assess financial needs, capture risk profiling questionnaires and demonstrate different illustrations for premium calculations and benefits. This helps the potential customer to make a final informed selection and eliminates mis-selling. Once a selection is made, the customer’s information, photographs, documents and signature are captured and transmitted instantly to Prudential’s Core Admin system. This is also resulting in enhanced customer experience and brand improvement for Prudential.
With the power to work in offline mode, PRUsmart also addresses the logistical challenge faced by the sales force for transmitting applications from customers in far-flung areas across the Indonesian archipelago with limited internet connectivity, switching seamlessly to online mode as soon as connectivity is available.
An improved turnaround time for application submission from 5 days before implementing PRUsmart to under 15 minutes today, has reduced the sales cycle time. This is resulting in reduced new business acquisition costs. Elimination of paper forms and the associated costs of transportation of forms to a centralized data management center for conversion to electronic format has resulted in a direct reduction in such costs.
Prudential (Indonesia) is now able to launch new products quickly as PRUsmart is powered with a flexible product configurator, improve STP rate thru auto underwriting rules, improve sales experience, achieve Zero NIGO rate for new business applications and Reduce TAT to stay ahead of competition. PRUsmart works seamlessly across iOS, Android and Windows devices.