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Prudential Singapore trials digital engine for instant underwriting
CUSTOMERS in Singapore may soon be able to apply for insurance cover in as little as two hours.
Prudential Singapore is trialling a digital underwriting engine that performs real-time risk assessment on policy applications and makes instant underwriting decisions, the insurer announced on Monday.
Customers will answer a series of questions tailored to their individual profiles and will know instantly, at the point of sales, if their applications for insurance cover are successful or if these require further review.
If the policy application passes through the digital underwriting engine successfully, customers can expect to receive a copy of their electronic policy contract in about two hours, instead of two days currently.
Goh Theng Kiat, chief customer officer at Prudential Singapore, said: "Customers prefer face-to-face advisory when it comes to making long-term financial decisions. Having underwriting done at the point of sales instead of post-sales means our customers can get insurance coverage more quickly, without having to wait for two days to know the status of their applications.
"By digitising and simplifying the underwriting process, we also reduce paperwork for our more than 5,000 financial consultants so they can spend more time engaging with their customers and advising them on their financial needs."
For now, the digital underwriting solution is available for Prudential's PRUtriple Protect critical illness plan. It will be extended to Prudential's complete suite of savings, investment, protection and medical plans within the next one year.