• 07-DEC-2018

Digital innovation in the face of regulatory change

Prudential and PwC bring information and purchasing power direct to customers fingertips via digital platform
 
Prudential Singapore and PwC partnered together to bring a new set of digital tools to the Singapore insurance marketplace. Their goal, to empower the consumer to make informed purchasing decisions in the face of changing industry regulations.
 
When Singapore’s Central Bank, the Monetary Authority of Singapore (MAS), updated their industry regulations, changing the way insurance products were bought and sold, the insurance industry in Singapore faced a yet unchartered set of challenges. The updated laws would allow customers to purchase insurance products directly without going through financial advisors. MAS announced specific guidelines for information, education and tools that would assist customers in making sound purchase decisions.
 
This shakeup in the market led Prudential to assess both the opportunities and challenges faced by insurers. They needed a solution that would address the needs of their customers, while sustaining their existing advisory business and broker channel. They partnered with PwC to create a customer facing digital platform that allowed the consumer access to vital information and the ability to make purchases.
 
Together, PwC and Prudential created a roadmap for the project and brought together experts from across the business, utilizing PwC’s Business, Experience and Technology (BXT) framework. Recognizing the time sensitivity, PwC supported Prudential on their first ever agile project. Time to market was ten months.
 
IDC’s case study on the implementation notes, “Success in digital transformation depends on the ability of business to stay centered on the needs and expectations of its customers. The design and launch of the Prudential digital consumer platform is the outcome of an effective customer-centric business strategy, aided by innovations of design thinking and in the partnership with next generation of professional services embodied in PwC's BXT capability.”
 
On the experience of collaborating with Prudential, Andrew Taggart, Financial Services Consulting Leader, PwC, said, “We’re delighted that Prudential chose PwC to help them with this major digital transformation. They had a vision to be bold and be a first mover in the digital space. Our team at PwC was equally bold but also pragmatic to make sure the project delivered the expected outcomes in the tight timeframes. There was a desire to work quickly, be agile, and build a new platform that served a new digital market landscape. Together, Prudential and PwC were focused on one vision, to be more customer-centric and digitally enabled. Prudential has pulled off a major advance in their digital capability which sets them apart in the market and allows them to better serve their customers and partners. We’re proud of the part we played.”
 
To read more about the business journey and how Prudential and PwC worked together to reach their goals on this project, read the full IDC case study here.
 
Source: IDC Customer Spotlight: Prudential Singapore: A Direct Digital Insurance and Investment Platform December 2018 – Sponsored by PwC
 
Notes
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