Photo of Pulse app: Prudential Singapore
Life insurer Prudential Singapore has doled out new wealth solutions on Pulse – its health and wellness app – to help Singaporeans plan their finances.
Called Wealth@Pulse, the wealth tools serve to simplify one’s financial planning journey.
For instance, users can seek tips from Ruby, an Artificial Intelligence (AI)-powered assistant that can make inferences on their needs and provide personalised recommendations such as how much they should save in a month to achieve their goals.
Users can also set and track their financial goals through the My Goals feature on the app. Here they can calculate the retirement sum they would need and the monthly savings required for them to achieve this based on their retirement age, lifestyle, income and savings in their CPF (Central Provident Fund) and bank accounts.
The calculation accounts for factors such as costs of living and interest rates to provide a more realistic view.
Other features on the app include a Knowledge Centre that users can tap on to enhance their financial knowledge as well as a 360 view that captures all the insurance plans they hold with the company.
There are also functions allowing users to explore Prudential’s suite of solutions in protection, savings and investment based on the goals they have set.
“At the end of the day, insurance is a people business. By giving users easy access to a human expert, Pulse marries AI and emotional intelligence to enable a more seamless and holistic customer experience,” says Dennis Tan, CEO of Prudential Singapore.
The latest set of wealth solutions on Pulse is an extension of the offerings that are already available of the app.
Launched in Singapore on April 23 2020, Pulse started off as a health app with solutions such as an AI-powered symptom checker, health assessment and an tele consultation service.
The Pulse interface is also available in 11 languages across Asia and Africa.
Singapore is the first region to launch the wealth solutions. Tan hopes this feature will enhance individuals’ financial literacy and help them plan their life goals with greater confidence.
“Very often, people put off financial planning because they find it complex and do not know how or where to start. Such procrastination could result in financial stress down the road,” he elaborates.
Tan’s comments come as over one in two or 56% of residents in Singapore do not believe they will have enough savings to sustain themselves in the future. These findings were reflected in Prudential’s 2020 Saving for 100 research paper, which reflected the responses of 1,200 participants.
“As we live longer, we will need a bigger nest egg to fund our extended retirement years. This means we need to learn to make our money work smarter with the right financial solutions,” stresses Tan.
See: Prudential supports people's financial and health goals with Pulse app
