The current buzzword is “digitalisation”, and many people are now running their lives from their mobile phones. Of the 800 Singapore residents surveyed in Prudential Singapore’s (“Prudential”) latest research, 54% say that mobile devices and healthcare apps are critical for preparing to live longer. About 85% say they are skilled at using mobile banking applications, while 73% are well versed in using mobile applications to monitor their physical health.

These are just some of the findings in Prudential’s Digital for 100: Harnessing technology for longer lifespans research which explores the role of digital technologies in helping Singapore residents live till 100. The findings underscore the importance of digital technologies in helping individuals improve their health and wealth.

Digital technologies are also crucial for helping companies transform their business and engage their employees in improving their overall wellness. But not all companies have the resources to do so, especially small and medium enterprises (SMEs).

Supporting the local workforce

SMEs are a vital part of Singapore’s enterprise scene, as these companies make up about 99% of the businesses and employ over 71% of the workforce. However, a Prudential SME poll in April found that only 21% of SMEs say they are already digital, while 64% say their companies intend to or are working towards that goal. Those who have not achieved their digitalisation goals have cited a lack of talent with digital skills, high cost and lack of training to do so effectively.

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Prudential Singapore’s chief customer officer Goh Theng Kiat says that Prudential is supporting SMEs in their efforts to digitalise and build a digital-ready workforce. “The move to digitalise should not be limited to a company’s size. Today, technology is what drives our lives. Companies can benefit by looking at opportunities to bring technology and digitalisation into their businesses to serve customers and increase productivity.”

Prudential has been supporting the needs of SMEs over the years by providing customisable group insurance solutions for companies of all sizes, even those with just three employees. It also has a corporate wellness programme to encourage SMEs and their employees to be more proactive in caring for their well-being.

According to Prudential’s April 2022 SME poll, company insurance benefits are crucial to employee attraction and retention. Still, most SMEs do not have group life insurance or medical insurance for reasons such as small company size and high costs. The poll found that 90% of respondents want their employers to provide healthcare coverage, while 60% are more willing to join a company that provides medical benefits. For 85% of the respondents, it is a priority for companies to provide employee benefits.

Helping SMEs be more productive

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In September, Prudential launched a mobile app, Business@Pulse, to help SME employees manage their group insurance conveniently and seamlessly. The app is a single, one-stop digital platform that simplifies access to insurance and employee benefits and helps SMEs and their employees be more productive. It is accessible via the Pulse by Prudential (Pulse) app to Prudential’s enterprise customers, from large multinational companies to small businesses with at least three employees.

Through Business@Pulse, employees can view details about their medical and employee benefits to know what they are covered for, submit claims through the application by simply taking a photo of the receipt and uploading it to the app, and track their claims — features that SME employees had said were important in a tool for managing their benefits, Prudential’s April 2022 SME poll found. Employers and human resources (HR) teams can also efficiently manage their group insurance and process employees’ claims.

“By making it simple and easy for employees to access their group insurance through the app, we want to encourage more companies to provide the necessary protection for their workforce. Employees will appreciate being able to tap on their company’s health and benefits programmes especially given rising healthcare costs,” says Goh.

Prudential will be rolling out more features on Business@Pulse, such as a medical e-card for cashless visits to panel clinics and medical providers and a locator for employees to find panel clinics across Singapore easily. The aim is to transform employees’ wellness and group insurance experience through technology and to make managing insurance more seamless and convenient for employees, HR teams and SME owners.

Business@Pulse is also available in Thailand and will be rolled out to other Prudential markets. Business@Pulse complements Prudential’s initiatives to support the SME community in Singapore. They include WorkPLAYce, Prudential’s corporate wellness programme that offers various activities to promote physical and mental well-being for employees of its corporate customers.

SMEs can also tap on the SME Skills Accelerator programme, a collaboration between Prudential and SkillsFuture Singapore, to upskill, grow and innovate. The programme focuses on designing innovation, digitalisation and learning to support digital transformation and employee engagement.

Prudential is also working with Ngee Ann Polytechnic and ST Engineering to deliver training and webinars on digitalisation and cyber security to equip SMEs with the knowledge and resources to go digital safely and securely. “Ultimately, we want to help SMEs in Singapore have a chance to be on the same level-playing field as large corporations by empowering them with skills and tools to help them optimise processes as well as care for their employees better,” says Goh.

Stay healthier and wealthier for longer

With Singaporeans living longer, it is essential to maintain good health to enjoy life to the fullest. Thus, a preventative approach to healthcare and getting started on our financial planning early is crucial. Pulse, which Business@Pulse is part of, has comprehensive wealth and health features that SME employees can benefit from and improve their wellness.

“With Pulse, employees can leverage Business@ Pulse for their company benefits and tap on other features in the app to manage their health and wealth. Once these parts of their lives are managed properly, they can focus on being more productive at work,” says Goh.

Pulse, Prudential’s health and wellness mobile application launched in April 2020, is free to download for anyone aged 18 and above. It is a core part of Prudential’s strategy to make healthcare and financial security more affordable and accessible to everyone. It seeks to move beyond the traditional role of protection to one which partners with customers on their long-term wellness journey. The life insurer uses the Pulse app to reach out to as many people as possible.

“Singapore is a widely connected country, with many of us owning a mobile device. Pulse allows us to put essential healthcare and financial planning resources in the hands of Singaporeans so that we can help them take charge of their well-being,” says Goh.

“What makes Pulse unique is that it combines everything — health, wealth and business — together. These encapsulate one’s total well-being.” These health and wealth components in Pulse can be accessed by SME employees and members of the public who download the Pulse app. As of end-August, Pulse has been downloaded over 300,000 times in Singapore. It is also available in 17 other Prudential markets in Asia and Africa.

The health features on Pulse are designed to make healthcare more accessible by supporting users in their health journey to prevent, postpone, and protect against the onset of chronic disease. It includes an AI-driven health check, a popular feature among users. This is a lifestyle assessment and disease risk prediction tool which users can use to better understand their overall health status and long-term disease risks based on inputs such as lifestyle habits, medical history and diet. The report is presented through a “Digital Twin” and includes health advice to help the user reduce their disease risks and improve overall well-being.

Other features include an AI-powered symptom checker, which provides users with insights into their possible health conditions based on the symptoms experienced, teleconsultation with a doctor, and access to health awareness content. Pulse also supports users in ensuring they eat well and stay fit through diet and fitness goal trackers.

The app also features a mood tracker and self-awareness quizzes with specially selected content to help people manage their mental health.

The wealth features on Pulse helps Singaporeans better plan for rising longevity by making it simpler for everyone to begin their financial planning journey. They include a wealth score assessment, a goal-setting tool to help users keep track of their financial goals, a 360 view of their policies with Prudential, Ruby — an AI digital assistant trained to respond to queries on financial planning, a budget planning tool, as well as financial education content.

Users can also connect with one of Prudential’s 5,000 financial consultants through Pulse for more in-depth financial planning advice. “The tools in Wealth@Pulse help customers take the first step in their financial planning journey. By combining technology and people, our financial consultants can understand customers better. They can focus on building strong customer relationships and provide tailored financial advice to deliver even better customer experiences.”

Overall, Prudential’s efforts align with Singapore’s goal of being a Smart Nation. Goh says: “Digitalisation is a goal that everyone [individuals and businesses] is working towards, and we want to be there to support them in their journey. Ultimately, we want to create an inclusive nation where digitalisation is accessible to all.” 

 

Photos: Prudential