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Prudential Assurance Company of Singapore has served local residents’ financial needs for more than 90 years. The company’s 1,200 employees are passionate and driven to improve the world around them. Prudential’s comprehensive Environmental, Social, and Governance (ESG) initiatives reflect their desire to be a positive force. They’ve used intelligent automation to help further these goals, specifically by automating a key policy conversion process that reduced paper use — and the company’s carbon footprint. The company was recognized for its efforts with an SS&C Blue Prism Customer Excellence Award for Sustainability.
One million Singaporeans depend on Prudential for health and life insurance. To retain their trust and create long-term value, Prudential aims for strict operational governance and high ethical standards. A key priority is to quickly identify fraudulent claims. And it’s a daunting task since hundreds of claim settlements arrive each day. Employees had to audit each claim manually, which was inefficient and susceptible to errors.
Another challenge arose during the global pandemic. Prudential agreed to maintain affordable temporary insurance coverage for customers experiencing financial hardship, but the policies had to be converted manually and required paper-based documentation. It was time-consuming, prone to errors, and generated a significant amount of paper waste.
Prudential has expertly leveraged technology to achieve its sustainability goals. Intelligent automation helps them drive progress toward ESG initiatives, improve operational efficiency, and enhance customer experience. The company ensures strict governance by using intelligent automation to audit claims and identify potential fraud — and to act quickly to support customers when fraud is identified. SS&C Blue Prism digital workers now approve and authorize more than 1,000 claims for payment each day. They immediately identify questionable claims and alert management so staff can take swift action. Involving digital workers in the process gives more than 100,000 hours back to employees each year, reduces errors, and enables the company to be 100% compliant with government fraud regulations.
Prudential has converted thousands of policies to an electronic format, which has resulted in a significant reduction in paper waste and printing costs. Digital workers complete data entry and approvals for each policy conversion and they ensure the policies are accurate and in compliance with government regulations. They’ve improved customers’ experiences by offering real-time visibility into each claim’s status. Employees are happy too; they can now focus on more complex and strategic tasks. Importantly, intelligent automation has helped Prudential reduce its carbon footprint — just one process removed 0.1 tons of CO2 emissions.
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