Prudential joins digital bandwagon, set to offer paperless insurance claims in Hong Kong

PUBLISHED : Monday, 02 July, 2018, 8:32am
UPDATED : Monday, 02 July, 2018, 8:32am

Prudential’s Hong Kong arm will offer paperless insurance claims process for its clients in Hong Kong from Tuesday, joining a wave of insurers to go digital this year.

The move to expand its digital platform forms part of the British insurer’s global restructuring announced in March to focus on the fast growing Asian markets. Prudential Asia chief executive Nic Nicandrou had said it would invest £300 million (US$394.1 million) a year for the next three years to improve its technology.

Prudential will launch a new digital hospital insurance claims portal and offer AI-driven chatbot for claims submission in Hong Kong, where it is one of the largest life insurers in terms of market share and has 19,000 agents.

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Sam Lim, chief transformation officer at Prudential Hong Kong, said his company opted to launch the hospital claims portal and chatbots as their first digital offering based on customer feedback and their evolving needs.

“When our customers are admitted to hospitals, it is hard for them or their families to handle the insurance claims,” Lim said. “Our digital platform will help customers to be able to submit claims in a simple and easy manner. These innovations herald a new milestone in the evolution of insurance claims in Hong Kong.”

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The insurer is rolling out the scheme at Gleneagles Hong Kong Hospital at Wong Chuk Hang with plans to team up with other hospitals in due course.

According to Prudential, policyholders who have hospital cover and are admitted to designated hospitals would only need to input basic personal information such as name, Hong Kong Identity Card number and contact phone number and the claims process will commence immediately. When the patient is discharged, the hospital claims documents will be submitted electronically by the hospital via the portal to Prudential for processing.

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In addition, Prudential is also offering an AI-powered chatbot, which will cut claims submission time to three minutes, Lim said.

AIA, HSBC, Manulife, AXA and MetLife have all announced their digital plans in recent months after the Insurance Authority announced a range of measures to encourage insurers to develop digital services for sales and handling claims. This is part of the Hong Kong government’s effort to promote fintech to lower costs and enhance services quality for the insurance sector.