Implements straight through processing, from submission to issuance

Dịch vụ xử lý và phát hành hợp đồng tự động xuyên suốt của Prudential

Implements straight through processing, from submission to issuance of policies

Quy trình vụ xử lý và phát hành hợp đồng tự động xuyên suốt

This process enhances the customer experience by reducing the waiting time of policy issuance from 20 days to only 20 minutes.ng time of policy issuance from 20 days to only 20 minutes

Dịch vụ xử lý và phát hành hợp đồng tự động xuyên suốt của Prudential
Quy trình vụ xử lý và phát hành hợp đồng tự động xuyên suốt

Ho Chi Minh City, February 2019 - Prudential Vietnam Life Insurance Co., Ltd (Prudential) has implemented Straight Through Processing (STP) for life insurance policy applications that are submitted online. This process enhances the customer experience by reducing the waiting time of policy issuance from 20 days to only 20 minutes.

After a customer submits his application form online and pays the premium through non-cash channels, the entire process including information inspection, health checking and policy issuance will be conducted automatically, seamlessly and quickly through STP. No additional costs are incurred through this process, apart from the compulsory premium payment when the customer submits his application form.

STP is enabled for all insurance applications, whether from new or existing customers, as long as they meet the following conditions:

  • Customer applications are submitted through Prudential’s online portal PRUdaily;
  • High-quality images of customers’ personal identification documents are provided;
  • Documents having full information, meeting requirements needed for Prudential's automatic evaluation;
  • Premiums paid online including bank transfer, and digital payment channels linked with Prudential (Momo, BankPlus/ ViettelPay and ZaloPay).

In the case that customers are required to take an additional medical examination, further steps will also be processed automatically, including the delivery of the medical results to the underwriter as well as the issuance of the policy upon the passing of the underwriting decision.

STP not only reduces the turnaround time for policy issuance as well as offers accuracy and convenience to customers, it also allows the company to optimize its resources for document inspecting, customer information checking and underwriting.

“Technology enables us to connect with customers more seamlessly and efficiently. STP is another innovative solution that Prudential is offering to its customers to continuously enhance their experience in the digital age. Our customers now not only have access to comprehensive financial protection, they also enjoy a minimum waiting time for the turnaround of their policy applications thanks to automation.” said Mr. Clive Baker – CEO of Prudential.

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