Prudential is advancing its digital and high-net-worth (HNW) strategies across Asia through new initiatives in Hong Kong and Singapore, reflecting broader regional trends in digital transformation and wealth management growth.
In Hong Kong, Prudential Hong Kong Limited has introduced a new electronic Know Your Customer (e-KYC) verification process by integrating near-field communication (NFC) technology into its digital platform.
This development is part of a collaboration with technology firm Fill Easy, aimed at improving identity authentication during the insurance application process.
The e-KYC feature is embedded in PRUSubmit, Prudential’s electronic submission platform, and allows customers to complete identity verification by tapping their NFC-enabled identification documents on a secure device.
The process is facilitated via application programming interfaces (APIs) connected to government-authorised verification sources.
Candy Au Yeung, chief customer operations and health officer at Prudential Hong Kong, said the insurer is continuing to modernise its operations through digital solutions.
“This e-KYC solution fuses a superb front-end user experience with an automated back-end process to provide customers with an efficient onboarding process that is effortless and fast. We will continue to push boundaries and seek innovative solutions that prioritise customer satisfaction, reflecting our dedication to setting new benchmarks in the insurance industry while aligning with Hong Kong SAR government’s vision of making Hong Kong a global fintech hub,” she said.
Matthew Lee, founder and CEO of Fill Easy, said the partnership makes use of the Greater Bay Area Standard Contract to access verified data securely.
“We are thrilled to collaborate with Prudential in launching this state-of-the-art e-KYC solution, made possible by the GBA Standard Contract, which allows us to leverage verified data to streamline customer onboarding experience. Our collaboration demonstrates how innovative technology can reduce onboarding times and elevate service quality, without compromising regulatory compliance, meeting both customer needs and strict KYC standards,” he said.
Meanwhile, in Singapore, Prudential has launched a dedicated wealth advisory suite designed for its expanding base of HNW clients.
The new Prudential Wealth Suite, located within its headquarters at Prudential Tower in Raffles Place, was opened on March 17 and provides a private space for financial consultations with the insurer’s Private Client Advisors (PCAs).
The move follows a reported 16% rise in HNW customer growth from 2023 to 2024, with insurance sales in this segment increasing by over 40% during the same period.
Prudential said the new facility is part of its broader strategy to serve affluent individuals with complex financial portfolios, including overseas clients drawn to Singapore as a regional wealth hub.
Goh Theng Kiat, chief customer officer of Prudential Singapore, said the Wealth Suite is intended to meet growing demand for tailored advisory services.
“In tandem with the region’s growing pool of wealthy individuals who view Singapore as a global wealth hub, we anticipate that overseas customers will make up a significant portion of Prudential Wealth Suite users. These customers often have complex and globally connected portfolios and appreciate Singapore’s strategic location for accessing Asian markets and a climate of stability in the country, making it their preferred location for wealth diversification solutions,” he said.
The Wealth Suite offers services beyond traditional insurance, including access to in-house and external advisors specialising in tax, estate planning, trust structures, family office setup, and legacy planning. HNW customers also have access to Prudential’s product suite, including the PRUVantage Legacy Index, an indexed universal life product.
To support this client segment, Prudential has expanded its PCA team from 60 in 2018 to over 380. PCAs must meet specific criteria such as being Million Dollar Round Table (MDRT) qualifiers and possessing a minimum of three years’ experience in the financial advisory sector. The insurer also partners with the Wealth Management Institute to provide PCAs with training in areas such as wealth structuring, asset protection, and liquidity planning.
