Prudential Vietnam Assurance Private Ltd has adopted Straight Through Processing for applications submitted online, which reduces the time it takes to issue policies from 20 days to just 20 minutes.

After a customer submits their application form online and pays the premium through non-cash channels, the entire process including verifying the information, health check and policy issuance will be done automatically and quickly through STP. No additional costs are involved.

STP is enabled for all insurance applications, whether from new or existing customers, as long as they meet the following conditions: their applications are submitted through Prudential’s online portal PRUdaily, high-quality images of personal identification documents are provided, documents have full information and meet the requirements of the company’s automatic evaluation, premiums are paid online, and digital payment channels are linked with Prudential.

In case a customer is 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.

Clive Baker, CEO of Prudential, said: “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.” — VNS