UOB Becomes First Bank In Southeast Asia To Offer Insurance Solutions Entirely Online
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UOB Bank has joined its bancassurance partner Prudential Assurance Malaysia Berhad in a tie-up that allows the bank to offer its insurance services via a new Virtual Face-to-Face (VF2F) feature on the insurer’s Pulse app. This makes it the first bank in Southeast Asia to be able to do so.

Using this VF2F feature on the health and wellness app, UOB sales representatives will be able to connect with their customers via chat or video call, and provide them with a suite of insurance solutions that meets their needs. These include insurance advisory services, such as recommendations of life insurance products that are relevant to them.

Aside from that, the VF2F feature also allows UOB customers to conduct the entire purchase and application process online through the app – from the obtaining financial guidance to confirming the insurance coverage. They can also submit the necessary documentation and forms electronically, thereby eliminating the need to fill in a physical questionnaire or to visit a bank branch. It also makes for a simpler, smarter, and swifter protection and wealth planning process.

In unveiling the collaboration, the managing director and country head of personal financial services for UOB Malaysia, Ronnie Lim emphasised that this is a testament to the bank’s commitment in providing customers with progressive solutions that are relevant to their lifestyle and preferences.

“Many customers are unable to seek assistance or support at our branches due to the ongoing movement restrictions and physical distancing requirements. The impact of the prolonged pandemic also has many customers reassessing their financial goals. We are pleased to be the first bank in the region to use the VF2F feature on Prudential’s Pulse app, thereby offering our customers the flexibility and peace of mind of seeking wealth advice from the comfort of their own home,” said Lim.

Lim also said that the bank aims to have one in every two customers benefitting from this new feature, with them signing up for the protection or wealth solutions that are offered together with Prudential.

Meanwhile, the senior director of partnerships distribution for Prudential Assurance, Lee Ee Hui said that the insurer has always aimed to help people get the most out of life by protecting their health and growing their wealth. “The pandemic has elevated the awareness of insurance protection and the critical need to be financially protected. With this partnership, we are able to offer UOB Malaysia’s customers a secure end-to-end service anytime, anywhere through our AI-powered health app, Pulse,” he said.

The Pulse app was launched by Prudential back in 2019 as a one-stop holistic health management tool. Since then, it has expanded to include new partners, tools, and services. Additionally, this latest VF2F initiative is one of several efforts that have been introduced during UOB and Prudential’s decade-long partnership.

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