APIX transforms Prudential’s innovation game: learn how they achieved a 50% reduction in time-to-market
- Countries participants were from 27
- Proposals submitted51
- Successful collaborations birthed3
Life Insurance | Singapore | Protection, Savings, and Investment | APIX Hackathons
One of Asia’s largest insurance providers serving the financial needs of individuals and corporates in Asia.
Prudential wanted to find new-age providers with gamification capabilities that could help them grab this opportunity. However, identifying best-in-class providers is a challenge. In addition, they were rightfully concerned about the enterprise grade capacity, scalability, reliability and technology risk compliance of these providers. Also, adopting new technologies and processes can be a time-consuming and resource-intensive process for FIs. The inherent structured decision-making process in an FI can cause a collaboration with an FI to take up to 12 to 18 months.
They did so, with the following problem statements:
- Nutrition: How might we make it easy for people to adopt healthier and sustainable food choices?
- Vibrant Platform: How might we make Pulse a vibrant platform for users to discover and engage deeply with health and wealth solutions?
- Digital Adoption: How might the Pulse app be used to improve health and wealth outcomes in our local communities?
APIX’s capabilities that helped address the opportunity:
Hackathon workflow & dashboard APIX platform’s content management system and automated workflows allowed Prudential’s Innovation Team to quickly set up the PRUFintegrate Partnership Programme and receive real-time updates.
Platform for effortless collaboration and management Prudential and Fintechs could explore possibilities, develop chemistry, and commit to projects in a sustainable manner on the APIX Platform as there is a mutual understanding in terms of timeline and transparency in terms of decision making.
Experiment risk-free within platform Within the fail-safe environment of APIX Hackathon Platform, Prudential was able to experiment in a controlled environment with external parties safely.
Expanded cross-border reach Prudential was able to reach out to APIX’s network of Fintechs with an increase in cross-border submissions from across Asia, Africa, Europe, and America, due to it being a virtual hackathon format. This also led to greater diversity and reach of submissions, as opposed to hosting a physical hackathon within Singapore.
Greater engagement and involvement Prudential was able to involve more colleagues from across the region, include top global executives for digital leadership and senior management from regional business units.
Successful partnerships The hackathon delivered multiple successful collaborations. Prudential shortlisted 3 startups to work with their internal mentors and business teams to develop and then implement proof of concept of proposed solutions.
These positive outcomes prompted Prudential to continue hosting the programme on APIX.
“Co-creating through collaborative partnerships has always been key in Prudential’s digital innovation journey. Over the years, we have forged a strong partnership with APIX to bring many innovation initiatives to life. This includes hosting PRU Fintegrate Partnership, our flagship innovation programme, on the APIX Hackathon Platform which has enabled us to reach out to a global audience during the pandemic in the last 2 years.”
“The PRUFintegrate Partnership Programme (hosted on the APIX Platform) gave my team a platform to showcase the work that my startup is doing. We received valuable feedback from the various Prudential stakeholders including C-Suite executives from around the region to further improve on our solution. Overall, it was a fruitful experience.”