Prudential Singapore has launched a mobile app, Business@Pulse, to help SME employees manage their group insurance conveniently and seamlessly.
They will be able to view their medical and employee benefits as well as submit claims through the mobile app, at any time, and from anywhere.
Through the app, the human resources (HR) teams and business owners can also manage their group insurance and process employees’ claims more easily. The app is available to Prudential’s enterprise customers, from multinational companies to small businesses with at least 3 employees.
Mr Dennis Tan, CEO, Prudential Singapore, said the life insurer is committed to supporting SMEs with their employee benefits and digital transformation journey.
According to a poll commissioned by Prudential in April 2022, one in three SME employees said that their companies do not have a dedicated HR team to take care of medical and employee benefits.
SME employees also shared that they cannot easily find information about their benefits, with one in four saying that their company manages their benefits through email.
“Simplifying group insurance and making it easily available to employees through digital solutions such as Business@Pulse will encourage more companies to address the protection gap,” said Mr Tan.
“This will go a long way in engaging a hybrid and digital-first workforce while providing the necessary protection for employees, which are important in view of Singapore’s ageing workforce and rising healthcare costs.”
Meeting the needs of SMEs and their employees
SMEs account for more than 99 per cent of businesses in Singapore and 70 per cent of the workforce, but many do not provide medical and employee benefits. Some do not see the need due to their small company size, while others lack the resources to build or procure their own digital solutions to manage their employees’ insurance needs and benefits effectively.
However, nine in 10 SME employees polled say that they want their employers to provide healthcare coverage, and 60 per cent said that they are more willing to join a company that provides medical benefits.
The Prudential poll also found that one in five SME employees are more willing to stay in a company that prioritises digitalisation, while 79 per cent agreed that digital transformation is essential for business survival.
With the app, employees can get a summary of their benefits, submit and track claims on a mobile app for a seamless experience. These are features that the polled SME employees had said were important in a tool for managing their benefits.