Overview

Established in 1996, Pru Life UK is the pioneer of insuravest, or investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute US dollar-denominated investment-linked life insurance policies in the country. Since its establishment, Pru Life UK has expanded its reach to over 190 branches in the Philippines, with the biggest life agency force of more than 35,000 licensed agents.

EbixCash is India’s largest end-to-end financial exchange and converges front-end distribution channels with back-end technology functions, across the payments solutions, travel, insurance, and financial technology industries.

MoneyWare is an integrated wealth management platform designed to run complete business life cycles, from front office to back office, on one system. Itis flexible and customisable allowing financial institutions to address client management, financial advisory, portfolio management, compliance, client reporting, accounting.

Implementation Process

Agile methodology and sprint wise delivery was planned and scheduled for the implementation. Redmine/JIRA internal tracking tool was also used.

Agency Customization was a unique module which was exclusively developed for PAMTC to process the agent commission from Integra. Hence, the development, testing and delivery of these items along with Standard UITF, CRM Client Onboarding within the defined sprint with crunch timelines was challenging.

Benefits Achieved

Pru Life UK reaped helpful benefits after going live. They have launched a new business of investment using MoneyWare Suite which can generate regulatory reports through system directly and automated excel tracking which smoothly process orders and trades.

MoneyWare helped Pru Life UK to smoothly process orders – they can generate regulatory reports through the system directly without manual Excel tracking. NAVPu is published on a daily basis, and more customers are investing in Pru Life.

Conclusion

The solution helped the bank to streamline their processes with minimal effort. It was the fastest implementation in SEA, taking a total of 8 months including product walkthrough, gap study, solution mapping, development, testing and implementation.

Key Facts

• Bank Name: Pru Life UK
• Bank HQ: Philippines
• Vendor: EbixCash
• Solution Implemented: MoneyWare Wealth Management