10 Jun 2019
Prudential and OVO forge strategic partnership in Indonesia
Prudential to offer wellness, health and wealth solutions leveraging Indonesia’s leading mobile payment platform.
PT Prudential Life Assurance (“Prudential”), a business unit of Prudential Corporation Asia, today announced a strategic partnership with PT Visionet International (“OVO”), a leading digital payments, rewards and financial services platform in Indonesia. The partnership significantly enhances Prudential’s reach in one of Asia’s fastest-growing insurance markets with a digitally-savvy population.
Prudential and OVO will jointly develop new and comprehensive digital propositions for customers encompassing wellness, health and wealth products and services. Prudential and OVO customers will enjoy the convenience of transacting online with electronic underwriting, e-payments, e-claims and easy access to Prudential’s wide hospital network, complementing the face-to-face service from Prudential’s financial consultants in 160 cities.
Prudential is the largest life insurer in Indonesia1 with over two million customers, an industry-leading agency force of over 250,000 agents, more than 400 offices and access to 430 bank branches. Available in over 115 million devices, OVO is the preferred digital payments platform for Indonesians2, with over 500,000 merchants and a presence in 319 cities.
This partnership is a key step in Prudential broader commitment to make health and wealth services affordable and accessible to all Asians. By leveraging OVO’s complementary capabilities and extensive customer reach, Prudential will accelerate the Asia launch of Pulse, its digital platform powered by Artificial Intelligence (AI) technology. Pulse is the first regional platform of its kind in Asia to offer holistic health management, empowering customers to manage their health, wealth and wellbeing anytime, anywhere.
Mr. Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said, “Indonesia is vital to our Asia strategy and we are excited to bring unique and beneficial offerings to the country’s growing population of digital consumers. By combining OVO’s reach and Prudential’s best-in-class products and services, we can help Indonesians to digitally manage their wellness and health, protect what matters most, and grow their wealth.”
Mr. Jens Reich, President Director of Prudential Indonesia, said, “As a market leader in Indonesia, we remain focused on enhancing our operations and service to customers, through both digital and face-to-face channels. Our collaboration with OVO helps meet the fast-evolving protection and health needs of the Indonesia market. We will continue our efforts to support the government’s vision to provide greater financial inclusion and promote the health and wellbeing of Indonesians.”
Mr. Jason Thompson, Chief Executive Officer of OVO, said, “As Indonesia’s largest mobile payments and financial services platform, our partnership with Prudential further underlines OVO’s comprehensive suite of financial services, from payment, lending and now accessible insurance. Bringing the first collaboration between fintech platform and life insurer in Indonesia, we are humbled to bring financial inclusion closer, allowing more people to enjoy equal financial access.”
END
1Largest insurer by total premiums AAJI data 2018
2Morgan Stanley Report, February 2019
Note to Editors:
Prudential is launching in Asia a digital health app, Pulse by Prudential, that is the first of its kind in the region to offer holistic health management to consumers. Using AI-powered self-help tools and real-time information, the app serves as a 24/7 health and wellness partner to users, helping them prevent, postpone, and protect against the onset of diseases. Recently previewed in Malaysia, Pulse by Prudential will soon be available across the region, supported by a growing suite of regional and local service providers such as Tictrac (digital wellness services) DoctorOnCall (online consultation in Malaysia), AIME (dengue tracker in Malaysia) and Boost (e-wallet in Malaysia).
Recent announcements related to the launch of the AI-enabled ecosystem:
OVO is enriching financial services capacity within the OVO app through OVO PayLater. This new feature expands credit access to millions of Indonesians, supporting the growing trend of retail sales growth in Indonesia. OVO PayLater is enabled by Taralite, as part of the company’s strategy to better serve Indonesia’s growing digital economy. OVO PayLater introduces industry leading application process with one click credit facility activation, five minutes to obtain credit approval and immediate credit disbursal. Users can immediately fulfil their transaction needs, while managing their cash flow on the OVO app. OVO PayLater service is accepted in 200,000 modern retail merchants, such as Hypermart, ACE Hardware, Hoka-Hoka Bento and Bakmi GM.
For media queries, please contact:
Prudential Corporation Asia
Susanna Hui; Ee Ching Tan
Emails: susanna.hui@prudential.com.hk; ee.ching.tan@prudential.com.hk
Prudential Indonesia
Luskito Hambali
Email: luskito.hambali@prudential.co.id
OVO
Sinta Setyaningsih
Email: sinta.setyaningsih@ovo.id
About Prudential Indonesia
PT Prudential Life Assurance (Prudential Indonesia) was established in 1995 and is part of UK-based Prudential plc. Prudential Indonesia is a business unit of Prudential Corporation Asia, based in Hong Kong. Prudential Indonesia is committed to developing its business in Indonesia, by combining Prudential’s international experience in life insurance with local knowledge and expertise.
Since launching its first unit-linked insurance product in 1999, Prudential Indonesia has been the market leader for these products in the country. In 2007, it established a Sharia Business Unit and has since been trusted as the leader in the sharia life insurance market in Indonesia.
Prudential Indonesia’s head office is in Jakarta. As of December 31, 2018, it has 6 marketing offices in Bandung, Semarang, Surabaya, Denpasar, Medan and Batam and 404 Mandiri Marketing Offices (KPM) throughout the country. At 31 December 2018 Prudential Indonesia had more than 2.1 million customers, supported by more than 250,000 agents.
For more information, please visit Prudential Indonesia’s website here.
About Prudential Corporation Asia
Prudential Corporation Asia is a business unit of Prudential plc (United Kingdom)*, comprising its life insurance operations in Asia, and its asset management business, Eastspring Investments. It is headquartered in Hong Kong.
Prudential is a leading life insurer that spans 12 markets in Asia, covering Cambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Prudential has an extensive multi-channel distribution platform providing a comprehensive range of savings, investment and protection products to meet the diverse needs of Asian families.
Eastspring Investments manages investments across Asia on behalf of a wide range of retail and institutional investors. It is one of the region’s largest asset managers with a presence in 11 major Asian markets plus distribution offices in the US and Europe. It has £151 billion (US$193 billion) in assets under management (as at 31 December 2018), managing funds across a range of asset classes including equities and fixed income.
For more information, please visit Prudential Corporation Asia’s website here.
*Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for 170 years and has £657 billion in assets under management (as at 31 December 2018). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
Prudential plc is listed on the stock exchanges of London (PRU.L), Hong Kong (2378.HK), Singapore (K6S.SG) and New York (PUK.N).
About OVO
OVO is the leading digital payment, rewards and financial services platform in Indonesia. Now, OVO is present in 115 million devices and can be used to access payments, transfers, top up, withdrawals, and lending, as well as asset and investment management. OVO is accepted in more than 300 cities in Indonesia and we are committed to building the largest financial payment and technology company in Indonesia.
For more information, please visit OVO’s website here.