Wednesday,22 May 2024

From banker to insurer - Dennis Tan’s transition to impacting lives at Prudential Singapore

5 min read

Interviewed By Foo Boon Ping

Dennis Tan, CEO of Prudential Singapore, discussed the shifting concerns of customers post-pandemic towards personal well-being and financial security. He applies his extensive experience in financial services to advance customer-centric solutions, embracing technology and sustainability in a rapidly evolving industry.

Dennis Tan’s leadership as CEO of Prudential Singapore signifies a transition from a seasoned banker to a key figure in the insurance industry. He described his career shift as not so much of a move from banking to insurance as the early part of his banking career was focused around bancassurance or, as he calls it, “semi-insurance”. Tan underscores a deep-rooted commitment to integrating insurance solutions into broader financial planning.

Tan, who is also managing director of Prudential’s Strategic Business Group covering Singapore, Thailand and Vietnam, navigates Prudential through these three markets, each presenting unique challenges and opportunities. His approach has been adaptive, combining local insights with global trends to enhance the company’s footprint and service offerings.

He said: “Even though there are differences in the markets, there is also a commonality. People are living longer; populations are ageing and there is a huge protection gap that needs to be addressed.”

Prudential has adapted to changes in these markets over the years, especially during the tumultuous times of the COVID-19 pandemic. As more people gain awareness of the importance of personal well-being and financial security, Tan continues to support customers through access to health and protection solutions to help them better plan for their financial future.

Tan’s focus on empathy, engagement and empowerment has seen Prudential achieve growth in challenging conditions. He acknowledged the diverse performance dynamics across the markets he oversees, with each responding differently to economic pressures. In more populous markets like Vietnam and Thailand, for instance, he recognised the need for more accessible microinsurance products. Singapore, on the other hand, remains a robust market for long-term policies that address healthcare and financial well-being.

Despite challenges, Prudential has maintained a strong position, thanks to strategic pivots in product offerings and distribution channels, particularly in the health insurance and protection space.

Technology adoption and digital transformation are pivotal to Tan’s strategy to enhance customer experience and operational efficiency. For example, Prudential Singapore performs real-time assessment on policy applications through its instant underwriting engine, where 75% of applications receive instant approval. This allows customers to receive their e-policy in as little as two hours, which not only enhances customer satisfaction, but also reinforces the company’s competitive edge.

Sustainability and responsible investing are also key to Tan’s vision for Prudential. He stressed the importance of aligning the company with global environmental, social, and governance standards to ensure that operations positively impact societal and environmental objectives. For instance, it takes proactive steps towards decarbonisation, such as divesting from companies that generate more than 30% of revenue from coal. It has also committed to delivering a 55% reduction in weighted average carbon intensity of the investment portfolio by 2030.


Keywords: Customer Solutions, Technology, Financial Planning, Covid-19 Pandemic, Health Protection, Financial Advisory Services, Trust And Loyalty, Growth, Underwriting Processes, Esg Standards
Institutions: Prudential Singapore
Country: Singapore
Region: Southeast Asia
People : Dennis Tan
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