Skills to complement the mindset
As a SkillsFuture Fellowship recipient, awarded in 2019 by SSG, Loh was invited to attend the briefing on the Skills Framework for Design.
An officer from Dsg subsequently met up with her to explore synergies.
“We were quite excited because it gave us a very systematic and organised way to move forward,” she says, after learning how it could complement what she is championing through the 4I.
“I combed through the Skills Framework, extracting parts that were relevant to Prudential’s objectives.”
For instance, she understood from the Skills Framework how the skill of business model innovation was an important sub-speciality of innovation and design thinking.
The Skills Framework for Design supports Magdalene in developing the 4I Innovation Framework that gives Prudential’s staff and financial consultants a step-by-step process in using a design thinking mindset to solve problems.
She therefore introduced it into the 4I, and also included methodologies such as business value proposition mapping that would guide her colleagues in performing business model innovation.
Another way that the Skills Framework was helpful was through validating a hunch that having data literacy would be important to everyone, since it is a fundamental part of innovation and design thinking, and in doing so, would support the 4I.
Data analysis and interpretation, as well as data and information visualisation, are part of the 48 technical skills and competencies listed in the Skills Framework for Design.
Consequently, she says staff are being trained in these areas to “build a data culture and democratise the use of data”, so that everyone has basic knowledge of it.
As testimony that the insurance firm is on the right track so far, Prudential was able to come up with a new insurance plan within just 10 days – instead of over several months – through various teams applying what they have learnt from the training she has been doling out.
Launched on 8 April 2020, the PRUAffinity Personal Accident Plan is targeted at employees of eligible Singapore-based FinTech companies, in support of MAS’ COVID-19 response.
It increases the personal accident coverage for those retrenched from $20,000 to $50,000, and includes Prudential’s PRUCare package, which covers COVID-19 quarantine and hospitalisation benefits.
“Colleagues across the company came together and used design and other business competencies to accelerate the product development and deployment process,” she explains.
“We are an innovative company and we have good people and a strong ecosystem in place already. That's why we can work quickly with our partners to benefit our customers – it all ties back to how we want to innovate to help everyone live well.”