Prudential Financial’s local unit opens tech hub in Bengaluru

New Jersey-based Prudential Financial, a Fortune 500 listed insurance firm, has opened a technology development centre in Bengaluru.

The newly-opened India Development Centre is a part of Prudential’s bid to expand its reach globally and enhance customer experience, according to a statement issued by Gibraltar India Solutions, a subsidiary of Prudential Financial.

“We are currently seeking world-class talent that will bring expertise in engineering, digital strategy, product management, technology and marketing functions to realise our transformational business goals,” said Sudhir Patnaik, vice president of engineering and site leader at Gibraltar India Solutions. 

The development hub is located in the Embassy Tech Village, which also houses the offices of technology giants like KPMG and Flipkart.

Bengaluru has emerged as the preferred site in Asia for setting up technology campuses, rivalling the likes of Shenzhen, Singapore and Hong Kong. 

Zurich-based reinsurance company Swiss Re announced that it will increase the headcount at its Bengaluru technology centre by 400. The addition will result in the Bengaluru office making up 10% of the Swiss reinsurer’s global workforce by 2021.

A study conducted jointly by Nasscom-Zinnov found that global capability centres run by multinational corporations in India generated $28 billion in value for the financial year ended March 2019. These centres have moved on from being merely delivery centres to value-creation centres, the report added.