Keeping up with the times

WHETHER it's helping to plan for their retirement or pay for their children's education, Prudential has played a key role in addressing the protection, savings and investment needs of Singaporeans for over 80 years. The British insurer established its presence here when it started a Malaya branch office in the city-state in 1931. After World War II, it reinstated the policies of its customers and met its war claims in full.

This commitment to the customer has not wavered since, and has indeed been supplemented by a big dose of innovation to ensure that its products and services remain relevant to the changing needs of Singaporeans.

"Through the years we have helped Singaporeans live financially better lives - to plan for things that are important in their lives: to be able to live the lifestyle of their choice in their retirement years, fund their children's education, or leave a legacy for their children and grandchildren," says Tomas Urbanec, chief executive officer at Prudential Singapore, a role he assumed in January 2013.

"We also help ensure that they are financially covered in times of personal crises - when illness strikes, or when the unexpected happens, especially to the breadwinner. The social value of what we do, as a business, is fundamental to the overall well-being of our customers."

Leveraging on a multi-channel distribution network that includes its agency force and bank partners, Prudential's suite of products and solutions caters to the needs of Singaporeans at different life stages and when their dependencies change.

This approach has paid dividends for the company, both financially and otherwise. Prudential Singapore delivered a strong performance in 2014 with annual premium equivalent (APE) of S$745 million, and continued to be a market leader with its popular regular premium and PRUshield products.

Meanwhile, its agency APE sales grew by 16 per cent as a result of increases in manpower and productivity. The insurer has an AA rating by credit rating agency Standard & Poor's and has achieved various awards including the Gold Award in Reader's Digest Trusted Brands for the past 11 years.

"My vision for Prudential is to continue to be the life-long preferred and trusted partner for the protection and financial planning needs of Singaporeans. I believe we can continue to be worthy of this position if we continue to be customer-centric," says Mr Urbanec.

Outside of its core business, Prudential Singapore has contributed to the development of Singapore by giving back to society through its Corporate Social Responsibility (CSR) programmes.

These are focused in the areas of education, helping children, meeting the needs of the less fortunate and giving back to the local community. In addition to monetary donations, the company encourages its staff and agency force to actively participate in community projects.

Staying relevant

Looking ahead, Mr Urbanec says Prudential Singapore will stay focused on its core business of providing protection, investments and savings solutions, even as it develops new solutions for the changing needs of its customers.

For instance, Prudential Singapore has in recent years introduced a slew of new products and services to address changes brought about by Singapore's greying population and low-replacement rate, as well as the low interest rate environment.

In May this year it launched PruWealth, a savings product that ensures that one's savings see real growth in the long term without having to worry about market volatility. Meanwhile, PruGolden Income, an endowment product introduced early in 2014, provides a stream of income to customers in their retirement years.

Last year it also introduced PruHealthcare Assist, a service that provides its PruShield customers with information and answers queries on hospitalisation, medical related issues and insurance coverage.

"Going forward, we will continue to keep our pulse on the evolving needs of customers, and as these change, we will introduce products and services to meet these needs. We also want to continue to be a leader in wealth accumulation and health care," says Mr Urbanec. "We endeavour to grow with our customers as the demographic landscape in Singapore changes."

On his wishes for Singapore on its 50th year of independence, he says: "I am proud to helm a company where our people share genuine pride and commitment to help ensure that Singapore remains the best place to call home."

"I also wish that the nation continues to do what it has done so well all these years - to evolve, be adaptable and flexible, to be able to reinvent itself time and time again, to stay relevant to the region and the world."