Prudential Meets Customer Needs
By Yoon Ja-young
Prudential of Korea's goal is to become 'the most trusted company.' Not the biggest or most profitable, but an honest and ethical company trusted by customers.
Its best asset is its unique Life Planner® system. Since its founding here in 1991, the life insurer has introduced a totally different type of sales ― recruiting professional male Life Planners® with bachelor's degrees and providing customers with insurance products based on their needs.
The leading U.S. life insurance company in the country sells its products only through Life Planners® and not sales channels such as bancassurance or home shopping, sticking to personal consulting with professional experts to provide customers with products suiting their needs.
``Customers all have different needs when it comes to financial planning. Our insurance products are never pre-planned; they're customized to fit specific the lifestyle of each individual,'' a spokesperson said.
The company deserves credit for many 'firsts' in the insurance history here. When the insurer started doing business in Korea, it introduced the Agency System and Professional Career Agent System for the scientific management of Life Planners®.
In terms of products, it introduced LNB (Living Needs Benefit), which helps beneficiaries make their funeral arrangements, FNB (Funeral Needs Benefit), which partially reimburses funeral preparation costs, and Silver Nursing Care Rider, which pays nursing annuities in cases of long-term illness.
Thanks to such advantages, Prudential of Korea has maintained the best retention and persistency rates in the industry for years. Since insurance aims at providing coverage for customers throughout their lives, they would not be maintaining their contracts if their insurance salesman moved to other insurers, as they couldn't guarantee the financial protection of their customers. POK is trusted by customers because its Life Planners®, the most qualified professionals in the industry, stay with customers and provide the best quality services.