Prudential seeks to become trusted insurer in Korea
Prudential of Korea (POK) is striving to become the most trusted insurance company.
Other companies might want to become the largest or most profitable, but Prudential takes pride in becoming an honest and ethical company that is trusted by many.
Founded in 1991, POK set itself apart from other insurance companies by introducing a different type of sales system with Life Planners. The company recruited males with bachelor's degrees to become Life Planners to sell its need-based products to customers.
POK only sells its products through Life Planners, unlike other companies who sell through bancassurance or TV home shopping.
Each customer receives one-on-one consultation from a Life Planner, who provides products based on their personal needs. The insurance products are always customized to suit the specific needs and lifestyles of each individual. Life Planners follow the 3Qs: Quality People, Quality Product and Quality Service.
In the Korean insurance industry, POK has led the way, introducing many firsts and innovative changes. One of these is the creation of the Agency System and Professional Career Agent System that allow for a scientific management of Life Planners.
POK introduced the whole life insurance product for the first time in the domestic insurance industry. Other innovative products include Living Needs Benefit (LNB), where part of the benefits are paid beforehand to help one prepare for death; Funeral Needs Benefit, where partial benefits can be paid for funeral preparation costs; and Silver Nursing Care rider, which pays nursing annuity in case of long-term illness.
In the industry, Prudential of Korea has maintained the number one position in terms of retention rate, persistency rate and Certified Insurance Consultant ratio for many years.
Since insurance companies provide coverage for customers for during their lifetime, insurance salesmen should know his customers well and maintain a long and lasting relationship with them. If an insurance salesman moves to another company, it would be hard to maintain this relationship with his customers.
POK has become a trusted company by its customers, because the Life Planners, who are the best qualified professionals, stay with their customers at all times and provide the best quality services to them.