The Korea Herald


Prudential Life Insurance cherishes trust

By Korea Herald

Published : June 28, 2012 - 19:14

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The headquarters of Prudential Life Insurance Co. of Korea in Seoul The headquarters of Prudential Life Insurance Co. of Korea in Seoul
Prudential Life Insurance Co. of Korea’s vision is “to become the most trusted company.” The insurer values honesty and ethics above size or profit.

Behind the ideal to become the most trusted life insurance company is Prudential’s philosophy “the man of brotherhood and love of family,” and the mission “to help customers achieve financial prosperity and peace of mind.”

Since its establishment in Korea in 1989, Prudential Life Insurance has accomplished many firsts for the Korean life insurance industry. In 1991, the company introduced the “Life Planners” system, launching an era of domestic life insurance specialists, and became one of the first to offer customer-focused, individually-tailored plans. Later products, such as the Living Needs Benefit (1994), Funeral Needs Benefit (1999), Silver Nursing Care Riders (2005), and Wish Plus Riders (2009), all contributed to the progress of the life insurance business.

There are telling results of all this hard work. Prudential’s solvency margin ratio, an indication of financial soundness, was 741.6 percent as of late March this year, making it the highest in the industry. The company boasts the field’s highest contract retention rate with 87 percent, lowest mislead sales ratio with 0.05 percent, an excellent proportion of certified insurance consultants of 32.2 percent, and has ranked No.1 for national customer satisfaction eight times between 1998 and 2011. These impressive figures have allowed Prudential to hold the title of most trusted insurance company.

In 2011, Prudential Life Insurance said that it plans to follow the shifting needs of Korea’s ultra-aging society by developing into a company with many insurance coverage products while strengthening growth in sectors of retirement, old age and health. That same year, the company produced Double-Up Health Care, which focused on healthcare coverage, and Age 100 Plus Variable Annuity, a post-retirement protection plan. In the first half of 2012, Prudential once again generated industry firsts with Multiplus Life Insurance, a plan that covers cancer recurrence in the original location, and Hybrid Variable Lifetime Insurance, which prepares one annuity.

Prudential plans to strengthen the expertise of their life planners this year by opening the “Financial Protection & Retirement Master Course” in coordination with the KAIST School of Business. The company is expecting to train about 130 specialists every year, with 400 insurance experts by 2014. Similar to an EMBA program, the Prudential-KAIST curriculum is for top life planners to continuously improve their professional knowledge and competence. They will specialize in retirement and high net-worth individuals, planning for a future market of VIP clients.

In the future, Prudential will continue to grow as Korea’s most trusted insurance company by equipping agents with the skills to adjust to the changing society.