Prudential Vietnam continues to move forward amidst a challenging landscape as its success is driven by the persistent enhancement of the customer experience and an unwavering commitment to a responsible business.
Customer-centricity: keystone for long-term growth
Despite the impact of global economic fluctuations on the insurance market, Prudential maintains a strong belief in several prospects for long-term development and strives to maintain its position as one of the pioneers in the industry.
According to Dennis Tan, Managing Director, Strategic Business Group, Prudential plc, Vietnam possesses many opportunities for Prudential to continue pursuing deep-rooted prosperity in this market.
Drawing from his extensive experience overseeing three markets in the Asian region, Dennis highlighted several significant opportunities that bolster Prudential’s confidence in the enduring growth of the region.
Accordingly, the insurance penetration rate in Vietnam is less than 2% of GDP, compared to Thailand (3.1%) and Singapore (9.8%). This opens opportunities for future expansion, especially given the notable rise in healthcare and financial demand following the pandemic.
Furthermore, urbanisation is expected to surge from 37% in 2021 to 45% by 2025, and the middle-class population is set to double by 2030, which will help Prudential provide better accessibility to healthcare and financial security for greater numbers of young people in Vietnam.
Additionally, this opportunity is also strengthened by the ambition of the Vietnam government’s Strategy for the Development of the Insurance Market by 2030, with a scale reaching 3%–3.3% of GDP by 2025.
According to Dennis Tan, “By embracing Vietnam’s vast market potential, Prudential remains unwavering in its commitment to sustainable growth, placing paramount emphasis on our customers, and continuously elevating their overall experience.”
“Our mission is to persistently pioneer customer-centric solutions and services, fuelling our business growth while championing transparency and sustainability in the insurance sector, paving the way for its continued success,” said Tan.
Prudential consistently bolsters customers’ confidence by providing exceptional experiences and continuously heightening customer delight. Respecting the Net Promoter Score (NPS), Prudential Vietnam has been leading the market for three consecutive years since 2020 in terms of resolving insurance claims.
Strategic pillars and commitment to sustainable development
Customers, together with distribution and health, are the three key strategic pillars in the durable progress strategy of Prudential for the next five years.
These three pillars will serve as the guiding principles for all of Prudential’s business endeavours, with customers acting as the compass that steers every decision and action.
Dennis states that Prudential’s mission is to become the most trusted partner and protector, with a rooted perception of customers’ needs at various life stages.
The pivotal role of digital technology in elevating the customer experience must be emphasised. Investing in technology allows Prudential to offer personalised information and connect customers to suitable consultants while observing a significant demand from customers in health care.
Prudential is committed to harnessing PruServices’ technology platform to offer customers a seamless and accessible self-service experience.
Furthermore, Prudential continues to enhance customer experiences with smart underwriting engines, and automated technologies currently handling approximately 83% of new business policies and processing three out of four claims, providing smooth onboarding and minimising waiting time.
These tech-driven initiatives are in line with the new purpose of Prudential, announced in late August – “We are Prudential. For Every Live, For Every Future.”
“For Every Life speaks to our ambition to meet the huge, underserved needs of potentially 4 billion people across our markets in Asia and Africa. With the collective wisdom of our talented people, we will partner with customers to improve their health and financial understanding,” Tan said.
Besides, he also stated that “For Every Future” speaks to their ambition to add value to the wider community for a more sustainable, responsible, and inclusive future.
“We are here to protect this generation, just as we have previous generations and those we are yet to meet,” he exclaimed.
To fulfil its ambition to protect future generations, Prudential strives to develop positive impacts on the environment and community.
For the environment, it is about responsible investments and sustainable development goals, as Prudential was named one of the partners of the Vietnam Government’s Just Energy Transition Partnership (JETP) to accelerate sustainable development by leveraging expertise from the insurance sector to better support the initiative from an insurance perspective.
For the community, Prudential implements many key community investment programmes that have received high appreciation from Vietnamese regulators.
Notably, the “SAFE STEPS Kids Road Safety” initiative has delivered impactful messages about road safety and traffic safety education in 11 schools, while another financial education programme named “Cha-Ching” successfully equips students and teachers in 201 schools across Vietnam with proper training skills and basic financial management knowledge.
As Prudential celebrates a century in Asia and 24 years in the Vietnam market, its unwavering commitments to customer-centric innovation and sustainable practices solidify its role as the industry pioneer, ensuring a lasting impact in Asia and beyond.
Being asked about the key strength that has propelled Prudential Vietnam forward, Dennis replied, “From my perspective, the Prudential Vietnam team is very resilient. It’s not easy to conquer many challenges while still being proactive, determined, maintaining great teamwork, and being ready to be there for customers. I believe that resilience is the key spiritual strength of Prudential Vietnam.”
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