Prudential Vietnam achieved remarkable growth in 2022. — Photo courtesy of Prudential Vietnam
Prudential Vietnam Assurance Private Ltd., achieved remarkable business outcomes in 2022 thanks to its long-term customer-centric business strategy, according to its recently published 2022 financial results.
Its total asset value reached VND161.75 trillion (US$6.9 billion), 9.2 per cent up from 2021. Investment in the local economy was VND143.8 trillion, up 11 per cent.
Net revenues from insurance activities were VND30.6 trillion, up 8.1 per cent. New business annualised premium equivalent was nearly VND 7 trillion, up 25.7 percent.
The solvency margin remained at over 160 percent.
Phuong Tien Minh, CEO of Prudential Vietnam, said that in 2020-21 the company transformed its workforce and operating system.
“Until 2022 we were able to accelerate development in both scale and quality. We have delivered exceptional results that exceeded our expectations, especially in customer metrics such as net promoter score (NPS) at every touchpoint.
“By continuously improving the customer experience, Prudential has been creating and delivering a differentiated end-to-end customer experience as demonstrated by the latest benchmarking of the NPS result for 2022. Specifically at the point of making a claim, we received a touch-point customer score of 7.2 for the entire experience. This was the highest in the market, which scored an average of 6.7 points.”
Prudential fulfilled its commitment to pay out nearly VND9.6 trillion worth of insurance benefits in 2022, up 11 per cent, accounting for a quarter of the total industry claims payouts.
More than VND1.6 trillion was paid for more than 150,000 cases of death, total and permanent disability, critical illness, and medical care, up 35 per cent.
Prudential’s bancassurance channel played a critical role in making health and financial insurance accessible to more urban customers through its partnerships.
In 2022 the number of claims and the claim payouts for customers via bancassurance increased by 64 percent and 69 percent, showing the growing protection needs of the urban customer segment.
In addition to its agency and bancassurance channels, Prudential diversified its distribution channels to offer customers comprehensive solutions through “just a click” via e-commerce platforms.
Last year, Prudential Vietnam was the leader in bite-sized product solutions to serve the varying and growing needs of urban customers with reasonable premiums and premium monthly subscription options such as PRU-Modern and PRU-EASY365.
PRU-Modern also climbed into the TOP 10 Trusted Vietnam Products – Services 2022 (Banking - Finance - Insurance) as voted by The Vietnam Economic Times within just four months of its launch.
Prudential steadily improved the quality of its sales force through regular training programmes to help them apply digital technologies to customer experience, customer care and sales management.
Its PRUForce application was developed to help its salesforce throughout their journey to progress in their career path and better engage with customers, which helps staff achieve the Million Dollar Round Table (MDRT), a globally recognised title for outstanding financial and insurance consultants based on the criteria of business results and specific incomes.
By constantly improving the capabilities of elite consultants, the rate of Prudential Vietnam’s elite consultants winning the MDRT title is increasing every year.
Contributions to community development
Prudential Vietnam focused greatly on customer satisfaction, according to Phuong Tien Minh, CEO of Prudential Vietnam. — Photo courtesy of Prudential Vietnam
In 2022 Prudential continued to focus on long-term community projects, especially in the fields of education, safety and social issues.
The "Independent Seniority" event was held for the second year, "Safe Steps Road Safety Kids" for the third year and "Cha-Ching Financial Education Program" for the fourth year.
Prudential undertook emergency relief activities, helping 12 provinces overcome natural disasters and epidemics.
Between 2011 and 2022 Prudential invested over VND243 billion in community projects.
Its efforts to foster community sustainability were recognized by many prestigious organisations. For example, 2022 marked the fourth time in a row the company was awarded the “International Life Insurer of the Year" at the Insurance Asia Awards.
It was also in the Top 10 Sustainable Enterprises in the Trade and Services sector according to CSI 100 for the sixth time in a row.
Two official members from Prudential also joined a working group to support the Just Energy Transition Partnership (JETP) between the governments of Viet Nam and the UK to facilitate clean energy transition.
The group discusses the development of mechanisms and policies for private enterprises to work towards a net-zero economy.
Minh added: “We successfully completed our 2022 journey on a high note. In 2023 we will continue to promote quality growth as a way of celebrating the 175th anniversary of Prudential Group, 100 years in Asia, and 24 years of serving and protecting 2.1 million Vietnamese customers.” — VNS