“The PRU for You online community has completely transformed the way in which we engage with and collect customer feedback.”
Chief Customer Officer, Prudential Singapore
Prudential Singapore has been serving the financial and protection needs of Singaporeans for 86 years. They are market leaders in Protection, Savings and Investment-linked plans, and with S$31.5 billion funds under management as of the end of 2016. Their goal is to provide well-rounded financial solutions for their customers. The company launched the PRU for You (PFY) community in July 2016 to allow greater engagement with customers and to give them a voice in developing new products and services. PFY has 4,500 members: 88% are customers and 12% are agents.
Tuning into product innovation
Product development has undergone a major overhaul because of the PFY community. Minimal research in the past caused a disconnect between what PACS and their customers wanted. Today, PFY performs deep-dives with members, and, if customers express lack of interest, the company can halt product development and recast efforts elsewhere. The company then tests product concepts before launch, not only to establish what customers want, but—more importantly—what they do not want.
How Prudential Singapore use customer insights to accelerate product growth
Different insurance needs engender different products
In May 2017, PACS launched two products resulting from PFY feedback—PRUman and PRUlady, covering illnesses specific to men and women. Customers diagnosed can receive up to a S$100,000 payout, ensuring they get the treatment they need without financial concerns. PFY was instrumental in structuring these products by identifying customer interest in eliminating “nice to have” benefits, leading to more affordable prices for everyone. Community feedback also showed that simplified health questionnaires made it easier for customers to purchase the products.
A jump in satisfaction and growth
Interaction with PFY resulted in a big uptick in 2016 Customer Satisfaction Scores (CSAT). A Taylor Nelson Sofres (TNS) independent benchmarking survey showed a 17-point increase in customer satisfaction—putting Prudential Singapore in the pole position amongst major insurers in Singapore. 87% of customers have said they would “Definitely” or “Most Likely” recommend Prudential Singapore—a 25% gain before PFY. The company pioneered an innovative insurance solution through PRUshield, becoming the first insurer in the market to give customers an option of claims based pricing. The PRUGolden Retirement plan saw 308% revenue increase year-over-year.