Agents of Good Vibes for Life at Prudential

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Agents of Good Vibes for Life at Prudential

Prudential Assurance Malaysia Berhad (PAMB) was established in Malaysia in 1924, and has developed into being one of Asia’s leading life and innovative insurer since then. For the financial year ended 31 December 2015, It recorded a RM1.43 billion in new business sales from life insurance sales and investment needs of Malaysians by offering a full range of financial solutions through its 45 branches and bancassurance distribution partners network nationwide. With more than 1,700 employees, PAMB is committed to helping people achieve their ambitions for a brighter and financial secure future.

Money Compass spoke to Mr. Gan Leong Hin (Gan), the Chief Executive Officer (CEO), and Mr Chai Koh Min, the Chief Agency Officer (CAO) of Prudential Assurance Berhad (PAMB) in an exclusive interview on the passion and mission of its people and the company.

 

Chai : Agents of Good Vibes

“Putting our passion first is one of the most healing and empowering favors we could do to ourselves. Giving back to the community, helping everyday Malaysians to achieve financial freedom and peace of mind, is the passion that drives me to venture further in the insurance industry,” the Chief Agency Officer (CAO) of Prudential Assurance Malaysia Berhad (PAMB) revealed  on what fuels his passion in an exclusive interview with Money Compass (MC)

Chai began his chapter in the insurance industry some 25 years old ago. He was instrumental in implementation a series of transformation initiatives and driving agency sales growth, for both conventional and takaful products

Four and a half year on the helm of CAO in Prudential which is one of the top  insurer among the industry players, Chai has found a daily dose of good vibes in finding the sense of purpose, self-worth and belief. Never turn off the “leaning switch,” you never know from your flash of insight will come. Always stay humble and avoid the pitfall or pride, he advised.

Commit and Engage

We are in the business of helping customers and their families to achieve financial security, and prosperity. This has always been an inspiration to drive the business to even greater heights. Therefore, we are forever committed to genuinely engage with our customers, to provide the right solutions for them and their families in facing uncertainties.

Towards this end, it is always about what we want to achieve; we need to be equally clear about how we will go about achieving it, and grwing it sustainably, towards a lasting legacy.

Going Higher

Life is not about “going on”, but “going up” as well. One person can make a difference, but together a common vision makes a huge difference. This is why we always believe in partnerships for growth.

Chai said, ” The management and PRULIA have worked together to collaborate and focus in building a growing and sustainable future together. As our journey upwards continues, we will succeed together as One Force, One Prudential Malaysia.”

 

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Gan : The Prudential Big Plan

Prudential’s mission is to provide financial freedom and peace of mind for all Malaysians. ” One of the ways we are making that happen is by ensuring Malaysians are financially protected,” the Chief Executive Officer (CEO) of PAMB, Gan added, “there is still enormous potential for the insurance industry to grow. With a penetration rate of only 56%, there is still a large segment of the population that remains un-insured.

Investing in People

The mission of Prudential is very much in line with the nation’s aspiration to ensure that 75% of the population is insured by 2020. Recruitment to expand distribution network is the key in reaching out as many Malaysians as possible.

“At Prudential Malaysia, our vision is to be the number one insurer in the hearts and minds of our people and customers.” Gan explained, “What this means is that everything we do, we put our customers, agents and employees at the heart of it. We believe that people are our biggest assets. Continuously investing in talents, for growth and development, so that they can give their best performance and achieve their maximum potential.”

“Guided by the credo Always Listening. Always Understanding it is our goal to always provide our customers with innovative yet affordable financial solutions that meet their needs at different stages of their lives. As an insurer, Prudential has always emphasized on and  taken pride in product innovation,” he said.

World Class Service

Gan is humbly proud to claim, “World class customer service is also something we can continuously striving to delivery. On top of the training and development we provide to our agents and staff, we continue to upgrade our branch network to deliver a higher quality of service. We are investing in technology to improve the effectiveness and efficiency of our operations and services.

Chai : Force of Growth

Prudential’s agency network continues to be its core distribution platform. ” Our agents are often the first point of contact for customers looking to obtain financial advice. Our commitment to the quality of our agency distribution ensurers a profound and long-term relationship with our customers is developed and maintained,” Chai pointed.

In regards to the development of agency force, the focus is on 3 Ts: Talent, Training and Technology:

Talent: Prudential’s focus is on quality recruitment for long-term and sustainable growth of agencies. “To ensure we recruit driven individuals, we have our ongoing Entrepreneur Development Programme (EDP), which aims to accelerate the career path of rookie agents with an intensive development plan,” chai revealed.

Training:  Prudential’s training aims to develop well-educated, professional and productive agents.

Technology: Prudential continues to invest in technology to help its agents in more effective selling. PRUway Plus is an e-submission tool that enable a richer customer experience on the fly, even when agents are having a conversation with their prospects.

Chai emphasized that quality recruitment and rapid activation of new recruits will be the important pillars of Prudential’s Agency strategy. ” We have adopted sophisticated recruitment practices through the increasing use of segmentation, to target high-calibre prospective agents with the ambition to develop a long-term professional career with Prudential.”
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Gan: Recruitment of Force

Agency recruitment remains a key focus of Prudential. “Earlier this year, we opened the Prudential Recruitment Hub at Ukay Heights, Ampang, to focus on amplifying Prudential’s recruitment program. It also serves to provide a better environment for agents to conduct their training and educational workshops thereby developing agents who are trained to fully understand and serve the needs of their customers,” said Gan

The Prudential Recruitment Hub is part of Prudential’s commitment to enhancing agency force and achieving recruitment goals. Besides, such an infrastructure complements customer-centric value. It is in line with Prudential’s mission to providing financial protection and peace of mind to all Malaysians.

“We also ensure our agents are well-prepared for the Balanced Score Card (BSC) and need-based selling through a number of training and initiatives. As the pioneer in investment-linked insurance, our readiness in listening and understanding the needs of our consumers has consistently made us a leading force in product innovation. We constantly scan the market for opportunity to introduce products that will help to bridge the gap in the market and more importantly, meet consumer needs,” Gan added.

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Chai: Tapping the Best of Both Worlds Ahead

Asked on how Prudential is strategising for the digital wave of insurtech, Chai assured that through more digital channel are sprouting, agency remains the main distribution focus for Prudential in Malaysia.

While we intend to  go online as part of the Life Framework, our agents are still cornerstone of our distribution strategy and their roles will remains prominent. At the same time we will seek to have an integration of both online and offline experiences, thereby directing some of the online traffic to agents offline for advice on the more complex products.