Insurance cover

can never start too early

Prudential Malaysia’s PRUmy child product is responding to the difficulties women face buying cover to protect their unborn child.

Prudential Malaysia’s PRUmy child product shows that insurance cover can never start too early. In fact, PRUmy child covers children before they are born, after research showed that pregnant women found it difficult – if not impossible – to buy cover that offered protection to their unborn children.

Charlie Oropeza, Prudential Malaysia’s CEO, explains how the idea for PRUmy child emerged: “Through our focus groups and research we found that parents in Malaysia were looking to protect their children with insurance cover as early as possible. Most insurance companies have ignored this market because of the perceived risks. But we saw it as an opportunity, and clearly something that our customers wanted. So, we set about developing a product to meet that need.”

The aim was to develop a comprehensive product, responding to parents’ key concerns identified through our customer research. Prudential Malaysia’s Chief Product and Marketing Officer, Heng Zee Wang, explains: “During focus groups, we found that parents ranked their three priorities for their children as health, education and peace of mind. PRUmy child is designed specifically to meet all of these priorities.” It also provides cover immediately after the policy is taken out when usually there is a waiting period.

Customer response to PRUmy child since its launch in March 2010 has been very positive, accounting for a significant percentage of Prudential Malaysia’s total investment-linked insurance policies. The success of PRUmy child is down to the range of options that it provides. It combines protection against a range of childhood diseases and potential problems at birth, with a savings component that allows parents to provide for their children’s education. PRUmy child also extends life cover to parents, providing their children with a lump sum, or monthly income, in the event of their death or other unexpected events.

Launching the product was not without significant challenges, explains Heng Zee Wang: “We had to work hard on a number of fronts. Importantly, we had to convince reinsurers that with the right product, this could be really successful.”

“Parents ranked their three priorities for their children as health, education and peace of mind. PRUmy child is designed specifically to meet all of these priorities.”

effie worldwide

Gold Award for
excellence in
communication

Campaigns to promote the product have been backed by one of the most popular singers in the country, Shelia Majid. Shelia, a Prudential customer for more than 20 years and ambassador for PRUmy child, is widely considered as a role model in Malaysia. The promotional campaign was awarded a 2010 Malaysia ‘Gold Effie Award’ for excellence in communication. Charlie says that the high profile achieved by the campaign has not only generated considerable commercial interest, it has also helped raise public awareness about the overall value of insurance: “With this product, and supporting campaigns, we have been able to reach a lot of young people who are starting families, helping them realise that there is real value in insurance beyond protection.”

Further reading
For more information on PRUmy child visit
www.prumychild.com

“We have been able to reach a lot of young people who are starting families, helping them realise that there is real value in insurance beyond protection.”