Progress highlights

TRUST

Prudential Corporation Asia: ‘Gold’ in the insurance category of the Reader’s Digest Trusted Brands Awards 2010 in Hong Kong, Malaysia and Singapore

Prudential UK: Retained top ranking for trust among customers, up three per cent year on year – customers 45+, HPI tracking, October 20103

M&G: Number one trusted brand among private investors and discretionary asset managers – TNS consumer tracking (September 2010) and Discretionary Asset Managers, ORC Investrack (August 2010)4

Jackson: Almost 70 per cent of advisers rated Jackson excellent for integrity and honesty – Annual Cogent Advisor Brandscape (2010)5

CUSTOMER SERVICE AND PERFORMANCE

Association of British Insurers’ (ABI) Customer Impact Scheme
In the UK, Prudential is a member of the ABI Customer Impact Scheme, which seeks to drive continuous improvement through monitoring customers’ experiences. We are one of 35 companies that participate in the annual Customer Impact Survey. In 2010, our UK business saw an increase in customers rating us ‘very good’ or ‘excellent’ for the time taken to arrange an annuity (64 per cent6). Partly, this is due to our participation in the ‘Options’ initiative, an industry-wide scheme we helped to establish, which aims to speed up the exchange of information and funds between pension and annuity providers.

Despite improvements in consumer confidence and market gains in 2009, some scores in the ABI Customer Impact Scheme fell sharply across the industry in the 2009/10 study – especially for ‘return on investment’ and ‘industry reputation’. Our scores came within the industry average. While we believe this demonstrates that we have achieved a solid performance in very challenging market conditions, we are taking action. This includes: providing more information about how our with-profits fund is performing and the impact this may have on a policy; revising our annuity quotes to make them clearer; and providing interactive online tools explaining the effects of different annuity choices.

Complaints

  • In the UK, the Financial Ombudsman Service publishes complaint data on the case adjudications for more than 150 financial services companies. In 2010, Prudential performed well and was placed in the top 10 per cent of companies assessed

RESPONDING TO CUSTOMER NEEDS

  • Prudential was the first insurance company in Asia to launch:
    • A mainstream product to protect children before birth (PRUmy child)
    • An iPhone app for retirement planning
  • In the US, Jackson launched the company’s first guaranteed minimum withdrawal benefit (the LifeGuard Freedom Flex), giving investors the ability to build a personalised benefit to meet their retirement planning goals
  • In 2010, Jackson increased the number of advisers selling its variable annuity products to more than 130,000. This made the products more widely available as customers continued to seek greater certainty in planning for their financial future
  • M&G launched an inflation-linked corporate bond fund, enabling savers to protect investments in corporate bonds from rising prices
  • Prudential UK developed new products and funds for PruFund customers following the financial crisis, and introduced Income Choice Annuity in response to the prospect of a longer retirement

PROTECTING CUSTOMERS ONLINE

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  • We have a ‘Fraud Mailbox’ where customers and third parties, who are looking for guidance about the authenticity of Prudential documents, can contact us for prompt verification. Each Prudential business also has a dedicated telephone number where people can report any suspected criminal activity. Callers can remain anonymous and we act quickly on any information received

INFORMING POLICY DEBATE

  • In October 2010, in partnership with Washington DC-based think tank the Center for Strategic and International Studies (CSIS), we published the Global Aging Preparedness Index, a study addressing the policy implications of aging populations in 20 countries and proposing reform strategies.

A copy of the report is available at: http://gapindex.csis.org

3 Independent tracking commissioned by the business

4 Independent tracking commissioned by the business

5 Annual industry-leading benchmark among advisers

6 Up 2% on 2009 figures, within industry average

7 The UK’s Serious Organised Crime Agency estimates that online fraud costs UK internet users around £3.5 billion per year. The Federal Bureau of Investigation estimated US losses of $560 million in 2009

8 An independent benchmark study among more than 450 North American call centres

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AWARDS 

PRUDENTIAL CORPORATION ASIA

  • Best in Achieving Total Customer Satisfaction (Life Insurance)
    2010 Indonesia Customer Satisfaction Awards, sponsored by SWA Magazine
  • Best Fund in Overseas Equity
    2010 Money Today-Morningstar Fund Awards, sponsored by Korea Financial Investment Association (KOFIA)
  • Best Performing Fund of its Category
    awarded to PRUAsia Pacific Shariah Equity Fund at the Edge-Lipper Malaysia Fund Awards
  • ‘Gold’ in Life Insurance Services and ‘Diamond’ in Health Insurance Services Quality Award
    sponsored by Marketing Magazine, Indonesia

JACKSON

  • ‘World Class’ status and ‘Highest Customer Satisfaction’
    Service Quality Measurements Group8 for five consecutive years
  • Number one sales support among advisers
    Cogent Advisor Brandscape – 2009/2010

PRUDENTIAL UK

  • Five-star rating for excellent service, for the second year running
    Financial Adviser Service Awards, 2010
  • Best Annuity Provider
    2010 Professional Adviser Awards
  • Ranked number one
    for investment performance and professional authority among consumers: customers 45+, HPI tracking study, December 2010

M&G

  • Global Group of the Year
    2010 Investment Week Fund Manager of the Year Awards - second time in three years
  • UK Asset Management Firm of the Year
    2010 Financial News Awards for Excellence in Institutional Asset Management
  • Outstanding Investment House
    OBSR Honours for Excellence Awards, 2010