mas balanced scorecard final
TRANSCRIPT
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PRU LIFE UK
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Established in 1996. Prulife UK is a subsidiary of Prudential plc, a United Kingdom-registered company.
Prulife Uk and Prudential plc are not affiliated with Prudential Financial, Inc.(US-registered company), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc.
HISTORY
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The serpent Ancient Symbol of Wisdom.
The Arrow Signifying strength and purpose. The Mirror
Seing the world and oneself as they really are.
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Mission and Vision Statements
• We take the risk out of people’s lives.• We are the trusted leaders who listen and respond to the
financial needs of the Filipino people.
• We are committed to:• dealing honestly and fairly with our public;• exceeding customer expectation in services and products;• caring for the well-being and development of our people;• giving a fair return to our stakeholders; and• contributing to the development of the Filipino community.
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Why invest in Life Insurance?
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Why Pru life UK?
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1996
Pru Life UK hit the PhP1-billion mark in terms of Annualized Premium Equivalent (APE), a
130% growth from 2006.
Pru Life UK was awarded as the fastest growing Prudential company in Asia by regional headquarters Prudential Corporation Asia (PCA).
2007 2010 2012
• It started its operations in the Philippines.• The Insurance Commission granted the Company an operating license in the Philippines.
Rank 2 in terms of total premium income based on the report issued by Insurance Commission
TimelineAfter only two years of operations, Pru Life UK was ranked among the top 10 life insurance companies in the Philippines in terms of First Year Premiums (FYP).
1998
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PRODUCTSSpecifically how YOU WANT it.Precisely WHEN YOU WANT it.Particularly WHERE YOU WANT it.
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Traditional VS. VariableINSURANCE
TRADITIONAL• INSURANCE ONLY.
VARIABLE Unit Linked
• INSURANCE PLUS INVESTMENT.
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• PRULink Exact Protector• PRULink protection Plus• PRULink Assurance Account• PRULink Assurance Account Plus• PRULink Investor Account Plus • PRUMillionaire
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Pru Life also Listen to even the Smallest
Voices
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Balanced Scorecard
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Learning and Growth PerspectiveObjectives Measures Target Initiatives
Reward system alignment
Incentive given to agent per number of new clients
Dependent on the set quota
Additional incentives
Increase number of agents
Increase of agents per year
10% additional increase from last years’ 30%
Aggressive recruitment strategy;
Improve extent of agent empowerment
Number of clients per agent a month
2 clients in 1 agent a month(at minimum)
Build your business;
training and coaching program for financial advancement
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Internal Business Process Perspective
Objectives Measures Target Initiatives
Improve service to clients
Creating a website for policy update and balance inquiry.
Boost client confidence
Increase in premium income
Improvement of connections with clients
Customer satisfaction ratings and feedbacks
Very satisfied 8-10 and positive feedback
Exclusive bank partnership
Surveys
57%-67% inrease in premium income
number of complaints 70% decrease
in complaints
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Customer PerspectiveObjectives Measures Target Initiatives
Client Acquisition
Number of new Policyholders
From 5 out of 10 to 7 out of 10
Application of learning from trainings
Extra level of protection coverage.
Number of policy holder availing riders.
Make aggressive campaigns.
Increase client participation
Percentage of client participation
100% client participation
Monthly raffle draw
7 Out of 10 will avail the rider
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Financial PerspectiveObjectives Measures Target Initiatives
Expand growth opportunities
Growth Rate 57% to 67%
Increase premium income
Percentage of revenue from new sources
Develop new markets
Expansion
57%
109%
35%
Atleast 5% of the total premium income.
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Sunlife19%
PRULIFE UK15%
Philamlife14%
Philippine AXA12%
BPI Philam11%
Insular life9%
Manulife7%
Sunlife Grepa
6%
Manulife Chinabank4% PNB Life
4%
Premium income
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LIFE INSURANCE IS AT ITS BEST WHEN YOU ARE AT YOUR WORST.
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