When it comes to loyalty programmes in the finance and insurance sector, Prudential is a familiar name to most. In fact, the company's Ascend by Prudential programme won it the bronze award for "Best loyalty programme – financial & insurance" at MARKETING-INTERACTIVE's Loyalty & Engagement Awards 2020. According to Angeline Alexander, head of HNW (high net worth) & Affluent segments at Prudential, the company pivoted to provide immediacy and simplicity in its offerings this year in a bid to suit the changing consumer behaviour.
Alexander (pictured) also noticed there is a change in consumers' lifestyles. Consumers are slowly transitioning from a three-stage life (education, work, and retirement) to a multi-stage life where they can expect to take several breaks during the course of their lives to gain more knowledge, pursue passions, take sabbaticals from work and explore new career paths. Prudential thus sought to better cater to these changes in the market. In an interview with MARKETING-INTERACTIVE, she shares some business pivots the company took up this year, as well as how it is remaining relevant to its consumers.
This interview is done as part of MARKETING-INTERACTIVE’s winners and finalists’ interview series for Loyalty and Engagement Awards 2020. To find out more about the awards, click here.
What are some of the expectations your consumers now have for your brand?
Our customers want immediacy and simplicity in how they access our information and how we service them. As they lead increasingly digital lives, customers have come to expect faster service, more personalised solutions and superior customer experience.
We want to meet our customers’ expectations in every step of their journey with us and have transformed our approach to become more customer centric.
An example of our efforts to meet changing customer needs is our digital health and wellness app, Pulse by Prudential. Launched during the height of the pandemic, Pulse is designed to help people stay healthy and well. With Pulse, we have evolved from our traditional role of providing coverage to now partnering customers as they progress through life.
We have also invested in several technology aids to help our employees and financial consultants (FCs) work smarter and thereby serve our customer better.
For instance, during the circuit breaker, to ensure our FCs could continue to serve our customers, we rolled out a video conferencing and e-signature tool that would enable our consultants to provide financial advisory and even complete policy sales online, without having to physically meet their customers.
How has your marketing/your clients marketing plans shifted this year?
There is a big shift in the way we are living today. For one, we are living longer. Our lifestyles are also changing. People are slowing transitioning from a three-stage life where they followed the linear path of education, work and retirement to a multi-stage life. In the multi-stage life, people can expect to take several breaks during the course of their lives to gain more knowledge, pursue passions, take sabbaticals from work and explore new career paths. Supporting them with the right advice and solutions as they journey through their different life stages will become central to our customer engagement process.
What do you think makes for great marketing these days?
Never underestimate the power of customer insights. A great (and effective) marketing idea is one that is based on true insights. Even the most creative campaign does little if it’s not addressing a customer need.
How are you planning for 2021?
We are all heading towards an uncertain but a potential recovery year. We will continue to be agile and ensure the Ascend by Prudential programme remains relevant in addressing our customers’ evolving needs and expectations.
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