Prudential CEO makes video apology amidst stir over incorrect deductions

Prudential Singapore CEO Wilf Blackburn has made a public apology to customers via video posted on the insurer’s Facebook page. This was following an incident which saw the incorrect GIRO deductions of insurance premiums from customers which caused the insurer to actively ramp up its crisis communications strategy.

In the video, Blackburn updated viewers that all customers affected by the incident had been fully refunded. He also communicated that since the error was discovered, a priority for the brand was ensuring its customers got their money back quickly. Next steps for the brand include ensuring all customers are reimbursed for interest lost or other incurred charges. Blackburn added that the company has pledged to learn from the experience and improve to better serve customers in the future.

“You’ve put your faith in us and we are doing all we can to make this right,” Blackburn added.

View his apology here:

Since the upload of the video, Blackburn has also revealed that Prudential Singapore would be extending SG$100 to customers whose GIRO deduction date fell on 24 May 2018, as a sign of appreciation for their patience and support. Through the move, the brand also looks to “express [its] heartfelt apologies”.

“While we cannot undo the anxiety and inconvenience that you must have gone through, we are doing everything possible to make sure this doesn’t happen again,” the Facebook post read, adding that customers will be contacted via SMS, email or letter regarding the SG$100 credit.

This will see the insurer dishing out SG$2.2 million in credits affecting 22,000 customers, read a report from The Business Times. Marketing has reached out to Prudential for additional details.

Last week, Prudential Singapore was thrust into the spotlight after customers experienced a GIRO deduction in excess of its insurance premiums, or a failed GIRO deduction. This was due to an operational lapse which saw some customers being charged 10 times their usual insurance premium amount, a ChannelNews Asia report read. The matter also saw OCBC Bank, which was also affected in the deductions, issuing a statement on its social media page to notify its customers that accounts affected by the incident have had the erroneous transactions reversed in their bank accounts.

Meanwhile, the Monetary Authority of Singapore (MAS) also weighed in on the matter saying that it takes a “serious view of such operational lapses and will take follow-up supervisory measures where appropriate”, ST reported. MAS added that it has directed Prudential and Standard Chartered Bank Singapore, its payment bank, to refund customers without delay, keep them updated and investigate what caused the incident.