By Madelaine B. Miraflor
British life insurer Pru Life UK, a subsidiary of international financial services group Prudential plc, is all set for its 2019 expansion — with the opening of its trust company, launch of a new advertising campaign after 24 years, and a plan to increase its physical and digital presence across the Philippines.
By the second quarter of the year, Pru Life UK may formally start offering its own asset management services and trust products after the Securities and Exchange Commission (SEC) recently approved its application to establish Pru Life UK Asset Management and Trust Corp.
It was in June last year when the company first announced its plan to form a stand-alone trust company shortly after securing the approval from Bangko Sentral ng Pilipinas (BSP).
Pru Life UK Asset Management and Trust Corp. will be a wholly owned subsidiary of Pru Life UK, the pioneer of investment-linked life insurance products in the Philippines.
Allan Tumbaga, Pru Life UK’s Senior Vice President and Chief Marketing Officer in the Philippines, said the rationale behind the expansion is to widen Pru Life’s offering not just to have more clients but to keep the existing ones.
“Clients are asking more flexibility,” he said in an interview with reporters on Thursday.
With SEC’s approval, Pru Life UK Asset Management and Trust Corp. is now technically allowed to operate. Tumbaga said the next step would be securing BSP’s final green light.
Pru Life UK is also launching some time this year its new advertising campaign called “We DO”. This is 24 years after it started using its “always listening, always understanding” tagline.
“We DO means we are part of our customers’ world. Our brand commitment ‘Listening, Understanding, Delivering’ reinforces our focus on human connections, simplicity and innovation for our costumers,” Tumbaga said.
Without giving figures, Tumbaga said the company’s performance in the country grew in 2018, with sales for its insurance products up.
This, as the demand rise for its investment-linked life insurance products despite the wide preference for traditional life insurance products that are solely meant for protection.
“Some people now want to have both,” Tumbaga said.
As of end-December, the company has 27,000 licensed agents from 130 branches nationwide, making it the biggest life insurance agency force in the country.
Moving forward, Tumbaga said the company wants to increase its physical presence by setting up more offices across the country as well as improve further its digital capacity.