Prudential Vietnam Product Director: The core value of insurance is protection

Director of Prudential Vietnam Products: The Value of Insurance is Protection.webp

Mr. Luong The Vinh, Product Director of Prudential Vietnam

Prudential Vietnam Life Insurance Company Limited (Prudential) has just launched the universal insurance product PRU - Maximum Protection. What are the highlights of this new insurance product line, sir?

Mr. Luong The Vinh: This is Prudential's latest life insurance product, meeting the need for optimal protection at the most suitable premium for financial capacity. By participating in the PRU - Maximum Protection general insurance product, customers can choose the "basic insurance plan" to balance protection and accumulation benefits or the "advanced insurance plan" to optimize financial protection benefits.

Notably, the customer's account value is increased with conditional bonuses throughout the contract term such as: customer appreciation bonus on the 10th Contract anniversary up to 150% of the first year's basic insurance premium, 75% every 5 years thereafter; contract maintenance bonus of 4% of the average contract account value in the last 60 months on the 20th Contract anniversary and every 5 years thereafter.

Furthermore, the PRU - Maximum Protection universal insurance product also provides customers with sustainable financial savings with a committed interest rate throughout the contract term. In any case, the actual investment interest rate is not lower than the committed investment interest rate announced by Prudential and ensures a competitive level in the market.

It can be said that sustainability - good accumulated benefits are one of the outstanding points of this product.

Among many insurance product lines, why did Prudential choose to launch the first universal insurance product after the changes of the new Law on Insurance Business?

With this new product, we return to the most basic value of insurance, which is protection, and this new product helps customers achieve more optimal insurance value on the basic insurance premium, meeting the increasing demand for insurance. Right in the first month of launch, we have recorded a positive signal from the increase in the average insurance amount of the PRU-Maxi Protection universal insurance product, which is nearly 30% higher than previous Universal Insurance products. This means that customers' reception of the product is very positive. Customers approach the product and clearly see that this product brings them better benefits, and this is also Prudential's commitment to its customers. It can be said that this is our consistent answer to the motto of taking customers as the guiding principle.

On the other hand, when the new Law is issued, the Ministry of Finance will coordinate very closely with insurance companies - and especially Prudential - to ensure that when insurance companies offer solutions, they must be appropriate and meet the right needs. That is part of the reason why we chose to launch universal insurance first, we know for sure that this product is suitable for both the needs of customers and the direction of the management agency.

Compared to other Prudential life insurance products in the past, it seems that the joint insurance product "Pru-Maximum Protection" has a new direction, which is to give customers a lot of initiative. Can you share more clearly about this difference?

In addition to the above outstanding features, the PRU-Maximum Protection universal insurance product gives customers the initiative based on the product's diverse flexible rights, allowing customers to proactively pay additional insurance premiums in each contract year up to 5 times the annualized basic insurance premium to enjoy competitive investment interest rates of the Universal Linked Fund for outstanding accumulation goals.

In addition, proactively increase the insurance amount without health assessment at important milestones in life such as marriage, childbirth/adoption or children starting primary school, or secondary school, or high school, or university; proactively change the insurance amount and join/terminate the insurance product(s) sold together according to the protection needs at each stage of life; proactively withdraw money from the account value according to financial needs...

With this product, Prudential's goal is to ensure better protection for customers, so that customers feel the value is worth the money they pay.

With the newly launched product, Prudential believes in bringing better benefits, maximizing value per fee for customers.

During the process of "conceiving" the new product, what preparations did Prudential's product development team make to ensure the product's competitiveness, especially in the face of changes in the Insurance Business Law?

Before launching a new insurance product, Prudential's product development team will research and discuss carefully with customers, consultants, agents as well as partner channels.

The first important step is to meet customers and discuss their needs and desires. During the discussion with the team of consultants and agents, we understand very well that they are the ones who "fight on the battlefield", understand the difficulties of the market, the real needs of customers to bring a lot of useful information...

All the information collected is filtered and transferred into the design process, product benefits development as well as pricing. A product that meets the needs of customers must have a reasonable fee, but the insurance amount must be good and attractive enough to make them feel secure.

We always believe that product launch is not the destination - but the "starting point", for many stages that follow. For example, one year after introducing a product, Prudential always returns to the customers who have accompanied us, listen to how satisfied they are with the product, what points are not satisfied... Listening to feedback and suggestions is also carried out with the team of consultants, agents, partners to see what points need to be improved, how well can be done...

In general, this process of building and developing products helps Prudential meet the needs of customers. When making products, Prudential focuses not on the products coming from Prudential but on the products coming from customers.

In addition to the joint insurance product "Pru - Maximum Protection", could you please "reveal" what other products does Prudential plan to launch in the near future?

The Pru - Maximum Protection universal insurance product is the first product, based on the actual needs of customers. In the coming time, Prudential will continue to introduce insurance solutions, solutions linked with accumulation or investment, to continue serving and bringing practical benefits to Vietnamese customers.

Thank you!

Source: https://thanhnien.vn/giam-doc-san-pham-prudential-viet-nam-gia-tri-cot-loi-cua-bao-hiem-la-bao-ve-185250626142353413.htm