Working at Prudential Singapore: Company History, Culture, Benefits, and Leadership
Welcome to Prudential Singapore, a multinational insurance company dedicated to the financial well-being of its nearly 1 million customers. With a team of 1,200 committed employees focused on exceptional customer experiences, Prudential Singapore cultivates a diverse and inclusive work environment, promoting authenticity and innovation. Aniday offers a concise overview of Prudential Singapore, covering key aspects such as Company History, Culture, Benefits, and Leadership.
General Information
Prudential plc, a multinational insurance company with its headquarters in London, England, was established in May 1848 in the same city to offer financial assistance to both professional and working individuals.
Prudential Assurance Company Singapore, a subsidiary of Prudential plc, is a leading life insurance provider in Singapore with S$53.3 billion funds under management as of December 31, 2021. With a strong 'AA-' financial strength rating from Standard & Poor’s, they have been serving Singapore for 90 years.
Their comprehensive suite of protection, savings, and investment plans has made them a market leader. They operate through a network of over 5,000 financial consultants and bank partners, catering to the financial needs of nearly 1 million customers.
Company History
Early History
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Founded in London in 1848 to provide loans.
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Introduced Industrial Branch insurance policies in 1854.
Late 20th Century
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Listed on the London Stock Exchange in 1978.
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Entered the estate agency market in the mid-1980s.
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Acquired American insurer Jackson National Life in 1986.
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Faced financial challenges in property services in 1989.
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Acquired Scottish Amicable in 1997.
1998 Onward
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Established internet bank Egg in 1998 and sold it to Citibank in 2007.
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Acquired M&G in 1999.
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Listed on the New York Stock Exchange in 2000.
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Churchill bought the general insurance business in 2002.
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Launched PruHealth in 2004.
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Outsourced back-office functions to Capita in 2008.
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Explored the acquisition of AIA in 2010.
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Acquired Express Life in Ghana in 2013.
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Purchased Kenyan insurer Shield Assurance in 2014.
2015 Onward
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CEO changed in 2015; Mike Wells succeeded.
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Merged M&G and Prudential UK & Europe in 2017.
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Changed joint venture name with CITIC in 2017.
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Demerged M&GPrudential in 2018.
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Fully separated Jackson from the group in 2021.
Prudential Singapore
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Establishment: Prudential Singapore began operations in 1931.
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Milestones: The company has achieved significant milestones in becoming a leading life insurance provider in Singapore.
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Product Offerings: Prudential Singapore provides a comprehensive range of financial products, including life insurance, health insurance, retirement solutions, and investment-linked plans.
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Customer Focus: The company maintains a customer-centric approach, offering solutions to meet the diverse needs of its policyholders.
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Innovation and Technology: Prudential Singapore embraces innovation and technology, incorporating digital platforms for customer interactions and developing technology-driven solutions.
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Community Engagement: Involved in community and corporate social responsibility initiatives, Prudential Singapore contributes to social welfare and sustainable development of the country.
Products and Services
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Life Insurance:
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Term Life Insurance
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Whole Life Insurance
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Health Insurance:
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Critical Illness Insurance
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Hospitalization Plans
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Health and Medical Insurance
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Savings and Investment Plans:
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Endowment Plans
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Regular Premium Investment-Linked Plans
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Single Premium Investment-Linked Plans
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Retirement Plans:
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Retirement Income Plans
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Annuities
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Wealth Management:
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Unit Trusts
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Investment-linked Funds
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Specialized Plans:
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Education Savings Plans
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Mortgage Insurance
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Rider Options:
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Additional coverage options can be added to primary insurance policies, such as critical illness riders or disability riders.
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Company Culture
Being ambitious is a core value at Prudential, driving their bold vision for the workplace. They aim to serve 50 million customers by 2025, achieve double-digit business growth, and become carbon neutral by 2050. Prudential is committed to distinguishing between its future goals and immediate expectations without compromise.
Connect: At Prudential, they commit to fostering a diverse, inclusive, and flexible work environment where ideas are welcomed, contributions are valued, and everyone is encouraged to bring their authentic selves to work. Here's a glimpse of their ongoing efforts:
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Culture & Conduct
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Diversity, Inclusion & Belonging
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People Experience
Grow: They assure you the opportunity for growth and development, providing support and feedback when necessary, fostering a culture that encourages challenging oneself, self-care, and acquiring new skills. Their efforts to make PRU a hub for growth encompass:
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Leadership
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Learning & Feedback
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Talent & Succession
Succeed: They assure you that your skillsets and contributions will be recognized, and your health and well-being will be prioritized. Making PRU a hub for success encompasses their efforts in:
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Performance Management
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Reward & Recognition
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Future-Ready Workforce
Employee Benefits
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Competitive Pay: Prudential offers market-based compensation packages, including incentives tied to company results and individual performance.
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Employee Benefits: Prudential provides comprehensive benefits programs for associates, offering options and flexibility.
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Medical Coverage, Dental Coverage, Vision Care Coverage, Health Care and Dependent Care Reimbursement Accounts
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Personal Protection Plans: Prudential offers core and voluntary income protection programs, including Life Insurance, Disability Insurance, and Long Term Care Insurance.
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Cash Balance Retirement Plan: Company-provided retirement plan based on a cash balance formula.
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Group Legal Program: Voluntary benefit providing free legal advice and benefits for attorney fees.
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Work/Life Programs: Child Care/Adoption/Foster Care/Lactation Support, Adult Care, Leaves of Absence, Alternative Work Arrangements, Prudential LifeSolutions Work/Life resource and referral, Employee Assistance Program (EAP), PruPerk$ Discount Program
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Medical Clinics: On-site at numerous Prudential locations, dedicated teams of doctors, nurses, and counselors offer various services to promote associates' optimal health.
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Recognition Programs and Practices: Associates receive both formal and informal recognition through results-driven programs. Additionally, our Service Recognition Program acknowledges associates for milestone anniversaries.
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Learning and Development: Professional Development, Formal Training, Tuition Assistance, Corporate Memberships.
Company Leadership
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Dennis Tan - CEO: With diverse experience from roles at institutions like Smu - Singapore Management University and a strong skill set in Banking, Financial Services, and Management, he brings valuable insights to the industry.
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Andreas Rosenthal - CFO: With a wealth of experience from roles at Philam Life, AIA Korea, and Allianz SE Insurance Management Asia Pacific, he contributes valuable insights to the industry. Andreas Rosenthal possesses a robust skill set in Leadership, Microsoft Office, Management, Risk Management, and Strategy.
Conclusion
Prudential is a multinational insurance company prioritizing the financial well-being of its nearly 1 million customers. With a team of 1,200 employees committed to customer experiences, Prudential Singapore fosters a diverse and inclusive work environment, encouraging authenticity and innovation. This article by Aniday has provided a brief overview of Prudential Singapore, highlighting the Company's History, Culture, Benefits, and Leadership.
