In Asia, PCA generally sets their focus on term life insurance and asset management. Normally, the consumers in that market are planning for the immediate future and do not like to invest in the long term, seeing it as untrustworthy. The US market forgoes the protection side of things and instead focuses on fixed and variable annuities. By focusing on the wealth management side of the spectrum, they have been able to realize very large profit margins. Because of Prudential UK’s older demographic retirement savings products, principally fixed and variable annuities are their main product of focus. Though these policies, Prudential tries and add a focus on personal pension retirement savings products. Place
PCA’s main source of product distribution in Asia is thought agents that are all employed by PCA. These agents are normally trained in large groups, then dispersed to sell policies all over Asia. Also becoming popular in Asia is the distribution of policies through Limited bank-assurance through financial institutions. This method has proved to be highly effective because they gather clients from their partner’s bank due to the banks biased recommendations. In the US, Jackson operates with a limited captive distribution. Jackson relies heavily on registered representatives that work through independent broker dealers or wire houses such as Wells Fargo to distribute their products. The UK is closer to the US in how they run distribution. In the UK, Prudential UK fully relies on independent distribution. Promotion
In order to penetrate the very tough Asian markets, PCA Employs a pull strategy driven through large broad branding campaigns specially designed and targeted at specific countries. One of the key challenges PCA faces is how to allocate resources to promote their products in countries that it will pay of as opposed to counties where it would go unnoticed. The US is completely opposite to Asia. In the US, Jackson does...