Prudential Hongkong

Topics: Insurance, Hong Kong, Pension Pages: 7 (851 words) Published: June 23, 2013

Prepared by: Pheno International Production team For: Prudential HK Life Insurance TVC



Products • Wide ranges to different age group •  Core target young professionals (24-40) • Retire planning+Health

Hong Kong People •  indentify themselves as “Hong Kong” citizen rather than “Chinese” •  Least prepared for future health expenses versus China, Japan, Singapore, SK • Age 16-35 had confidence in their future. Higher education, higher confidence


Overall HK insurance market •  2nd biggest market worldwide of Prudential • Retirement planning and health insurance continue to be key strategic focuses • Health protection gap 0.5 US bil in 2014


Customer segments • Children+teenager (19+below) • Yuong working professionals (20-34) • Mature Working Professional (35-50) • Pre-retiree (51-64) •  Retiree (65 up)

HK market has 46 insurers, dominantly foreign companies. Prudential Assurance HK (UK origin) has been in Top 3 since 2005

Communication Corporate campaign. Always listening, always understanding 2011 campaign “Listening to the smallest voices” 2009 campaign “Power of listening”

Customer concerns • 75% HK customers got No loyalty recognition • HK has higher proportions of longer tenure customers switching insurers • Make me feel value is a CORE selling point

3 B
Hong Kong Culture • Mix of Euro and Chinese style • Ranking in society-Original HK elites>Westerners+East Asia expats>Chinese immigrant> South Asia immigrant • Gender discrimination • Love gambling as cultural sports • Love dogs (killing dog is illegal)

Distribution • HK market still rely on sales agents • Bank proves to be new strategic channel

SwissRe report 2012




Until now, HK is still working on a government provident fund policy. With the country expecting 0.5 bil gap in health protection in 2015, private insurance sector led by foreign companies will be the only force addressing this huge market need Despite “premature death” a taboo topic in most Chinese communities, most foreign HK insurance companies adopt a direct communication approach (risk management) which stay true to concept of life insurance rather than a localized approach which redefines life insurance into “saving for the living” (Cheris Chan, British Journal of Sociology, 2012) With growing numbers of Mainland customers, it could be expected that foreign insurance companies be more flexible in their communication strategy to lure traditionally conservative minded mainland segments.


Corporate mission creates a long term communication platform “Always listening. Always understanding”. It means “Prudential listens to and understands the hopes and dreams of millions of customers around the world” Follow up campaigns in 2009 called “Power of listening”, 2011 “We believe in listening” and in 2012 “Listening to the smallest voices” The regional campaign was rolled out in markets of Hong Kong, Singapore, Indonesia, Malaysia and Vietnam Prudential Blogs and websites

2012 Listen to the smallest voices Play

2011 We believe in listening Play

2009 Power of listening



Jeff Walker, CEO Prudential HK, 2008

Ernst & Young, General Insurance across Asia Pacific, 2010

Although HK insurance sales still rely on sales agents, Prudential find opportunity in diversifying distribution channel, being early adopter of Bank channel Bancassurance (Selling insurance via bank) offers exposure to rapidly growing market segment Distribution reflects growing demand for choice from increasingly sophisticated customers


•  Hong Kong insurance buyers have equal concerns over being valued by agents and insurers, speed of claim processing and transparency of terms •  In fact, 89% believes their insurers do not recognize...
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