Pru Life UK Chief Customer and Marketing Officer Allan Tumbaga received the trophy from the Global Business Magazine Awards 2022 for Best Life Insurance Company-Philippines
Leading life insurer Pru Life UK bagged the Best Insurance Company in the Philippines award at the Global Business Magazine Awards 2022. The company was recognized for its innovative and inclusive products, community investment initiatives, and agency workforce empowerment.
Global Business Magazine Awards honors the excellence of companies in banking, finance, insurance, leadership, and real estate across the globe.
Pru Life UK Chief Customer and Marketing Officer Allan Tumbaga said, “This award is a testament to our We Do Commitment to help Filipinos get the most out of life. With our life insurance products available online and through our tech-savvy and digitally-equipped agency force, we can now protect many more Filipino families.”
Financial inclusion
At the height of the recent global health crisis, the company ramped up its efforts to address financial inclusion through simple, accessible, and affordable life and health insurance products on its pioneering AI-powered app, Pulse. The mobile application also offered FREE COVID-19 protection with vaccine coverage to customers and non-customers.
Pru Life UK also expanded its reach to protect more Filipinos in the country through partnerships.
This year, the company formed strategic digital partnerships with e-wallet giant GCash and prominent e-commerce platform Shopee to make affordable life and health protection products even more accessible and affordable to Filipinos.
PRUPersonal Accident Junior for children and students can now be availed on GCash for as low as PHP 48.95 with Accidental Death and Dismemberment coverages ranging from PHP 30,000 to PHP 100,000. PRUPersonal Accident for adults will soon be offered on the e-wallet.
On the other hand, PRUDengue Medcare and PRUDengue MedCare Pro e-vouchers with prices ranging from PHP 200 to PHP 350, providing dengue coverage for either six or 12 months can be purchased on Shopee and redeemed on PRUShoppe via the Pulse app.
Community investment
The award is attributed to its community investment initiatives which were fortified to focus on health, safety, and financial literacy. In 2021, Pru Life UK donated PHP 8 million to the Philippine General Hospital Medical Foundation Inc. to support its Bayanihan Na’s COVID-19 project that provides quality medical-grade equipment and supplies such as ventilators, unit oxygen concentrators for the hospital and its healthcare workers assisting COVID-19 patients.
Financial literacy also remains a top priority as the company certified over 2,400 teachers to teach under its banner program Cha-Ching in partnership with its community investment arm Prudence Foundation and Junior Achievement Philippines.
Agency workforce
In 2021, Pru Life UK outranked other insurers in terms of Million Dollar Round Table (MDRT) agents doubling its MDRT agents to 501 compared with the previous year’s 246 qualifiers. The MRDT is a premier association of financial professionals from more than 500 companies across the world.
Initiatives around the insurer’s agency workforce stood out including the company’s inaugural and award-winning PRUHouse in Ortigas Center, Pasig. The innovative business solution creates adaptable workspaces that fit the different workstyles of its agency force which is the biggest in the country.
Pru Life UK also retained its number one ranking in the life insurance industry in terms of New Business Annual Premium Equivalent (NBAPE) and led the renewal premium income from variable life insurance products ranking in 2021 according to the Insurance Commission. For the previous two years, the company was also named International Life Insurer of the Year at the prestigious Insurance Asia Awards.
“We share this Global Business Magazine recognition with our employees and financial advisors for their hard work and dedication. This award will be one of our motivations to continue doing good as we move forward with our commitment to help Filipinos live healthier and wealthier,” Tumbaga added.
