In an interview on CNN Philippines’ The Final Word, Pru Life UK President and CEO Eng Teng Wong unveiled the company’s transformative approach to financial inclusion for Filipinos. Celebrating nearly 30 years in the Philippines and aligning with Prudential PLC’s remarkable 175-year legacy, Pru Life UK is pioneering innovative products and strategies to empower the nation’s diverse population.
Wong highlighted the significance of 2023, marking not only Pru Life UK’s milestone anniversary but also a concerted effort to enhance financial literacy and awareness across the country. With a market penetration of insurance standing at just under 2 percent, there exists immense potential to serve the needs of the Filipino populace.
Introducing Revolutionary Products
During the interview, Wong shared, “And in this regard, we have actually launched two key products recently. One is our Pru Health Fam Love. With just one plan, a modern family in the Philippines can actually cover up to four family members, including adoptive children, parents, and also same-sex or common-law partner.”
He continued, “The second product that we launched is what we call Pru Link Cash Flow Fund Plus product, specially designed with the customers having moderate to high-risk appetite as a way to get up to 6 percent potential return or equivalent to 1.5 percent quarterly.”
These innovative offerings reflect Pru Life UK’s commitment to inclusivity and financial security for all Filipinos.
Empowering Filipinos Through Innovation
Wong underscored Pru Life UK’s dedication to reaching underserved sectors of society, citing the company’s response to common health concerns. He shared, “And I just like to relate one story, how we really reach out to the community. Perhaps the rainy season is coming soon, usually mid of the year. And normally around this time, we are busy planning and how to really endear to parents, wanting to protect their children against one of the most common tropical diseases called dengue.”
He further explained, “And since then, we have actually further innovated the product. And we launched what we call Pru Med Care, select infectious disease product that covers top most frequently occurring tropical diseases.”
Elevating Financial Awareness
Acknowledging the heightened awareness of health and financial matters amidst the COVID-19 pandemic, Wong emphasized the importance of informed decision-making. He stated, “You are very right, Rico. In fact, in the past, our financial advisors had to work doubly hard to reach out to customers.”
He continued, “As I spoke to many of our financial advisors, there’s an increasing trend whereby Filipinos are reaching out to financial advisors to better understand their needs, individual needs, and for financial advisors to then provide professional advice and assistance.”
A Vision for the Future
Looking ahead, Wong expressed optimism for the continued growth of the insurance industry in the Philippines. He said, “A lot of new innovations and products from Pru Life UK here in the Philippines.”
He concluded, “With a trusted network of advisors and a legacy of excellence, Pru Life UK stands poised to empower individuals and families on their journey towards a brighter, more secure future.”
As Pru Life UK leads the charge towards financial inclusion and security, Filipinos are encouraged to explore the transformative products and services offered by the company. With a trusted network of advisors and a legacy of excellence, Pru Life UK stands poised to empower individuals and families on their journey towards a brighter, more secure future.
Discover how Pru Life UK is transforming lives and securing futures across the Philippines. Visit their website today to learn more about their innovative products and find a financial advisor near you. Take the first step towards financial empowerment with Pru Life UK.
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