Prudential Life Insurance Company of Korea has been gaining consumers’ confidence by prioritizing customer needs in its product development and sales.

The insurance firm pushes ahead with sales through “life planners,” while many companies heavily resort to ready-made products via sales channels such as bancassurance or TV home shopping.

Prudential Life Korea has continued to recruit sales people with bachelor’s degrees to become life planners to sell its customer-need based products.

“Each customer receives one-on-one consultation from a life planner, who provides products based on their personal needs,” a company spokesman said.

He said its products are always customized to suit the specific needs and lifestyles of each individual, adding that life planners follow the 3Qs: quality people, quality products and quality services.

“We have the goal of becoming a trusted company with the life planners, who are the best qualified professionals, stay with their customers at all times and provide the best quality services to them,” he said.

The company has also introduced many firsts and innovative changes. One of these is the creation of the agency system and professional career agent system, which allow for the scientific management of life planners.

Prudential also introduced whole life insurance for the first time in the domestic insurance industry.

Other innovative products include “living needs benefit” where part of the benefits are paid beforehand to help one prepare for death, “funeral needs benefit” where partial benefits can be paid for funeral preparation costs, and “silver nursing care rider” which pays nursing annuity for long-term illnesses.

The insurer has maintained the number one position in terms of retention rate, persistency rate and certified insurance consultant ratio for many years.

Founded in 1991, Prudential Life Korea set itself apart from other insurance companies by introducing a different type of sales system.

By Kim Yon-se (kys@heraldcorp.com)