KUALA LUMPUR: Prudential Assurance Malaysia Bhd (PAMB) will focus on the development of wealth planners and beefing up its multi distribution channels in a move to push the company to the number one spot in the life insurance business.
Chief executive officer Bill Lisle said: ”We want to be the number one player but more importantly, the company wants to ensure it does it the right way.
Bill Lisle
“At the same time, we also want to become a one-stop financial services shop for customers and to this end, we will be transforming our agents to become professional wealth planners. The exercise will take effect next month (July),” he told StarBiz.
Lisle expects the exercise to be completed in the next 12 to 18 months through comprehensive training programmes.
PAMB, currently one of the top two life insurers in the country, reported a commendable growth of more than 23% in new business premiums (inclusive of takaful business) last year versus 6% plus in 2006. New business premiums last year stood at RM606mil compared with RM496mil previously.
The company’s share of new business premiums for 2007 stood at 21% against 19% in 2006. With more than 9,000 agents, the average productivity per agent is more than twice the industry average.
Lisle said Prudential’s wealth planner concept was similar to that of a financial adviser who would assess a customer’s financial position and risk profile before recommending a product.
Wealth planners are categorised as premier, executive or senior wealth planners according to their skills, competence and production level.
Lisle said PAMB had the advantage of selling multiple products and becoming a one-stop shop as it had diversified products and services, such as life and general insurance, unit trusts, takaful as well as will and trust services.
To be at the forefront of the insurance business and facilitate the transformation of agents to wealth planners, the company will be launching a point-of-sales technology system in July.
The system would allow wealth planners to transact business electronically and effectively, thus adding a new dimension to their relationship with their customers, Lisle said.
“In Malaysia, multi-distribution is still a new concept but is beginning to gain importance. Our advantage in this channel is that most of our business operations in Asia are multi-distribution based.
“For bancassurance, PAMB will continue to work closely with Standard Chartered Bank to distribute its insurance products. At the same time, we will also look for other opportunities in this area,” he added.
Health insurance, retirement schemes and the takaful business would also continue to be in the company’s radar and would be an important business for PAMB going forward, he added.
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