Prudential Singapore

With Salesforce Customer 360, we’re able to meet our customers’ needs and respond to increased expectations for value-added and personalised service.”

Odd Haavik | Chief Distribution Officer, Prudential Singapore
 
 

View Prudential's session at Salesforce Live: Asia 2020 to see how Prudential created a Customer 360 vision with PRUForce.

 

Prudential Singapore personalises engagement for one million customers

Prudential Singapore is a leading life insurer which has been serving the financial needs of Singapore residents for 90 years. The company is driven by a purpose to innovate and help everyone live well for longer, and it has more than 1,200 employees and 5,000 financial consultants servicing close to one million customers.

“Our customers look to us for advice and financial solutions as they prepare for life’s key milestones such as starting a family or preparing for retirement,” Odd Haavik, Chief Distribution Officer, Prudential Singapore. “With Salesforce Customer 360, we’re able to meet our customers’ needs and respond to increased expectations for value-added and personalised service.”

Need for enterprise-wide transformation

Three years ago, Prudential Singapore embarked on a digital transformation. Like other established companies of its size, it had legacy systems and manual processes that made it difficult to manage leads and provide effective service. In addition, customers were demanding more flexibility and new channels for engagement—online and offline.

Prudential Singapore wanted to provide employees and consultants with a single source of truth to manage leads and customer engagement. It also wanted to introduce more automation into the business and replace manual tasks which were prone to human error. Another requirement was the ability to derive more actionable insights from customer data.

“We needed to better understand our customers' needs and wants so we could make more informed recommendations,” said Haavik. “We also wanted to equip our consultants to better manage their businesses and access all of their customer information in one place.”

With Salesforce, Prudential Singapore has been able to solve all of these challenges and provide employees and consultants with a unified platform for sales and engagement. Known as PRUforce, the platform underpins the company’s customer-centric strategy and provides a foundation for exceptional customer experiences.

 

Salesforce has also given us a more holistic view of our business which helps with forecasting and allows us to reach out to consultants who may need support.”

Odd Haavik | Chief Distribution Officer, Prudential Singapore

A platform for collaborative and unified engagement

Prudential Singapore chose Salesforce because it offered a scalable solution with a broad range of capabilities that it could make more use of over time. The company has started with the Salesforce Customer 360 Platform and Marketing Cloud to connect data from across the company and power more personalised and efficient customer engagement.

Today, all leads are managed within the PRUforce platform and there are streamlined processes to assign leads to consultants and track how they’re progressing. Each consultant has a customised dashboard to help them manage their business and prioritise customer activities.

All of this combined with more personalised engagement has helped to increase lead conversion by 40%.

The fusion of data based on all the interactions from all the various Prudential digital assets gets qualified and assigned in real time as potential leads to agents. This, combined with customer intelligence and additional information, allows the agents to be better prepared even before their first interaction with a prospect. The various customer touchpoints along the journey allow timely communication and engagement with prospects, and allows the agents to take advantage of lead nurturing - developing relationships with leads and nurturing them throughout the marketing and sales process. Coupled with campaign assignments, this allows the agents to better target their prospects and focus on those who have a higher likelihood of buying.

“The customer insights and productivity we’ve gained from Salesforce have markedly improved our ability to respond to customers’ changing requirements and expectations,” said Haavik. “Salesforce has also given us a more holistic view of our business which helps with forecasting and allows us to reach out to consultants who may need support.”

The efficiencies provided have also led to a 20% increase in the average number of cases per agent. 

The integrated marketing solution allows customised, ad hoc campaigns based on intelligent contact rules, that lead to upselling and cross selling. In addition, the leads management process provides agents with key insights into activities that are required to successfully complete the sale. For Sales Leaders, the CRM provides them the data they need to understand how their team is performing, and what needs to be done to enable continuous improvement.

Efficiency and simplicity drives adoption

Prudential Singapore has also invested in training to support adoption of these new capabilities, and has established an ongoing feedback loop so that employees and consultants can recommend improvements.

Currently, 80% of Prudential Singapore’s 5,000 financial consultants are on PRUForce. This includes Financial Consultant, Nathan Tan who said that once he began using the platform, the convenience it offered was immediately apparent. “Creating and updating information is easy and it is automatically synced to our financial planning solution. It makes work more efficient and helps me keep track of the information I need to engage with my customers,” said Tan.

To extend on all of these benefits, Prudential Singapore plans to roll out Salesforce Financial Services Cloud next. This will greatly strengthen its engagement capabilities and enhance the experience for all customers.

Financial Services Cloud represents a fundamental shift in how Prudential interacts with customers, through a unified platform that turns every interaction with customers into a positive experience. This is achieved by building richer data, capturing all the customer interactions across the value chain in one place to generate greater insights and develop better solutions for both the customer and the producer. This unified approach allows Prudential to reduce dependency on legacy platforms so they can eliminate the waste and technology debt that keeps building up in customised apps, as well as reduce the duplicate effort and overlapping platform between divisions.

Haavik also sees opportunities to improve collaboration with partners and accelerate the company’s growth plans. He said user adoption and engagement is key and offered advice to others embarking on a transformation journey: “Don’t try to do everything at once. Identify the most immediate needs of your users and customers, then execute and provide training, demonstrate the benefits, and build from there.”

 

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