Pru Life UK Offers Millennials Flexibility And Customization

Insurance is one of the oldest industries in the world and it’s one that needs to constantly adapt to technology, innovation, and higher customer expectations. Insurance companies are always on the lookout to improve and develop their products to cater to different market needs. And just like all other industries, they face an interesting challenge: how do they engage millennials?

Today, millennials are the most powerful consumers, making up almost half the labor force in the country. A study by Forbes revealed that this generation values passions and experiences over material possessions. As consumers, they want their purchases to make them feel good which makes personalization and relevance appealing to them. Traditional insurance products prove to be a mismatch to millennials’ lifestyle, and it falls far below their list of needs.

As a result, the insurance business is swiftly changing by introducing innovative products, veering away from “one-size-fits-all.” British life insurer Pru Life UK, shares the same sentiment but presents a different approach to this challenge.

“Passion and experiences are this generation’s priorities. We don’t want to take these away from them. Instead, we want to support and empower them by creating an exciting product that will give them the financial protection they need,” says Pru Life UK President and Chief Executive Officer Jumbing De Rosas.

Pru Life UK recently introduced its yearly renewable term product. PRUlife your term offers affordable and customizable term life insurance that can be renewed annually. This fits the millennial lifestyle as it gives them the authority to continue and upgrade their policy depending on their current priorities. Unlike conventional insurance plans, it is also the only term product in the Philippines that allows customers to grow their money through an investment rider.

“We support this generation by providing them financial security without driving them to sacrifice anything. We want them to live their lives on their own terms,” adds Mr. De Rosas.

For as low as P8,000 for one year, customers can get up to P3 million coverage.

“Designed to be an enabler instead of being another financial commitment or responsibility, customers can get protection while still being able to set aside budget for their travels, passions, and other priorities as they start a new year.”