Africa 28 Financial Services
The company entered the Kenyan market in 2014 and since then, it has fulfilled its promises by honouring claims, besides launching innovative products focusing on customer needs. By Jennifer Nyawira
170 Years of Prudential’s Continuous Financial Service
T
he entry of the British multinational life insurance and financial services company, Prudential, into the Kenyan market in 2014 was set to stiffen competition, pitting leading insurance companies and brokers.
Founded in London, United Kingdom, in 1848, today, the company has a footprint in Africa, Europe, Asia and the United States. Prudential is the biggest UK incorporated and regulated life insurance company, and one of the oldest insurers in the world. “What we are proud of is that for 170 years, it has always been Prudential; it has never been through a name change, and has maintained the same standards and values since incorporation” says Andrew Greenwood, the company’s chief operating officer, Africa and chief executive officer, Kenya. “Today, we serve more than 26 million customers in the four continents, and have Sh 93 trillion assets under management as at end of 2017,” he reveals. Furthermore, Prudential employs over 24,000 employees and 600,000 agents across the world.
“In 2014, learning from the lessons of the success of our business growth and
www.destinafrica.co.ke
Andrew Greenwood, the company’s chief operating officer, Africa and chief executive officer, Kenya.
development in Asia, the group felt that it was time to re-enter the African insurance market.” Prudential previously operated only in South Africa as asset managers. The company entered the Kenyan market in the same year through the acquisition of Shield Assurance and since then, it has invested over Sh 2 billion and Sh 3 billion in the East Africa at large. It has branches in Nairobi, Nakuru, Eldoret, Mombasa and Kisumu.
and makes sure they stick to past promises as it helps in building trust among customers. “We took over all the Shield life insurance policies and committed to fulfill the promises made to those customers,” says Greenwood, adding that, “Since the acquisition of Shield Assurance, the company has paid over 22,000 claims worth KSh 566 million.”
So far, Prudential has entered four other markets in Africa – Ghana, Uganda, Zambia and Nigeria. It partnered with a Nigerian bank, Zenith plc, to set up life insurance business in the country.
Often, with little or no customer contact details on file, Prudential’s staff and agents have been contacting older employers, speaking with friends, colleagues and neighbours, to find customers and pay them their benefits, something the CEO says is a great source of pride of achievement.
Honouring promises The CEO says Prudential sells a promise
In 2016, Prudential launched PruMemorial,
Greenwood says at this stage, they are consolidating what they have and looking for new opportunities in other markets. They also plan to expand in the markets they are already operating in, in terms of product offering and physical presence.
Innovative products “We spent some time to find out what customers needed and what was available in the market. Since then, we’ve come up with three innovative products uniquely built around the Kenyan family life,” observes Greenwood.
