Prudential Life Insurance UK – company Review:
I have sold several Prudential policies during my active life insurance selling career. Prudential life insurance UK is a division of the same company that owns the US holdings. They are the largest life insurance company in the UK to date as well.
What I always appreciated about this company was that they had some products that were completely different from what other life insurance companies had on the market.
Prudential was never a ‘me too’ brand just offering cheap life insurance quotes UK for life insurance customers. They do things a bit differently than other insurance companies. I like that!
I had one client that was a tobacco chewer and wouldn’t you know that every other insurance company classified him as a tobacco user. I expected this… But Pru on the other hand had a policy that rated him as non tobacco. This saved my client about $100 dollars per month as this was a 1.5 million dollar policy. I had a very happy client and Prudential got another life sale as a result.
As far as customer satisfaction their record is about average (implying that their customer satisfaction records suck) as seen by these review results. Life insurance companies UK; and insurers should keep in mind that most customer feedback will always be on the side of complaints. This is the old 80/20 rule, and it applies here as well. Only 20% of satisfied customers will voice their approval while 80% of unsatisfied customers will find a way to vent about their bad experience.
And, the insurance industry does not have an overly optimistic track record for keeping their customers happy. The industry as a whole just is not geared toward customer satisfaction. That’s just a sad fact. Here are the reviews I’m speaking of: http://insurance.freeadvice.com/reviews/19/
Some tidbits and bathroom reading about Prudential Life Insurance UK:
From the Company- Perspectives:
At Prudential our aim is lasting relationships with our customers and policyholders through products and services that offer value for money and security. We also seek to enhance our company’s reputation, built over 150 years, for integrity and for acting responsibly within society.
• 1848: A small group of investors create the Prudential Mutual Assurance in May of 1848 named the Investment, and Loan Association.
• 1860: Prudential gets its first firm, the British Industry.
• 1915: Prudential allows the government to use its dollar securities during the war effort.
• 1921: They begin to sell fire and accident insurance in the Netherlands and France.
• 1948: They now have visited over five million homes.
• 1978: Corporate holdings are reorganized and Prudential Corporation is established as a holding company.
• 1984: British government abolishes the life assurance premium relief.
• 1998: Prudential launches Egg plc, an online banking subsidiary.
• 1999: The firm changes its name to Prudential plc while announcing a series of job cuts.
• 2001: Pru sells its general insurance business to Winterthur Insurance Co.
Blah, blah, blah… now that you are completely asleep, there are a few things that I found interesting while researching for Prudential life UK. Number one; they have been around forever – over 150 years. I would like to think that this would make them more stable then the next company and according to their latest reports that would certainly seem to be the case. You can check their latest reports on the stock exchange of your choice. Two; it also makes them a ‘bit stuck in their ways’, and unwieldy to deal with if you don’t have an extremely good agent. But this is true of most large insurance companies anyway so I’m not sure this is a real gripe.
If you are holding out for a company that is like minded and kind to the individual don’t hold your breath. I don’t know of one that exists. You need a good agent to work between you and the corporate insurance company with which holds your policy. It’s that simple. Whether using an online insurance provider, or a store next door, find someone whom you like and trust. Price alone is not a good reason to switch from a great agent. You’ll be kicking yourself all the way to the grave if you believe this.
Overall, I think that Prudential is a solid company. Their reputation with customers is about the norm (fairly low) and their pricing structure is competitive. The main lure to buying insurance through a company of this size is STABILITY.
I just wish that these insurance companies weren’t so incredibly unfriendly to the individual consumer.
As in so many personal reviews that I have seen on the web while doing this review, one thing is obvious; large companies (nearly all insurance companies) do not know how to treat their customers. They act like the customer is an idiot and always wrong -not “the customer is always right” – as many of us were brought up to believe.
Summary – Prudential Life Insurance UK
So as far as insurance companies go, I will give Prudential a thumbs up. But that, with the knowledge that all life insurance companies, and most agents that sell their policies are doing a pretty poor job of working well with the customers that buy from them.
I think the industry as whole needs a slap on the wrist, maybe even a good flogging.
The sad thing is; most, if not all of us need life insurance so what are we to do? We have to put up with it in order to protect our loved ones. I have several life insurance policies myself and I know first hand what fun my loved ones would have if I were to kick the bucket. I can only hope that my wife could remember how to deal with these guys. (and she has an advantage because she is a licensed insurance agent too.)
When you buy your policy make sure to keep all necessary documents in an envelope titled; “What to do if I go Home” or something to that effect.
Make sure it has clear instructions and phone numbers for your beneficiaries to life insurance policies,(that you received from your excellent agent) including a clear back up plan if that agent decides to quit.
Do this for your family.
They will love you all the more for it in your absence. Talk it over with them and make sure your family has all of their questions answered. Don’t leave this information for them to ‘figure out’ when you are gone. Need help finding the best companies like Prudential Life Insurance UK? Try some of the links below…
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