In saturated consumer sectors, few companies have managed to successfully stay in business for over a century. The established brands that immediately come to mind are Coca-Cola, founded in 1886; Johnson & Johnson, also founded in 1886; and Mitsubishi, founded in 1870. To survive this long, especially in constantly changing economic environments, means such companies have experienced and overcome major challenges and global events including the Industrial Revolution, World Wars I and II, the technological advancements in the 20th and 21st centuries, and the increasing interconnectedness of societies and the global economy. Considering the extensive period these companies endured, it is easy to applaud their strength, resilience, and adaptability.
Most importantly, to endure for over a century, these companies demonstrated an uncanny ability to anticipate and address critical consumer needs. Their proactive approach has allowed them to not only survive but thrive, solidifying their positions as industry leaders.
In fact, they are more than industry leaders and can instead be categorised as value creators and change catalysts.
Another prime example of such a visionary company is Prudential PLC, founded in 1848, and now celebrates 176 years of existence and operations. For nearly two centuries, Prudential has not only adapted to changing times but has also shaped them, consistently evolving its offerings to meet the changing needs of its customers. It has grown from its humble beginnings as the Prudential Mutual Assurance, Investment, and Loan Association created by a group of gentlemen in London to a global life and health insurance and asset management powerhouse serving 18 million customers across 24 markets in Asia and Africa.
By pioneering innovative insurance products and investment solutions, Prudential has for generations empowered individuals and families to secure their financial futures. Its enduring legacy is a testament to its ability to foresee and respond to societal shifts, making it not just a survivor but a transformative force in the financial services industry.
Prudential’s long-standing commitment to innovation has been instrumental in its ability to adapt to societal changes, as well as lead and transform the overall insurance industry. The company has embraced technological advancements and pioneered new approaches to consistently deliver innovative solutions that enhance customer experience and drive industry progress. Through the integration of strategic digital technologies, adapted to the local nuances and dynamic needs of its markets, Prudential has streamlined key processes, making it easier for customers to access its services and manage their policies on the go.
Prudential’s Impact in Nigeria
In Nigeria, where Prudential operates as Prudential Zenith Life Insurance (PZL), a former joint venture with Zenith Life Insurance until the full acquisition by Prudential in September, the company is focused on offering affordable insurance and health solutions to all citizens. Its mission since its inception in 2017 has been to be “the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions”. This is centred on its focus on creating value for all its stakeholders including customers, partners, shareholders, and host communities.
From leveraging a user-friendly customer portal to provide 24/7 access to policy statements, claims submissions and tracking, and online payments to its SMS portal for the efficient management and direct customer communications via text messages, PZL is ensuring that its customers can protect their financial futures through life’s uncertainties.
Although Prudential’s presence in Nigeria as PZL is a smaller fragment of its overall journey as a company, its strong investment in the local market and its communities, showcases how the company remains steadfast in its commitment to creating value for its customers, employees, and shareholders even beyond its products. Prudential’s recent strengthening of its investment in PZL, is not only cementing its position as a leader in the local industry, but also as one shaping a better future for Nigerians for generations to come.
Prudential’s journey over the past 176 years is a testament to the earned trust and loyalty of millions of customers worldwide. As the company continues to evolve and adapt keenly to the changing global and local landscapes of the financial services industry, it is poised to remain a driving force in shaping the future of insurance and asset management in Nigeria and globally.
By staying true to its core purpose of protecting every life and every future and its mission to be the most trusted partner and protector for this generation and generations to come, Prudential continues its journey as a value creator and change catalyst for generations to come.