Policies to cater to non-traditional and extended families
HONG KONG SAR – Media OutReach – 10 May 2022 – Prudential is making insurance more accessible and inclusive by broadening the concept of family, allowing health and protection solutions to cover different types of family.
Insurance policies today tend to be designed around the nuclear family, recognising only the spouse and children as financial dependents. There is an opportunity to meet the protection needs of more diverse types of families such as single parents, cohabitants or adopted children. Additionally, coverage can also be offered to extended family members such as grandparents, parents-in-law as well as nieces and nephews.
Ms Lilian Ng, Chief Executive, Insurance, Prudential, said today’s protection solutions are not adequately addressing the health and wealth needs of families of different shapes and sizes. Prudential wants to equalise access to insurance solutions by taking a more progressive and inclusive approach in defining a family.
“With eight in 10 people across Asia having no insurance cover, we want to make healthcare and financial security more accessible to more people to help them get the most out of life. By being more inclusive, we can protect more families and in doing so, we can help narrow the health and protection gap which is estimated at US$1.8 trillion,” said Ms Ng.
To support the needs of more diverse family types, Prudential is innovating the way it designs products and services.
For instance, customers can now nominate a wider range of family members who are financially dependent on them as a beneficiary in a life insurance policy.
Additionally, customers can buy insurance for family members beyond those who are directly related. There is also more flexibility to choose which family member can pay for the policy.
Developing inclusive products and services across Asia
Many of Prudential’s markets across Asia have started to broaden its view of family in the way it serves its customers.
In Hong Kong, Malaysia, Singapore and Thailand, existing products are being enhanced to cover more family members beyond spouse, children and legal guardian.
Pru Life UK in the Philippines has introduced its latest solution PRUHealth Fam Love that enables customers to share protection coverage against critical illnesses for up to four family members. This is the first of its kind product in the market.
In Indonesia, Prudential Syariah recently introduced PRUSolusi Kondisi Kritis Syariah, a critical illness sharia plan that allows customers to purchase life insurance for siblings, grandparents, grandchildren, nieces, nephews or son/daughter-in-laws.
‘Made For Every Family’ brand campaign signifies Prudential’s commitment to protecting all types of families
In line with embracing a more progressive view and inclusive definition of family, ‘Made For Every Family’ is Prudential’s brand expression that signifies its commitment to protect families of every shape and size across Asia.
Ms Mabel Leung, Chief Officer Brand and Strategic Marketing, Prudential said, “Life insurance is the greatest proof of love one can give to their family and loved ones. At Prudential, we strive to be relevant to the lifestyle and needs of our customers by providing innovative and targeted solutions covering different types of families.”
Prudential will launch the brand campaign in 11 markets in Asia with a launch video and a platform that allows people to express and share what makes their family special. Famvatar is a digital experience created by Prudential that lets people build a group avatar starring their family for them to use as fun-filled chat stickers and more.
For more information of “Made For Every Family”, please refer to www.prudentialwedo.com.
About Prudential plc
Prudential plc provides life and health insurance and asset management in Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. The business has more than 18 million life customers and is listed on stock exchanges in London (PRU), Hong Kong (2378), Singapore (K6S) and New York (PUK).
Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
The issuer is solely responsible for the content of this announcement.