Prudential - Category & Competitive Landscape
- For Prudential, three of the closest global competitors are Ping An (China), Allianz (Germany), and AXA (France). Those three competitors highlight the need for simplification from the customer's point of view. They also remark on the integration of its services and the importance of customer-centricity.
- Customers worldwide show four significant shifts, mostly due to the long pandemic crisis. They are higher awareness of life insurance, higher preference for digital interaction, higher awareness of health & wellness, and higher concern for ESG issues.
- Four key macro-forces that affect the life insurance industry are digitalization, personalization, health & wellness, and ESG. Those forces are closely related to the shifts observed on the customer side since companies are responding to those shifts. Customers want to have experiences similar to the interactions that they already have with BigTech. It is closely related to personalization/customization and to increased operational efficiency. It is also associated with the growing use of big data and AI.
- McKinsey envisions that companies will start providing continuous “one-touch” underwriting. This means dynamic adjustment based on customer behavior and suggested personalized actions to significantly drive healthier behavior.
- There is a shift to targeted health management. In the coming decade, insurers will play an increasingly prominent role in the health of their customers as life expectancy increases and health trends change. The company role evolves from just a payer to a partner and preventer.
All findings have been provided in this attached Google Document, as requested by the client. That document is divided into three main sections that cover the three research paths: Category, Customer, and Culture (macro-forces).
The first section provides information about three close competitors. They are Ping An, Allianz, and AXA. The second section offers insights into customers' preferences and attitudes associated with life insurance, according to recent reports and surveys conducted in different countries. There are three relevant topics observed among customers, which are higher awareness of life insurance, higher preference for digital interaction, higher awareness of health & wellness, and higher concern for ESG issues. The findings are supported by data from surveys. The third section provides information on four macro-forces that are impacting the life insurance industry, which are digitalization, personalization, health & wellness, and ESG. This section includes examples of companies at the front of the trends.
For this research on Prudential - Category & Competitive Landscape, we leveraged the most reputable sources that are available in the public domain. We reviewed the websites of three key global competitors, which are Ping An, Allianz, and Axa, as well as recent news about those groups from sources such as Bloomberg and Reuters. Most of the questions were answered regarding the Category section. Specifically, there were given answers about missions, positioning, colors, images, and common topics addressed on their websites. There was also given information about which of them have been losing or winning in financial terms, as available in the public domain. We also extracted useful data from reports published by EY, McKinsey, Capgemini, Deloitte, JD Power, ReMark, Centric Consulting, ACSI, and Life Happens, among other sources, to select the most significant topics that portray consumer's preferences and attitudes toward life insurance and the most relevant macro-forces that are affecting the life insurance industry today. Given the dramatic changes experienced during the pandemic, all sources used in this research correspond to the past 18 months.