Prudential embraces customer centricity: An interview with Priscilla Ng

Investment Rating - The report does not explicitly provide an investment rating for the industry or Prudential plc Core Insights - Prudential plc is undergoing a customer-centric transformation driven by digital transformation, with a focus on data and artificial intelligence as key enablers while maintaining the importance of human interaction [1][3] - The company aims to enhance customer experiences through personalized, proactive, and efficient services, leveraging data-driven insights to drive sustainable growth across global markets [3][4] - AI is recognized as a transformative force in the service industry, simplifying processes, enhancing customer interactions, and improving operational efficiency [4][5] Summary by Sections Customer-Centric Transformation - Prudential is prioritizing customer-centricity by establishing a new customer function to centralize data-driven approaches and enhance customer experiences [3][6] - The company has over 18 million customers and operates in 24 markets, emphasizing the need for a sustainable business model that maximizes customer value [3][4] Role of Data and AI - Prudential has been leveraging AI and data analytics for several years to analyze vast amounts of data, enabling better decision-making and risk management [4][5] - AI applications include simplifying underwriting, detecting fraud, and enhancing customer service in call centers, which leads to faster and more accurate service delivery [4][5] Employee Empowerment and Culture Shift - The transformation requires equipping employees with the right mindset, skill set, and tool set to foster a customer-centric culture [6][7] - Prudential is investing in building a unified data platform to gain a comprehensive view of customers and ensure consistent data governance across markets [8][9] Customer Feedback and Satisfaction - The company is adopting customer satisfaction scores to assess progress in becoming more customer-centric, aiming to improve customer experiences and build trust [9] - Prudential's vision includes enriching customers' lives and achieving top quartile customer satisfaction scores by 2027 [9]