Industry Leader Forum: Prudential Insurance Company of America

Enthused and energized is how I would describe the view of Prudential Select Brokerage on the year ahead.
Albeit a slow recovery, we see signs that the economic crisis is having less and less impact on our business. We’re looking at 2012 as an opportunity for us and for our distribution partners—especially those who are playing at the top of their game.

What do we mean by playing at the top? Our business growth has been exceptional with the distributors of our products who are concentrating on the following strategies for growth:

Business Planning. We market and sell a product that is still not fully understood and is undersold relative to its ultimate need and demand. Our efforts with those who target market segments with specific tools and sales capabilities have been very successful. What distributors and buyers are you focused on? What’s your plan of attack? Our plan is to align our sales teams and marketing resources to help these partners grow sales within those target markets.

Efficient and Effective Business Processing. We see tremendous improvements being made in distribution systems to make our sales process easier for clients. Our investment in the best systems with the best distributors will continue, and we’re seeing good progress and sales growth as a result.
Focusing on the Sales Process Itself. What practice management approaches do you support to build sales? What’s your life sales repertoire? Prudential is making investments to enable success in the markets where our products are uniquely suited to solve client needs. It’s equally important that distributors seek us out to help with their own areas of focus.

What should you expect from Prudential? Our organization continues to change to adapt our strategies to match up with the increased demands from our best distributors. Those strategies are:
• Investing in our own service and technology infrastructure so that we are viewed as being the most efficient and as a top rated service provider.
• Leading the way with our brand and financial strength as a top provider of the protection products our distributors need to solve broker and client needs. We are “top of mind” for term products but we have also repriced our universal life and survivorship universal life products to be competitive and will work hard to keep that edge. We want to be viewed as strong for both term and permanent product sales and are already seeing a shift upward on the permanent side.
• Being an innovator. WorkLife 65 is an example of a product we introduced in 2011 to enhance our portfolio with a term policy that has been tested with consumers to solve needs not currently met by traditional term products. We want to give our distributors access to a full suite of competitive products that is continually evolving to meet consumer demand.
• Continuously improving underwriting. We continue to study mortality and at the same time, seek distributor feedback about our underwriting. It’s essential for us to adjust accordingly so we continually improve our ability to offer the best possible rate for consumers that need protection products.
• Focusing on sales tools and capabilities. Our focus is on tools and resources that enable sales. We also need to develop tools that support distributors at the point of sale. We are happy to co-brand those efforts with our BGA partners and see this as a top priority as a manufacturer that helps our distributors sell life ­insurance.
• Being the voice of our industry. There are always going to be regulatory and other issues our distributors want our help with. Our plan is to direct our resources and influence within our industry through the ACLI, AALU, NAILBA and all other organizations to help. Independent distributors can benefit from Prudential as an advocate for change. We take our role as a lead life insurance provider very seriously and will continue to be a strong voice and communicator in this arena.
• Leading with integrity. Ultimately, we are depended upon to offer consistent and fair sales support. Whether it’s the way we compensate for the sale of our products or the way we present our products for sale, we want to be viewed as a company that works with distribution partners that are equally dedicated to serving the life insurance needs of Americans.
Prudential Select Brokerage is bullish and confident in the future of our industry. Independent brokerage is our area of focus, and we are honored to work with distributors who share the same energy and enthusiasm we have for the future. There is no time like the present to become engaged in the business planning process and rely upon Prudential for support. Our commitment to continue offering the very best products and support for this business has never been stronger.
Thank you to all who make The Rock—Prudential—a part of your product arsenal. As we say in our brand campaign—Bring us your challenges—and look for us to expand your opportunity. [CEA]

January 2012 Issue of Brokerworld Magazine. Author’s Bio Charles E. Anderson Senior Vice President, Prudential Select Brokerage

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