Prudential Assurance Malaysia Berhad Corporate Responsibility Programmes
Prudential Malaysia Assurance Berhad
PAMB’s Corporate Responsibility (CR) programmes are aimed at building a financially literate and resilient Malaysian society through our ongoing focus in providing; financial protection for the urban low income households (LIH) with PRUkasih and as well as financial education targeting different segments of society ranging from children, teens and adults.
INTRODUCTIONPAMB’s Corporate Responsibility (CR) programs are aimed at building a financially literate and resilient Malaysian society through our ongoing focus in providing; financial protection for the urban low income households (LIH) with PRUkasih and as well as financial education targeting different segments of society ranging from children, teens and adults. This is in line with PAMB’s mission of providing financial freedom and peace of mind for all Malaysians. In a nutshell, PAMB’s CR programmes are designed to meet Prudence Foundation’s vision, Support the Malaysian Government’s Economic & Transformation plan, supporting our key stakeholder, Bank Negara Malaysia, as well as to develop and grow a culture of volunteerism, service quality and care among our staff and distribution channel representatives in line with our brand tagline of “Always Listening, Always Understanding”.
FRAMEWORK AND STRATEGYAs an insurer, we have first-hand experience of seeing how devastating the impact can be on families living without financial security in the event of a mishap befalling the main breadwinners of the family.
That is what led us to create PRUkasih, to ensure that the underserved community is also protected financially so that they are able to sustain their lives and get back on their feet as fast as possible in the event of a mishap. We strongly believe in cross sectorial collaboration and we couldn’t have done it without the support and help of our NGO partner, Yayasan Generasi Gemilang (YGG). We also work closely with National Council of Welfare and Social Development Malaysia (MAKPEM), DBKL, the Ministry of Women, Family and Community Development (KPWKM) and Jabatan Kebajikan Masyarakat (JKM). In addition, it is also our commitment to work with and empower the community leadership such as the Resident Association in the community we adopt. Giving back to the society has always been a big part of Prudential’s culture globally. It is our way to thank all our customers and show our gratitude to the communities which we operate in.
ACHIEVEMENT AND IMPACTIn 2015, we focused on expanding the reach of our 2 core programmes namely PRUkasih and Financial Education as we strive towards our goal of reaching out to 50,000 households and children by 2018.
PRUkasih is now accessible to 11,894 families from 9 communities with a total of 2,521 families protected. It has grown from 2 pilot communities with 2,000 households during the pilot run before 2014 with an ambition to provide access to 25,000 families by the end of 2016. We also have disbursed over RM180,000 in claims payment to 112 claimants from Jan 2014 to-date. The work that we have been doing through PRUkasih has attracted the attention of the Central Bank of Malaysia. We have been invited on numerous occasions to share our learning from PRUkasih with officers from the Central Bank and the Economic Transformation Programme unit, in line with the Government’s effort to create a financial inclusive society and ensure that underserved markets too will have equal access to financial services/ protection.
Since its launch in 2014, PAMB has accumulatively reached out to 9,906 individuals. We expect to reach out to 18,000 children by end 2016.Besides expanding our reach to schools through our financial education programme for young children through Cha-Ching, we also successfully developed a new format which allows us to scale up our reach more effectively by running the Cha-Ching programme in a carnival like environment, in order to cater to a larger crowd. The development of the proprietary branded content known as ‘Duit Right’ (pronounced as do-it right), in 2015, was designed with teenagers aged between 13 and 15 in mind to ensure that we are able to engage them in an interesting and interactive manner while staying true to the 4 money management concepts introduced in Cha-Ching i.e. earn, save, spend and donate. In 2015 we achieved another milestone by piloting the adult financial education programme in line with the Government’s aspiration of fostering financial inclusion and making financial education accessible to all.
FUTURE DIRECTIONPAMB has come a long way with our CR efforts. Like what we mentioned earlier, our CSR programmes centers around financial protection, financial education and disaster-preparedness and this will be a long term focus and commitment for the company.
As a leading and innovative insurer, Prudential Assurance Malaysia Berhad (PAMB), serves the savings, protection and investment needs of Malaysians by offering a full range of financial solutions through its 45 branches and bancassurance distribution partners network nationwide. With more than 1,600 employees, PAMB is committed to helping people achieve their ambitions for a brighter and financially secure future.