PRU Life Insurance Corp. of UK (Pru Life UK) announced it will issue its latest exclusive credit card with unique benefits to 50,000 insurance policyholders in the first year of its rollout.
According to Pru Life UK President and CEO Eng Teng Wong, the card is part of the “long-term bancassurance partnership” between the insurer and Robinsons Bank Corp.
Wong said during the online launch last Tuesday that this “’alliance’ continuously diversifies its offerings to utilize the strengths of each company while providing added value to our customers.”
He explained that the card, which will be backed by financial-transaction processing services firm Mastercard Inc., is primarily offered to Pru Life UK employees, agents and policyholders.
Robinsons Bank First Vice President Maire Dadufalza said they have already gathered 15,000 credit card applications since the soft launch.
“50,000 makes sense. It may sound small, but it’s actually not. It’s going to be a challenge,” Dadufalza said. “Thankfully, since we’ve started the partnership, it’s been a good relationship. And I think 50,000 is something that is something that we can deliver.”
Wong said it is feasible for them to hit the goal in the first year given that Pru Life UK has 40,000 agents in its workforce.
“If one agent can help bring in one customer, just one customer per year, you get 40,000 Right?” he said adding that the insurer’s existing base of 300,000 is “essentially growing on a very healthy trajectory.”
Robinsons Bank President and CEO Efren Antonio S. Sarte is also encouraging their customers to avail the credit card.
“This unique credit card provides Pru Life UK policy owners with financial flexibility, along with health and wellness benefits that are exclusive to the credit card,” Sarte said. “It also provides them the convenience of a streamlined payment facility when paying their insurance premium, eliminating the risk of missed payments.”
The card has two variants that provides cardholders with the benefits that include free annual membership fee for the first year. Succeeding annual membership fees are waived when the Pru Life UK policy premium is enrolled in auto-charge facility.
Documents provided by Pru Life said the card also offers zero-percent installment for three months on drugstores and hospital bills with a minimum transaction of P3,000 and maximum of P50,000 per year.
The card would also provide exclusive discounts and deals on membership fee of active lifestyle and health and wellness products. It gives one reward point for every P50 spent on non-Pru Life UK transaction and five points for every P50 spent on Pru Life UK transactions.
All other existing features of Robinsons Bank credit cards shall also apply to the card including: contactless payment; EMV-chip technology; electronic statement of accounts; and, installment plans (balance transfer, convert-to-cash, transaction conversion, balance conversion).