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Prudential Vietnam introduces PRUrewards loyalty program based on Open Loyalty
Prudential Vietnam decided to introduce PRUrewards to reward its most loyal customers with additional benefits.
Prudential Vietnam decided to introduce PRUrewards to reward its most loyal customers with additional benefits. In this case study, we present the omnichannel loyalty application built on top of Open Loyalty.
Omnichannel loyalty application with a website, iOS and Android mobile applications
Successful implementation of Open Loyalty in a complex infrastructure of various legacy systems
The challenge - Customer loyalty in the insurance market
The insurance market is one of the most challenging industries in terms of attracting and retaining customers. Worldwide, in the product categories of home, auto, life and health insurance, most customers purchase an insurance product only every three to six years. In developed markets, just half of the customers have had any contact with their insurers for any reason in the past 12 months. It’s hard to build a true bond with customers using only basic insurance services. The churn rate of the best customers is also a serious problem, and the most common threat to the business.
To retain customers, it’s important to go beyond basic service expectations and engage clients with attractive non-insurance benefits. The customer success team of Prudential Vietnam knows that well. That’s why the company provides a wide range of products and services to help their customers to fulfill their needs in saving, protection and investment. Prudential’s experts pay special attention to every detail of customer experience and satisfaction. That’s why the company decided to introduce PRUrewards - an exclusive loyalty program for their VIP customers.
From the very beginning, it was obvious that the PRUrewards will have to be an omnichannel program. The loyalty application needed to be combined with existing systems used by customers on a daily basis. The main loyalty mechanics were based on earning levels and points and redeeming well-crafted gifts and discounts.
Adding a loyalty engine to an existing techstack
Prudential Vietnam has decided to use the Open Loyalty framework as a base for building the loyalty engine. Thanks to the flexibility of the on-premise approach, headless architecture and extended Open Loyalty API, it was possible to incorporate this new piece of software into the existing systems like CRM, intranet and mobile applications. PRUrewards became a part of the existing PRUonline platform - the main customer interface available in both website and mobile app versions.
Setting up the right loyalty mechanics
PRUrewards became an exclusive loyalty program. Only individual policyholders can become PRUrewards members. Customers with an annual premium starting from 50 million VND are qualified to join. After joining the program, they can engage by earning points and redeeming various rewards offered by well-known merchants such as Lazada, CGV, Grab and many other merchants.
All members receive points based on various earning rules like: annual premium, birthdays, new year anniversary and membership anniversaries. The system will automatically calculate all earned points.
To enjoy the loyalty program, the customer needs to log in to his PRUonline account, then go to the “PRUrewards” tab to view his points, as well as, gifts and discounts from the program. Customers can access the loyalty program through the website and mobile applications on iOS and Android.