Full case study

Prudential Vietnam introduces PRUrewards loyalty program based on Open Loyalty

Project summary

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.

Key results

  • 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.

The solution

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 tech stack

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.

PRUrewards is a part of PRUonline

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.

Mobile loyalty applications on iOS and Android

PRUrewards membership tiers

Based on customers’ annual premiums, PRUrewards has 3 membership tiers as follows:

Higher tiers unlock better rewards and allow members to earn more points.

Earning points in the program

Members can earn points from various earning rules. The main earning rules are based on transactions where customers earn 1 point for every 100,000 VND premium paid, and 0.5 points for every 100,000 VND premium paid by Automatic Premium Loan (APL). There are also rules not directly connected to transactions, like: birthday points, new year points, membership anniversary pointsPoints are valid for two years. While redeeming rewards, the points with the nearest expiry date will be deducted first. As a customer you can easily check the expiry date of your points under “Point History”. In addition, you will get a notification from the PRUonline app to redeem your points before they expire.

Redeeming rewards

The PRUrewards program brings members a wide range of rewards. The rewards available in the program are offered by well-known merchants such as Lazada, CGV, Grab. Prudential’s team is constantly working on providing more and more attractive rewards in the program. All rewards are in the form of codes.

To redeem a reward, the user needs to log in to PRUonline, visit “Your rewards” in the PRUrewards tab, choose the desired reward and simply click “Get the code”. The reward code will be saved and can be used at PRUrewards’ merchants including both physical stores and e-commerce websites.

The result – Omnichannel PRUrewards loyalty program

Prudential’s team built a beautiful loyalty application that fits perfectly into a holistic customer experience strategy: an omnichannel loyalty application with a website, iOS and Android mobile applications.

The flexibility and headless capabilities of Open Loyalty allow Prudential’s team to easily incorporate the loyalty engine into their existing technological stack. Prudential Vietnam continue working on improving the loyalty and customer experience.

About Prudential Vietnam

Prudential Vietnam is a part of Prudential Group - the world’s leading retail financial service group providing life insurance, financial services and asset management products across the United Kingdom, the United States and Asia for over 165 years.

The company opened its first office in Vietnam 21 years ago and since then it has provided insurance services to millions of Vietnamese people. With more than 300 customer care centers and branches located in 63 cities and provinces of Vietnam, Prudential Vietnam is the leading Vietnamese insurance provider.

Success stories

See how Open Loyalty helps brands grow their business

ALDO Crew

How ALDO used Open Loyalty to create a fully omnichannel loyalty program that went live in the US, UK, and Canada in 3 months.

MSI Rewards

How MSI used Open Loyalty services to implement a gamification-based loyalty program for gamers in 10 countries in just 3 months.

U.S. Soccer Insiders

How the U.S. Soccer Federation worked with Open Loyalty to create a multi-tier, omnichannel loyalty program to engage football fans.