From the Titanic to the Second World War, Prudential has a respected heritage of being at the forefront of disaster and misfortune support, stepping up its aid distribution and helping local communities when catastrophe hits.
Keeping its promises: Prudential’s historic commitment to customers
The company’s very first claim was made on 4 January, 1855, following an unfortunate death from a railway accident. Following this, it became an invaluable aspect of the Prudential policy to ensure the prompt payments of claims. This was demonstrated in 1912, with the effective payment of £14,239 in claims for 324 lives of those who sailed on the ill-fated Titanic.
During both World Wars, the company supported civilians and the government through extreme circumstances of hostility. By 1945, Prudential had invested more than £196 million in government loans and securities and had paid out 230,000 war claims.
Responding to a modern-day global disaster
Fast forward to 2023, Prudential’s promptness and reliability are still key features of its claim services.
The hit of the Covid-19 pandemic, amidst all the devastation that came with it, shone a light on the financial vulnerability of many communities, particularly those who are uninsured and underinsured.
Prudence Foundation, the community investment arm of Prudential, established the Group-wide Covid-19 relief fund when the pandemic struck; a momentous initiative aimed at providing financial support to communities in Asia and Africa severely impacted by the pandemic.
“Our local businesses are on the frontline, identifying charitable and community projects that will help to protect the most vulnerable – namely children, families hit by poverty, and the elderly. We’ve supported programmes that include the provision of personal protection equipment and Covid-19 kits; the delivery of vaccinations and medical supplies to schools and hospitals; and the development of educational materials,” highlights Marc Fancy, Executive Director, Prudence Foundation.
Prudential also offered Covid-19 coverage in many markets where pandemics were not typically included in insurance policies. This ensured that as the world tackled a global disaster, customers from different communities could live with peace of mind.
Innovating disaster protection through technology
The Prudence Foundation also runs programmes that proactively educate and mitigate against disasters, alongside providing relief. The Safe Schools programme which started in 2013, is a crucial initiative working towards educating children against earthquakes and other natural disasters. So far, the programme has benefitted 90,000 children and over 200,000 community members.
“Our approach is very much aligned to our core business, life insurance, which is fundamentally about taking action before events happen. By investing in resilience and preparedness we can minimise the risks to communities in the event of a disaster,” explains Marc.
To recognise the essential role that technology plays in protecting and saving lives before, during and after natural disaster events, Prudence Foundation created the SAFE STEPS D-Tech Awards to find, fund and support technology solutions. With the aim of building more resilient communities, the platform highlights the potential that technology has in saving lives when natural disasters occur, as well as reducing the economic impacts and aiding recovery from these disasters.
Looking back at the 2021 SAFE STEPS D-Tech Awards, one winner that stood out from close to 60 entries was Singapore-based EcoWorth Tech. Its reusable, environmentally friendly Carbon Fibre Aerogel sponge makes a notable difference where disasters in nature are concerned. The sponge, made from natural materials such as waste biomass, renewable cotton or wastepaper, can absorb an impressive amount of up to 190 times its own weight in oil, mitigating the environmental impact of oil spills.
Using the Awards as a launchpad in the world of innovators and environmentalists, EcoWorld Tech can use its winning grant to develop and deploy its solution, conducting real-environment testing and encourage upcycling in the natural world. As the Prudence Foundation has just launched the 3rd edition of the D-Tech awards, more innovative solutions will continue to have the potential to make a global difference.
Prudential has changed and evolved significantly since 1848. But its founding principles of integrity, security and prudence still guide the firm in providing long-term security for its customers and making communities safer and more resilient to life’s risks. Prudential will continue to deliver on its commitment to being reliable and responsive, helping customers and communities get the most out of life – just as much now as it has done over the past 175 years.