Business redefines CSR

MANILA, Philippines -  Side by side the desire to gain market leadership, most companies today aim to become a positive instrument of change wherever they are in the world. 

 For instance, Global life insurer Prudential plc, the parent of Philippines’ Pru Life UK, recently mobilized volunteers among its employees not only to effect change on the lives of people in distressed communities but also to put the team in the map of global heroes.

Through a contest implemented at Pru Life UK branches all over the world, employees are pushed on a volunteerism mode and ranked based on their involvement in volunteering activities and the social impact of the initiative to a charity or local community.

“We want to help schoolchildren and their families get back on their feet in the aftermath of Ondoy,” says Peter Grimes, recently appointed president and CEO of Pru Life UK in the Philippines, who along with a 20-man team brought a caravan of aid to schoolchildren in 35 communities in Tanay.

Team Philippines, through Plan International, donated school supplies and hygiene kits to 3,843 pupils as well as a hefty amount to fund psychosocial counseling and debriefing services to children suffering from trauma brought on by the disaster.  

This year, Pru Life UK’s Team Philippines made it to the Top 10 CSR (corporate social responsibility) projects among Prudential plc’s worldwide business units; a big feat, considering the total number of hours they have logged vis-à-vis number of regular employees.

Grimes reveals that despite increased product sophistication, the insurance industry is facing stiff competition not only against insurance companies but other financial institutions such as banks, which offer similar line of products, although banks are also provide powerful distribution channel for insurance companies.  

A challenge, he says, is that the Philippines continues to be an under-insured market. “Traditionally, the Filipinos have leaned towards savings and wealth generation and give little emphasis to wealth protection.”  

The scale of agency force in the country is relatively small (approximately 30,000) compared to Thailand’s smaller population of 60 million but where the life industry has four or five times as many agents, he added.

Nevertheless, Grimes is optimistic that Pru Life UK will draw a younger breed of agents (they call them “financial advisers”) into the business because of an advocacy — they would like to support individuals, make them become financially aware of their needs, help make their dreams come true, and prepare for their retirement.