FEASIBILITY STUDY

TABLE OF
CONTENTS
Executive summary

Business model canvas

PESTEL analysis

Porter's five forces

Market/industry analysis

Sales review and market share review

Competition review

MIssion and Vision

KRA and KPI

TABLE OF
CONTENTS
Market segmentation

Market Trends

Competitors

Market Survey

Market size and sales forecast

Product description

Marketing strategies

Customer Service

Product design

TABLE OF
CONTENTS
SIPOC Diagram

Aggregate planning

Intellectual property

Legal Structure

Management

Personnel

Financial plan

 INTRODUCTION

PRU LIFE UK IS ONE OF THE PHILIPPINES' TOP LIFE INSURANCE FIRMS, WITH
OVER 15 YEARS OF EXPERIENCE OFFERING RELEVANT AND CREATIVE LIFE
INSURANCE POLICIES TAILORED TO THE PUBLIC'S INDIVIDUAL NEEDS.​
WAS LOCATED IN METRO MANILA ​
PRU LIFE UK ESTABLISHED ITS PRESENCE IN THE PHILIPPINES IN 1996​
BUSINESS MODEL CANVA
 EXTERNAL ANALYSIS
POLITICAL

FINANCIAL LEGISLATION AND TARIFFS PERTAINING TO

INTERNATIONAL TRADE​

LEGAL STRUCTURE GOVERNING CONTRACT ENFORCEMENT​

POLITICAL STABILITY AND THE SIGNIFICANCE OF THE LIFE

INSURANCE INDUSTRY TO THE COUNTRY'S ECONOMIC
GROWTH ​
 EXTERNAL ANALYSIS
ECONOMIC

INFLATION​
INTEREST RATE​
BUSINESS CYCLE STAGE​
DISCRETIONARY INCOME ​
 EXTERNAL ANALYSIS
SOCIAL

DEMOGRAPHICS​
SOCIETAL NORMS AND HIERARYCHY​
LEISURE ACTIVITIES ​
MIGRATION​
GENDER ROLES​
 EXTERNAL ANALYSIS
TECHNOLOGY

COMPETITORS MOST RECENT TECHNOLOGICAL INNOVATIONS​

DEALING WITH TECHNOLOGY TRANSFER AND LICENSING
CONCERNS​
LOWERING PRODUCTION COSTS​
 EXTERNAL ANALYSIS
ENVIRONMENT

CLIMATE CHANGE ​
ENVIRONMENTAL STANDARDS ARE ALSO INFLUENCING
PRODUCT INNOVATION PRIORITIES​
WASTE MANAGEMENT IN FINANCIAL SECTOR​
ATTITUDES TOWARDS "GREEN OR "ENVIRONMENTAL"
PRODUCTS​
 EXTERNAL ANALYSIS
LEGAL

LEGAL STRUCTURE AND INSTITUTIONS ARE INSUFFICIENT TO

PROTECT AN ORGANIZATION'S INTELLECTUAL PROPERTY
RIGHTS.​
 POSTER'S FIVE FORCES
THREAT OF NEW ENTRANTS​

PRU LIFE INSURANCE IS ONE OF THE MOST WELL-KNOWN

INSURANCE BRANDS. THE DANGER OF NEW ENTRANTS MAY BE
ASSESSED USING CRITERIA SUCH AS THE NUMBER OF CURRENT
COMPANIES IN THE SECTOR, ENTRANCE HURDLES, SWITCHING
COSTS, BRAND EQUITY, DIFFERENTIABILITY, ETC. IN THE CASE OF
THE INSURANCE SECTOR, THE ENTRANCE BARRIERS ARE
MINIMAL.​
 POSTER'S FIVE FORCES
THREAT OF SUBTITUTE PRODUCT​

ANY VIABLE OPTION THAT COMPETES WITH PRU LIFE

INSURANCE'S PRODUCTS AND SERVICES IS CONSIDERED A
REPLACEMENT.​
 POSTER'S FIVE FORCES
THREAT OF SUBTITUTE PRODUCT​

ANY VIABLE OPTION THAT COMPETES WITH PRU LIFE

INSURANCE'S PRODUCTS AND SERVICES IS CONSIDERED A
REPLACEMENT.​
 POSTER'S FIVE FORCES
BARGAINING POWER OF CUSTOMERS​

CUSTOMERS FOR THE PRU LIFE INSURANCE GROUP ARE PEOPLE

OR ORGANIZATIONS WHO ACQUIRE INSURANCE PRODUCTS FROM
PRU LIFE.​
 POSTER'S FIVE FORCES
BARGAINING POWER OF SUPPLIER ​

REINSURERS, LEAD PROVIDERS, CAPITAL MARKETS, HUMAN

RESOURCE SUPPLIERS, AND OTHER TYPES OF BUSINESSES
MIGHT BE CLASSIFIED AS SUPPLIERS TO THE INSURANCE
SECTOR.​
 POSTER'S FIVE FORCES
BARGAINING POWER OF SUPPLIER ​

REINSURERS, LEAD PROVIDERS, CAPITAL MARKETS, HUMAN

RESOURCE SUPPLIERS, AND OTHER TYPES OF BUSINESSES
MIGHT BE CLASSIFIED AS SUPPLIERS TO THE INSURANCE
SECTOR.​
 POSTER'S FIVE FORCES
COMPETITION EXISTING AMONG COMPETITOR​

THERE ARE A SIGNIFICANT NUMBER OF COMPETITORS IN THIS

ECONOMIC SECTOR. THE FIELD OF INSURANCE IS COMPETITIVE
THANKS TO THE PRESENCE OF MANY COMPANIES LIKE UNITED
HEALTH AND PRUDENTIAL, AMONGST OTHERS.​
 MARKET ANALYSIS

IN THE 2020 REPORT BY THE PHILIPPINE INSURANCE COMMISSION,

THE TOP TEN INSURANCE COMPANIES IN THE PHILIPPINES ALONE
HAD A COMBINED NET INCOME OF P29.28 BILLION. ALSO IN 2020,
THE COMBINED NET WORTH OF THE TOP TEN INSURANCE
COMPANIES IN THE COUNTRY WAS AT P186.37 BILLION, AND THIS
ACCOUNTS FOR 87.04 PERCENT OF THE ENTIRE PHILIPPINE
INSURANCE INDUSTRY'S NET WORTH, WHICH IS AT P214.10
BILLION. ​
 MARKET ANALYSIS

IN THE 2020 REPORT BY THE PHILIPPINE INSURANCE COMMISSION,

THE TOP TEN INSURANCE COMPANIES IN THE PHILIPPINES ALONE
HAD A COMBINED NET INCOME OF P29.28 BILLION. ALSO IN 2020,
THE COMBINED NET WORTH OF THE TOP TEN INSURANCE
COMPANIES IN THE COUNTRY WAS AT P186.37 BILLION, AND THIS
ACCOUNTS FOR 87.04 PERCENT OF THE ENTIRE PHILIPPINE
INSURANCE INDUSTRY'S NET WORTH, WHICH IS AT P214.10
BILLION. ​
 SALES REVIEW AND
MARKET SHARE REVIEW
SALES REVIEW​
THE TOTAL COMBINED ASSETS OF LIFE INSURANCE COMPANIES
IN THE COUNTRY GREW BY 7.19%, FROM P1.53 TRILLION IN 2020 TO
P1.64 TRILLION IN 2021. THE LIFE INSURANCE SEGMENT ALSO
REGISTERED A 7.43% GROWTH RATE IN TERMS OF ITS TOTAL
COMBINED INVESTED ASSETS, FROM P1.48 TRILLION IN 2020 TO
P1.59 TRILLION IN 2021.​
SALES REVIEW AND
MARKET SHARE REVIEW
SALES REVIEW AND
MARKET SHARE REVIEW
COMPETITION REVIEW​
PRU LIFE’S CURRENT MISSION AND VISION​
WE TAKE THE RISK OUT OF PEOPLE’S LIVES. WE ARE
THE TRUSTED LEADERS WHO LISTEN AND RESPOND
TO THE FINANCIAL NEEDS OF THE FILIPINO PEOPLE.
WE ARE COMMITTED TO: DEALING HONESTLY AND
FAIRLY WITH OUR PUBLIC; EXCEEDING CUSTOMER
EXPECTATION IN SERVICES AND PRODUCTS; CARING
FOR THE WELL-BEING AND DEVELOPMENT OF OUR
PEOPLE; AND CONTRIBUTING TO THE DEVELOPMENT
OF THE FILIPINO COMMUNITY.​

ANALYSIS FOR THE EXISTING MISSION AND VISION​

THE EXISTING MISSION AND VISION OF PRU LIFE IS
NOT UPDATED SINCE IT WAS MADE FOR YEARS SO WE
CAME UP WITH A REVISED THAT ALSO FOLLOWS FRED
DAVID’S NINE CRITERIA IN MAKING A MISSION AND
VISION STATEMENT. ​
VISION AND MISSION​
PRU LIFE OFFERS WORLD-CLASS SERVICE TO
EVERYONE, GRANTING OUR INVESTORS EQUITABLE
RIGHTS, PRIORITIZING PEOPLE'S SECURITY, AND
MAKING PLANS FOR THEIR FUTURE. PRU LIFE GIVES
OUR PARTNERS THE BEST SERVICE WE CAN OFFER
WITH THE HELP OF OUR ADVANCED TECHNOLOGY.
THE OPPORTUNITY THAT THEY NEED AS WELL AS THE
PROTECTION. PRU LIFE ASSURES THEIR TRUST AND
SECURITY OF THEM WITH US.​
"IFS GUARANTEED” ​
OBJECTIVES​
TO INCREASE THE NET PROFIT MARGINS BY 2% TO 4% BEFORE THE END OF 2023​
TO INCREASE THE REVENUE COMING FROM NEW MARKET BY 10% BEFORE THE
END OF 2023​
TO INCREASE THE PERCENTAGE FOR REACHING THE UNTAPPED MARKET IN
THE PHILIPPINES BY 15% BEFORE THE END OF YEAR 2024.​
​
KEY RESULTS AREA ​
PRU LIFE HAS BEEN INVESTING IN THEIR FINANCIAL ADVISORS AND
INSURANCE AGENTS TO GAIN CLIENTS AND CUSTOMERS TO AVAIL INSURANCE
PRODUCTS. THEY ARE THE FRONTLINERS THAT DIRECTLY MARKET THEIR
INSURANCE AND HAVE THEM SECURE THEIR FUTURE. IT IS IMPORTANT TO
HAVE TRAINING AND QUALITY EMPLOYEES THAT CAN PRESENT PRU LIFE WELL
AND ENCOURAGE SOME CLIENTS. WITH THEM, THEY MUST HAVE A QUOTA TO
ACHIEVE, SALES TO GROW AND SHOW THE NUMBER OF REFERRALS. THESE ARE
ALL INDICATORS THAT NEEDED TO BE SEEN IN ORDER FOR THEM TO HAVE
POSITIVE PROGRESS. ​
PRULIFE FEASIBILITY
Chapter 4 & 5
4.1 Market Segmentation

DEMOGRAPHICS BEHAVIORAL GEOGRAPHIC PSYCHOLOGICAL

- Adults in early 25s - Customer Loyalty - Can be found at - Health Benefit

- Homeowners - Purchasing Taytay Diversion Rd., - Financial Security
- Tenants Behavior Taytay, Rizal, 1920 - Benefit Factors
- New Parents - Benefit Sought - Family Protection
- Usage
4.2 Market 4.3 Competitors
Trends

• InsurTech Collaboration

• Shorter Development Cycles

for Application

• Blockchain
4.4 Market Survey

■ Knowledge about Financial Products

■ Financial Firms that contact them in the past
■ Factors Influencing
■ Type of Insurance
■ Reasons for their Lack of Insurance
■ To Avail an Insurance Policy
5.2 Product ❑Insurance with
Investment
Description
❑Term Insurance
PERSONAL
INSURANCE ❑Health Insurance

❑Personal Accident
5.3 Marketing Strategies

■ POSITIONING
■ PRICING
■ BRANDING
■ DATABASE MARKETING
■ SALES STRATEGIES
■ ADVERTISING STRATEGIES
■ PUBLIC RELATION
5.4 Customer Service

Customers ability
Conducting to personalize a
Survey to the policy through
Clients online

Online Presence
with the Clients
Chapter 6
6.1 Product Design
• The general principles of service design are:
• Services should be designed based on genuine comprehension of the purpose of the service and the ability
of the service provider to deliver that service.
• Services should be designed based on customer needs rather than their internal needs of the business.
• Services should be designed to deliver a unified and efficient system rather than component-by-component,
which can lead to poor overall service performance.
• Services should be designed based on creating value for users and customers and to be as efficient as
possible.
• Services should always be designed with input from the users of the service.
• Services can and should be prototyped before being developed in full.
• Services must be designed in conjunction with a clear business case and model.
• Services should be developed as a minimum viable service and then deployed.
• Services should be designed and delivered in collaboration with all relevant stakeholders (both external and
internal).
SIPOC
Process Plan, Standard Procedures and
Quality Management
Much of service design is found in the design of processes, both internal and external, and
these principle underpin this:
• Any activity that fails to add value for the customer should be eliminated or minimized.
• Work is always structured around processes and not around internal constructs such as
functions, products, etc.
• Work shall not be fragment unless absolutely necessary. This enables accountability and
responsibility from a single individual and reduces delays, rework, etc.
• Processes should reflect customer needs and many versions of a process are acceptable
if customers have different needs.
• Process variation should be kept to a minimum.
• Processes should be internalized rather than overly decomposed (e.g. Training is better
than work instructions)
• Process breaks and delays must be kept to a minimum.
6.5 Aggregate planning

•
Chapter 7: Human Resource and Management Plan
7.1 Intellectual property
• All trademarks, logos, service marks, and related intellectual property
rights included or appearing on this website are owned by PRU Life or
its affiliates or licensors. And may not be used without PRU Life or its
affiliates' or licensors' prior written approval (as the case may be). You
are not granted any rights or licenses regarding trademarks, logos,
service marks, or other intellectual property rights.
7.2 Legal structure
7.3 Management
POSITION
Financial advisor
Recruitment officer
Insurance Agent
Customer service specialist
Unit manager
JOB DESCRIPTION SALARY PER YEAR
Assist your clients in carrying out ₱ 300,000/yr
their financial plans by allocating
funds to a variety of investments.
They’re the on who will manage ₱ 193,000/yr
both internal and external
stakeholders throughout the entire
recruitment process.
Responsible for identifying ₱ 420,000/yr
insurance plan sales possibilities
and managing a customer portfolio.
Complaints and other problems ₱ 344,500/yr
pertaining to products or services
are handled by customer service
specialists.
These responsibilities include ₱ 900,000/yr
leading teams, communicating with
patients, physicians, and staff
members at all levels.
7.4 Personnel
JOB TITLE JOB RESPONSIBILITIES
Financial advisor • Monitoring Accounts
• Access clients’ needs and goals
• Market Analysis and Researching
• Identifying new opportunities

Recruitment officer • Communicate with other managers to identify

staffing needs.
• Use appropriate internal and external systems to
publicize job openings.
• Ensure compliance with legal obligations pertaining
to employment and data protection
• Assist other managers in handling employment
applications and responding to inquiries.
• As required, organize and participate in interview
procedures.
• Create and maintain policies for employment and
other human resource concerns.
 JOB TITLE JOB RESPONSIBILITIES
Insurance agent • Customers who have a need for insurance should be made aware of the insurance
agency.
• Make connections with prospective clients
• Customers should be informed about the various types of insurance coverage, and
recommendations should be made based on the customers' specific need.
• Evaluate existing insurance plans and make recommendations for supplemental
coverage where appropriate.

Customer service specialist
• Promptly responding to client queries via email, live chat, video, phone, and social
media platforms.
• Immediately elevating major complaints or situations that you are not able to deal with.
• Liaising with colleagues or management to discover the best answers to customers’
difficulties.
• Identifying prevalent problems and elevating them to management, along with possible
solutions for improvement, wherever possible.
• Maintaining a polite, helpful, and professional demeanor at all times.

Unit manager • Taking Charge of Organizational Teams

• Organize and run Meetings
• Take charge of the documentation.
• Keep up with your relationships.
• Observe the Rules and Regulations
Compensation scheme
Dito po yung para sa financial projection na
mahaba
Income statement (yearly)
Income Statement (monthly)
Cash flows
Cash flows
Balance sheets
Breakeven analysis
Ratio Analysis
Conclusion & Recommendations
• Based on the study, the researchers found out that PRU Life UK
insurance company is lacking the presence and awareness to their
target customers which is a disadvantage when it comes to
competition due to their rivalries being established in the industry in
the Philippines. The study focused on how PRU Life can increase their
sales with the help of rising the brand awareness through social
media platforms and online presence.
• PRU Life needs to focus on Investment in digital platforms to raise
awareness and engagements with clients and customers as well as to
increase sales.
• Investing in the agents and employees will be a big help for PRU Life
Philippines because the agents are their front liners that are directly
facing and doing the negotiation with customers and clients
References
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JERRY GRZEGORZEK ON JUNE 7, 2021 | BUSINESS MANAGEMENT, BUSINESS ORGANIZATION
AND INTERNAL AND EXTERNAL ENVIRONMENT
References
Pru Life UK | devex. (n.d.). Retrieved June 19, 2022, from https://www.devex.com/organizations/pru-
life-uk-52410

2021 Annual Report - prulifeuk.com.ph. (n.d.). Retrieved June 19, 2022, from
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Report.pdf

Huddleston, C. (2022, June 7). 6 ways to Get Cheap Life Insurance. Forbes. Retrieved June 19, 2022, from
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