Building The Brand
Mark Tucker, Managing Director
Learning from the strategic corporate mind set which he had absorbed from time spent with Prudential’s new CEO, Mr. Tucker set about a strategic thinking process which was designed to bring about significant and rapid change. “What we didn’t want to do was hire someone to come and tell us how to run our business. That was not what we needed. We have talented people, some who have been here in the region for as long as 20 years and have a good understanding of our business. We didn’t need someone else to come in and tell us how to do it,” Mr. Tucker says.
“What we did need was a process by which we could think strategically and which would develop a commonality, a cohesion across the countries.” The task was not merely one of corporate restructure but of a huge shift in corporate loyalties and cultures, particularly within the competitive insurance industry environment.
“What we were faced with were a number of local businesses each focusing on their own country needs. There was no conformity, no commonality of language, no shared set of values.”
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“Everyone was doing strategy in their own way and there was no cross-fertilisation, no synergy,” says Mr Tucker.
Adopting the ‘top-down’ approach of his global CEO, Mr Tucker decided to bring together the regional Prudential team of directors and the key executives from Hong Kong , Singapore and Malaysia . The Strategic Thinking Group was called in to help. In total, almost 50 people were involved in the development of the strategy in a process which started in 1994.
“Each country manager contributed to the formulation of the vision and the strategy and is now working towards common goals. Now, each country operation knows the boundaries or parameters within which it should move forward,” Mr Tucker says. The foundations have now been laid for the ongoing review and implementation of the plan. In its first full year of operation under the new strategic plan, Prudential Corporation Asia expanded into four new countries, doubled profits, increased annual premium sales by 40 per cent and brought in gross revenue premiums of £249 million.
