Customer Satisfaction at Prudential Insurance
Recently, Prudential Insurance Company of America found itself at the most critical point of its 121-year existence. In an industry that relies upon trust, it was facing a large, highly publicized scandal that seriously called into question the ethics and values of the company. In addition, the company’s financial future was not at all promising, as customers defected due to a stagnant product line and the company’s reliance on an outdated business model. Prudential had always been a leader in the insurance industry and was known for many innovations. It lost this innovative edge, however, and only offered to customers the products it wanted to sell, rather than those that customers wanted to buy. During the past few years, the financial services landscape was undergoing change at an ever-increasing pace, as customer needs radically changed the marketplace.