Prudential Insurance is a company, which provides insurance and investment management services, to different retail and institutional customers, through different parts of the United States and in over 30 countries. There are many products and services that are included and these products and services include the life insurance, annuities, mutual fund and retirement related investments. It was the year 1981 that the company acquired Bache & Co, which was a stock brokerage company that worked as a wholly owned subsidiary. It organized many principal operations into the financial services businesses and closed block business.
The company was started in New Jersey in 1875, and was originally referred to as Friendly Insurance Company, selling just a product of industrial life insurance. The company consisted of hundreds of subsidiaries that hold more than $ 1.9 trillion. The headquarters building was secured in August 2004.The logo of prudential Insurance was The Rock of Gibraltar, and the formal slogan of the company was dropped for some time in the mid 1980s.Prudential Insurance was traded in the New York Stock Exchange under PRU.
It was on May1, 2003, that Prudential formalized the acquisition of American Skandia, which is the largest distributor of variable annuities through the different financial professionals of the United States. It was in April 2004, that there was an acquisition of retirement business of CIGNA Corporation. On August 1, 2004 there were large scale security threats observed by the company, and man security measures were taken on behalf of the company, in the form of concrete barriers and x-ray machines. The company received 100% ratings on the corporate equality index that was released by the human rights campaign that started in the 2003.
More About Prudential Insurance
This is one f the largest financial service institutions of the world, that serves millions of individuals and other clients of the United States. This institution is most suitable for clients and helps them to grow as well as protect their wealth. The clients are provided with information advice and choice of wide range of products, through a network of advisors and financial professionals. The strength of the institutions is built on the strength and integrity and commitment of the company to highest standards. Most of the customers of the company are individuals and institutions all over the world. The common stock of the company reflects the financial services of the company. There are many group insurance manufacturers that distribute short term group insurance and other trusted insurance of the United States. Group Insurance also sells accidental death and dismemberment. The Investment Division conducts its business through Asset management, financial advisory and retirement benefits.
There is an asset management segment that provides an array of investment and management services, o mutual funds and other structured products. There is a financial advisory segment that is known to be providing full service securities, brokerage and financial advisory services. In this segment there is also included other equity sales and trading operations, and also distribution of different wrap free products. There is also a retirement segment through which there are qualified and non-qualified retirement plans.
There are international investments, which provide banking, assets management and investment advice and product choice. Prudential private wealth management business offers financial advisory, private banking, as well as sales and trading for a trading for a wide range of future and forward contract, for retail and institutional customers.
History of Prudential Insurance
It was the year 1875, that has helped the people achieve their financial security and peace. The success, of the company is based on long history of social responsibility, strong leadership and services. The insurance agent John Fairfield Dryden, founded the Prudential Friendly Society John Fairfield Dryden. It was the first company in the United States, tat made life insurance available to the working class. The company made the sales of the insurance that helped in the funeral or in the burial expenses of the working class. After a period of four years sales of the institution extended beyond New Jersey and the customer base of the company expanded to a great height. There was a boost of sales in the company and soon the assets of the company reached a mark of $1 million, and in the year 1885 there was a sales of the one million policy.
Towards the beginning of the twentieth century, it transformed itself from a stock company to a mutual company. The 1940 s were considered to be the golden period of the company, and soon the assets of the company grew to six fold. There was decentralization of offices of the company. It was in the 1980s that the company became the first major company to market the variable analysis. In the year 1990, the consolidated assets of the company surpassed $100 billion. There was also a major development in the history of the company when there was a demutualisation in the company, in the year 2001.
Prudential Insurance In The Workplace
There are plenty of opportunities in Prudential Insurance. We are determined to do our best and our business expands through out the different places of the world, where there is a large amount of customer perspectives. All this has an impact on the design and delivery of the different products and services. Most of the employees live in the United States, but there are others too who are spread in more than 30 countries around the world. We have a pool of talent and experience that is enriched by the multitude of differences that include race, age, sexual orientation and religion along with ability.
Wife's Life Insurance Policy Cashes Out Late
When I bought life insurance policies for myself and for my life, I believed that my wife would have the same end date since the policy is a whole life policy. That is not how Prudential does things though. My policy covered me until I was 65 years old and then cashed out. My wife on the other hand could not cash out until she was 83. I don't know how I missed this fact. No one ever advised me about this either.
Low-Ball Water Damage Estimate
I had water damage in my house that resulted from a pipe freezing. A good part of my house was destroyed. The walls, cabinets in kitchen, floors, back door rusted from water, and other things were ruined. We had to rent a dumpster to get rid of the carpeting, cabinets, wall paper, and insulation. The adjuster allotted me $4431.71 to hire someone to take down, replace, and repair everything. The cabinets alone cost $3,440... without the installation. that left me with very little to hire the contractor and purchase the other necessary items. I have left the adjuster numerous messages on his machine and he has failed to call us back. At one point he told me I should take the money given to me for personal damage and buy and fix what was needed.
Slow and Lacking Good Communication
I contacted Prudential Life to ask about the process for a "smoker rating" reduction. I received a letter stating I need to contact them after 1 full year. A year later, I contacted Prudential Life to ask again. They referred me to a rep. He sent a form for my signature. I signed and returned it immediately. Three weeks later, I received a call from an underwriter who asked my full medical history. I never heard anything further. Three more weeks later I called my rep and he advised me I had signed the wrong form. I signed a new form 96200F and mailed it in. Two weeks later, I had still not heard anything.
Poor Customer Service
Prudential reps are rude. Wheres the training?
I am trying to appeal a decision on my LTD payouts which they canceled at the drop of a hat and I cannot get a speedy resolution. Everything takes 45 days.
Customer Service Issues
They treat you like crap. They don't get back to you when they say they will and when they do finally call, they give different answers to the same question!
Failure to pay off life insurance policy
My father passed away in January 2009. He had a Prudential life insurance policy for $10,000 which has been paid up for years. after five months of trying to settle the claim, I am pulling my hair out in frustration. Prudential does not assign specific agents to specific policy claims. Every time you contact them for an update, you get someone new who then has to put you on hold for 10 minutes while the pull up the claim and read up on all the previous correspondence. Then they want you to send them items previously supplied.
I did an online quote with Prudential, an "agent" called me to, "see what he could do for me." I am a Soldier in the Army, I reside in NJ for the time being, but my vehicle and DL's is from another state. The "agent" told me that I needed to register my car in NJ and switch my DL's, even though I explained my situation that, I don't plan on changing anything. He stated he doesn't know any company that would cover me, given the situation. I have been in and covered in NJ for 2 years with the same stipulations. I have never been told this. The "agent" was rude, and obviously had no training. I called "customer service", to make a complaint on the "agent", for the fact he left a nasty taste in my mouth, the "rep" said she would make a note of it and submit to higher. But she did not take a number, a name, or any kind of info for them to attempt to make this right. When I asked to speak to a supervisor, I was placed on hold. When she returned, she said the best I can do is send an email.
Poor Customer Service
So I was in an accident where a woman ran her stop sign and t-boned me on the driver's side. Prudential took two weeks to get me my rental car. I had to figure out a way to get to and from work for 2 weeks, without my car. My rep at Prudential told me in the first week that I could go in and get my rental car, but when I had a friend drive me down there, Enterprise said they didn't have any record for a car rental for me. It took another week AFTER that to get my rental. The only good part about Prudential, is that they have good coverage, they covered the entire cost of the rental for me.
Never Ending Payments
I purchased a variable annuity life insurance policy from Prudential in 1993. I stipulated and was "guaranteed" a policy that would be "paid-in-full" in 12 years. At the end of 12 years I was told that it would probably be "paid up" in three more years. At the end of that three years, not only was it not paid up, but Prudential increased my premium from $150/month to $238/month with no paid-up time limit at all.