Prudential to compensate policyholders hit by erroneous deductions

CEO promises company will do 'everything possible' to avoid repeat of premium fiasco

Prudential to compensate policyholders hit by erroneous deductions

Insurance News

By Gabriel Olano

Prudential Singapore, which had several policyholders discover their bank accounts had been deducted up to 100 times the premium owed, will compensate all affected clients.

In a letter to policyholders posted on the insurer’s website, CEO Wilf Blackburn said that all affected accounts were fully refunded within 24 hours after discovery of the issue, which went viral on social media. Numerous Singaporeans went online to show their frustration about the error, and to inform others to check their accounts to know if they were affected.

In addition, Blackburn said that as a “sign of appreciation” for their customers’ patience, Prudential will give SGD100 to all policyholders that had GIRO (general interbank recurring order) deduction dates on May 24, 2018. Policyholders can expect the amount to appear in their account by June 03, he said.

“While we cannot undo the anxiety and inconvenience that you must have gone through, we are doing everything possible to make sure this doesn’t happen again,” Blackburn said. “We promise to learn from this and to bring you a better experience in the future. Our commitment, as always, is to put you first.”



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