September 8, 2020
FWD Singapore extends UnderwriteMe’s technology to support latest financial advisory distribution channel
Singapore, 7th September 2020 – FWD Singapore (FWD) has recently widened the use of UnderwriteMe’s proprietary underwriting rules engine (URE) to support instant underwriting of applications for its recently-launched financial advisory (FA) distribution channel, through the FWD SMART platform.
Amidst the current backdrop of a global COVID-19 pandemic where Singaporeans who need insurance advice are increasingly reaching out digitally to their trusted advisors, FWD’s expansion into the FA distribution channel in June of this year aims at growing its life insurance business and enhancing accessibility for its customers over the next few years.
To date, FWD has entered into distribution partnerships with leading FA firms in Singapore, including IPP and Finexis, whose customers already enjoy the benefits of the URE, to easily receive qualified financial advice and insurance protection, digitally over a video call, with no paperwork involved.
This is the second successful application of UnderwriteMe’s technology to support the pan-Asian insurer’s local strategy, the first being the direct-to-consumer channel which was launched in June 2019. The URE’s high configurability and flexibility has allowed FWD to be able to provide insurance cover instantaneously without human intervention to increase convenience to potential customers.
Rakesh Kaul, Director of Business Development, UnderwriteMe Asia and Australia commented, “We are delighted to see our technology become a key part of FWD’s proposition to the market. Providing genuine straight through processing capabilities supported by a short customer journey that is highly tailored and relevant is expected to be well-received in the FA channel.”
Adrian Vincent, General Manager, Life Business at FWD Singapore, said “Through the use of technology by UnderwriteMe, FWD Singapore is able to provide instant approval for Singaporeans, including those who have pre-existing medical conditions such as diabetes, cholesterol and hypertension, an industry game-changer not available with more traditional insurers.”
He affirmed, “Our collaboration with UnderwriteMe is the latest example of how we are constantly working with like-minded partners to create better products and services for our consumers, which also aligns with our vision of changing the way people feel about insurance.” Singapore is one of the three FWD countries that has implemented UnderwriteMe across the region. Plans to extend this digital solution to other FWD locations over the next 12 months are underway.
– ENDS –
Managing Director, Asia & Australia Pacific Life Re | Asia & Australia
Director, Business Development
(Asia & Australia)