FWD Insurance is the top 4 insurer in the country based on New Business Annualized Premium Equivalent (NBAPE), the unaudited Insurance Commission financial report indicates. It was a big leap from the previous eighth position in 2019, with the Insurer posting a 43% increase in premiums to over PhP13Bn, and 39% growth in assets to almost PhP20Bn from 2019 to 2020.
“We attribute our performance to our digital advantage, innovative products, and strong distribution. They help us provide faster, simpler and smoother experience for our customers even during the pandemic,” said Li Hao Zhuang, president and CEO of FWD Insurance.
Digital advantage
FWD Insurance made strides in creating products and programs through digital advancements in 2020. The Insurer became one of the first in the industry to offer remote selling through the FWD online shop (shop.fwd.com.ph) and ecommerce outlet Lazada.
Other digital innovations intended to enhance customer experience include the award-winning mobile app FWD Tapp, the AI Talkbot Frankie, and the FWD Affiliates Program designed to close the insurance protection gap in the country by providing rewarding opportunities to any individual who shares their financial know-how, helps recruit affiliates, and refers clients to FWD Insurance, especially at this time when earning potentials are scarce.
Innovative products
FWD Insurance champions innovative products that make protection accessible and affordable. Last year they launched online versions of their best protection plans like Set for Health and Set for Tomorrow, and made their online starter plans KanMend, KanLive and KanGuard available for companies. Quick innovations like COVID-19 Ready and COVID-19 Assist made FWD Insurance one of the first insurers to respond swiftly to the needs of their current customers diagnosed with coronavirus illness. As an initiative to help cancer patients and healthcare frontliners, the President’s Charity Drive donated over PhP10M worth of funds and medical supplies to the Philippine Cancer Society and St. Luke’s Medical Center Foundation.
Strong Distribution
Li Hao also attributes FWD Insurance’s growth in scale and rise in ranking to its financial advisors and distribution partners. “We would not have achieved this strong performance without our dedicated Elite Agency. Our financial advisors tirelessly served our customers and transformed their business online when the nation locked down. At the same time, we worked hand-in-hand with our strategic partner Security Bank to intensify our service and protection to our clients in time of greatest needs. Together, they represent our frontliners, exemplify our values, and expand our reach, care and protection to every Filipino.”
FWD’s focus remains on empowering people to celebrate living, a vision that resonates with increasingly more Filipinos. “We are grateful to our customers who continue to place their trust in us. We are also thankful to everyone in the FWD family for their important role in changing how people feel about insurance one customer at a time, one policy at a time, one interaction at a time,” Li Hao said.
Li Hao pointed out that being one of the top insurers in the country validates their work toward inclusion and bayanihan where every Filipino gets insurance coverage. “As we look ahead beyond the pandemic, we will continue to innovate our products according to the changing needs of Filipinos,” Li Hao said. He cited their insurance packages that include protection and investment for babies through Babyproof and families of OFWs through FWD Family Hero, as well as sustainable investing through FWD Global Good ESG Funds, as proof of their innovative mindset.
About FWD Insurance
FWD Life Insurance Corporation (FWD Insurance) launched its commercial operations in September 2014. As of end-2020, FWD Insurance ranks 2nd and 4th in terms of Paid-up Capital1 and New Business Annual Premium Equivalent2, respectively.
FWD Group spans 10 markets in Asia including Hong Kong SAR & Macau SAR, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan, Malaysia and Cambodia, offering life and medical insurance, general insurance, employee benefits, Shariah and family takaful products across a number of its markets. In the Philippines, FWD has 17 business hubs located in key cities nationwide, with its headquarters in Bonifacio Global City in Taguig.
Established in Asia in 2013 with a trailblazer mentality, FWD is the primary insurance business of investment group, Pacific Century Group. FWD is focused on creating fresh customer experiences and making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.
For more information, please visit fwd.com.ph.
