FWD Insurance, a recent life and general insurance company, started its business early September. FWD Insurance Singapore is a part of the FWD Group, the insurance side of the investment group Pacific Century Group.
Direct purchase insurance
They are aiming to change the business of insurance through the simplification of the policy buying process. They sell direct to consumers and are starting with products dedicated for Travel and Car Insurance.
In the coming weeks, there are already plans to launch direct purchase insurance starting with the term policies.
Their chief executive, Abhishek Bhatia talked to the Strait Times and said that they are not modeling their services over recruiting tied agents which is how most of the industry players are currently doing.
FWD is investing around 500 million dollars in Singapore in the next 5 years.
The firm is selling Travel and Car Insurance directly through online methods. This does not entail an agent who calls consumers back to provide quotes.
They are not making use of lengthy forms. Instead, they have a simple web application wherein consumers will be able to get quotes for a Car Insurance (ประกันภัยรถยนต์) in less than a minute. Consequently, it will take 10 seconds for a travel insurance quote which is currently the quickest in Singapore.
Policies towards motor and travel insurance
They are also launching a term in their motor insurance policies. This term will enable drivers with 50% no claim discounts to have their discount preserved for life even though multiple accidents are experienced within a same year.
Mr Bhatia mentioned that when the payment is processed, a consumer gets an email with information regarding the policy and an SMS reminder for the email. He further added that customer experience is their focus from their product features to online policy buying.
For travel insurance, he acknowledged how firms already do a good job when it comes to the consumer’s buying experience. However, it is a different case for filing claims. This is why they will empower their travel insurance holders the option for filing claims via WhatsApp.
They aim to minimize a consumer’s effort and change their perspective towards insurance.