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Singapore: FWD launches model to sell products directly

Source: Asia Insurance Review | Oct 2016

FWD Insurance, Singapore’s newest life and general insurer, has started its direct-to-consumer insurance business with the launch of its travel and car insurance products. The company is investing S$500 million (US$366 million) in Singapore over the next five years and will launch more life and general insurance products later this year.
 
   The insurer has adopted an online and mobile-led approach, replacing lengthy forms with a simple website application where people can get a quote for car insurance in under 60 seconds and travel insurance in 10 seconds, the fastest in Singapore today.
 
   In another two firsts for Singapore, drivers that have a 50% No Claim Discount (NCD) will now have it protected for life, even if they have multiple accidents in the same year. This reflects the view of 93% of drivers who thought it was unfair to lose a NCD after an accident.
 
   FWD has also created Singapore’s first fully mobile quote, purchase and claims service, which it said reflects the wishes of 90% of Singaporeans. In a further innovation, FWD’s travel insurance customers can also submit claims for travel and baggage delays using WhatsApp.
 
   Mr Abhishek Bhatia, CEO of FWD Insurance Singapore said: “Our vision is to change the way Singaporeans feel about insurance and it’s obvious that they want change. We live in the most digitally-connected society in the world, yet 54% believe that the complicated way insurance companies present their products was holding them back from purchasing online. Correspondingly, we have discovered that half of the respondents have had occasions when they hadn’t purchased travel insurance before going on a trip, which shows that people are exposing themselves to unnecessary risk.”
 
   He added: “Most Singaporeans organise their lives on-the-go using their mobiles, so we are enabling them to do the same with insurance.”
 
   FWD Insurance is a licensed life and general insurer following its acquisition of a 90% share in Shenton Insurance in April 2016. FWD Insurance is part of the FWD Group, a pan-Asian insurer. Established in Asia in 2013, FWD is the insurance business arm of investment group, Pacific Century Group.
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