2025 FWD Singapore Megastart

2025 started strong as we gathered with nearly 900 financial advisers to celebrate achievements and discuss the exciting path ahead for FWD Singapore.

The event highlighted our ongoing efforts to address the needs of Singapore’s dynamic market, from enhancing our product portfolio to strengthening our distribution network. Together, kid we’re building momentum to empower more customers with innovative and accessible insurance solutions. We’re ready to make 2025 a year of greater impact and shared success.

FWD Singapore Dives into the High-Net-Worth Insurance Arena

Source: Hubbis 31 August 2023

FWD Singapore Pte. Ltd. (“FWD Singapore” or “the company”) today announced its entry into the high-net-worth (HNW) insurance market. The company also named its first Chief High-Net-Worth Officer, Jason Tsui, and launched its first HNW product for accredited investors.

FWD Singapore Pte. Ltd. (“FWD Singapore” or “the company”) today announced its entry into the high-net-worth (HNW) insurance market. The company also named its first Chief High-Net-Worth Officer, Jason Tsui, and launched its first HNW product for accredited investors.

“Single family offices based in Singapore have grown significantly in recent years and so too have their needs for wealth preservation, succession planning and return on investment. FWD has a strong brand and innovative spirit which we are excited to extend to the high-net-worth insurance space,” said Adrian Vincent, CEO of FWD Singapore.

This strategic expansion coincides with FWD Group’s 10th anniversary as a pan-Asian insurer, with more than 10 million customers across 10 markets. The expansion into HNW enables FWD Singapore to provide insurance solutions to private bank clients through international brokers. This is in addition to the recent launch of FWD’s first participating product on 5 May 2023.

Strategic partnerships are another important aspect of the expansion and FWD Singapore will partner with Apollo to launch its first HNW plan for accredited investors, which will be the first of the multiple potential initiatives.

Matthew Michelini, Apollo Partner and Head of Asia Pacific, said, “We’re excited to collaborate with FWD in bringing innovative solutions to HNW clients in Asia. This collaboration demonstrates how Apollo can partner with leading Asia financial services institutions like FWD to provide private market investment solutions in the region.”

To lead its entry into the HNW space, FWD Singapore has also appointed Jason Tsui as its new Chief High Net Worth Officer and has set up a dedicated HNW team to serve this market. Jason brings a broad range of experience in the wealth and estate planning industry. He previously served as Managing Director at the Asian brokerage arm of a global wealth solutions provider in Singapore and Hong Kong, where he was responsible for developing their private placement life insurance business for both private and institutional clients. In his current role at FWD Singapore, Jason spearheads the development and distribution of insurance solutions for HNW and ultra-HNW clients and families in Asia and beyond.

Jason Tsui, Chief High Net Worth Officer, said, “It is a privilege to be a part of the FWD team here in Singapore and their innovative, customer-led approach to insurance. I look forward to working closely with the team on our mission to bring new ideas to the HNW life insurance industry and deliver maximum value to our clients with the right solutions and partnerships.”

Since 2016, FWD Singapore has redefined the online insurance space and made the insurance purchasing experience faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. In mid-2020, FWD partnered retail financial advisory firms with more than 3,000 advisers to provide protection and wealth planning solutions enabling the company to grow faster than the industry.

Impact of the inverted yield curve on long-term personal retirement planning


Adrian Vincent

Published Fri, Aug 25, 2023 · 12:00 pm

Source: Business Times Singapore 25 August 2023

Attributed to: Adrian Vincent, Chief Executive Officer of FWD Singapore

Market analysts often consider the current inverted yield curve, where short-term interest rates are higher than long-term rates, as a sign that an economic recession may be on the horizon.

Indeed, the last seven inverted yield curves have preceded recessions. The yield curve, a graphical representation of interest rates on bonds of different maturities, typically slopes upward, indicating that long-term investments yield higher returns compared to short-term investments. However, during periods of economic uncertainty, the yield curve may invert, signifying a pessimistic outlook. This inversion occurs when short-term interest rates surpass long-term rates, unsettling investors and often triggering a market downturn.

As short-term interest rates rise, money tends to move towards higher short-term fixed deposits or short-term treasuries. For example, we see banks competing for our deposits by offering attractive short-term fixed deposits or life insurance companies offering two or three-year high-guaranteed endowment policies. 

With the flight of cash searching for high short-term yields, banks need liquidity. Unfortunately, some of those banks in other countries that failed recently have insufficient liquidity as their assets were invested in long-term fixed-income instruments to back their short-termliabilities, creating a mismatch. Coupled with the fact that fixed income prices fell with rising interest rates, these banks become technically insolvent.

On hindsight, it would have seemed pretty obvious that the mismatch created risks that could have been better managed. Can this learning be applied to one’s personal finance? Do you have a similar asset-liability mismatch for your retirement planning?


Applying lessons from bank failures and inverted yield curve to your retirement

It matters if you are mismatching your assets and liabilities. At a personal level, your liability is your retirement expenses. If you are in your 40s or 50s and assuming an average life expectancy of 80 years, you will likely stop working at the age of 65. This means you have another 15 to 25 years to save before relying on passive income for the next 25 years after retirement.

If you are chasing the high short-term rates today, you are exposing yourself to asset liability mismatching risk and this creates two potential problems.  

Firstly, when you re-invest your short-term cash after your existing deposits mature, there is a risk that the interest rates would have fallen. 

Secondly, considering the current core inflation rate in Singapore, projected to be between 3.5% to 4.5% today, it suggests that the short-term rates are likely just keeping up or just below the inflation rate. Consequently, this situation may result in negative or neutral real returns on your investments.

The short-term gains of an asset-liability mismatching strategy could be disastrous in the long term. Whilst the worst-case scenario for an individual might not be insolvency, it could mean working beyond your ideal retirement age or compromising on one’s quality of lifepost-retirement.

In situations like this, it is good to be prudent and work towards a more matched asset-liability strategy when building a retirement nest egg. Here are three strategies you could consider and as always please seek the advice of a qualified financial planner before making any decision.

 Retirement planning in an inverted yield curve environment      

1. Investment grade dividend-paying bond portfolio

There are many options out there with many assets manager shouting high dividend yields. At this point, there are a few first-quartile funds offering in excess of a 5% dividend yield. 

There are a few ways to gain access to such instruments. 

Firstly, one can consider buying the bond directly. However, this is typically not accessible for many retail investors due to the higher minimum entry requirement. 

Alternatively, another option is to purchase a dividend fund directly online or via a financial planner. The latter comes with the advantage of receiving advice, which can be beneficial if you’re not familiar with selecting the right fund or if you lack the time to do so. 

A third approach is buying an investment-linked policy (ILP) with access to these funds. ILPs can offer welcome and loyalty bonuses, which can enhance the overall yield of your investments.

The overall risk to this strategy is that the bond could default, or its value could fall below the principal amount. 

2. Using the 4-5% rule

 This is where you invest in a balanced fund comprising equities and bonds and withdraw 4-5% of the value each year for retirement. Some studies have shown that this strategy can potentially provide 30 years of retirement income. 

Similar to the first strategy, your capital is not protected and that is a risk that you need to assess. 

3. Participating plans  

 Singapore is one of the few markets in the world that has the concept of a participating fund which is regulated by the Monetary Authority of Singapore (MAS). This fund can only be accessed through a participating plan issued by a life insurance company and there are about 12 life insurance companies, including ourselves, that provide them through financial advisory firms, banks and tied agents. 

Such funds are usually accessed through a participatingplan, which will provide policyholders with guaranteed benefits at a fixed schedule. Different companies offer different guaranteed benefits at different junctures, and you should do your homework to figure out which plan is right for you.  

Such participating plans will provide policyholders with benefits comprising guaranteed and non-guaranteed components, where the latter depends on the performance of the participating fund. Given the nature of the plan, a long-term commitment will enable one to fully reap its benefits and optimise financial security during retirement years.

The current inverted yield curve and recent bank failures overseas serve as a reminder of the risks associated with asset-liability mismatching and the importance of prudent retirement planning. A good asset-liabilitymatching strategy for retirement income can help individuals build a retirement nest egg that matches their eventual liabilities. It is also important to note that risk and return are inherently linked, so the higher the risk, the higher the potential return. 

By taking proactive steps towards sound retirement planning, individuals can mitigate risks and enjoy a fulfilling retirement without compromising their quality of life.

 

Disclaimer:
This article is for general information only and shall not be considered as financial advice.

FWD appoints new Singapore head

Published Thu, Feb 02, 2023 · 4:03 pm

FWD Group, the insurance arm of Hong Kong’s investment conglomerate Pacific Century Group : P15 0%, on Thursday (Feb 2) named Adrian Vincent as chief executive officer (CEO) of FWD Singapore.

Vincent joined as general manager of life business at FWD Singapore in 2019, where he established the company’s financial adviser channel. He previously served as deputy CEO at Singapore-based HSBC Life Insurance and has over two decades of insurance industry experience. He succeeds Khor Kee Eng, who will be taking on “a new role in the FWD headquarters”, the group said.

Vincent will report to Binayak Dutta, FWD Group’s chief distribution officer and managing director of emerging markets.

“I’m confident that Adrian will continue to pioneer our customer-led approach to insurance,” said Dutta.

Vincent said he was looking forward to “continuing to work closely with the Singapore team and delivering on our vision of changing the way people feel about insurance”. He highlighted FWD’s plan to make “protection, retirement savings and legacy planning in Singapore easy, accessible and affordable”.

FWD Group said the appointment would be subject to regulatory approval.

Source: Business Times Singapore

Singapore insurers should embrace smart technology

ADRIAN VINCENT

AUG 18, 2022 02:27 PM

LEGACY systems have worked well in the insurance industry for decades but not anymore, and certainly not in today’s climate. Even in a digital age, applicants and policyholders are put through reams of paperwork in order to be risk-assessed before being insured. With increasing use of mobile devices, there already is a natural gravitation of would-be customers towards providers that allow their products to be purchased digitally.

Covid-19 was the wake-up call as consumers found it challenging to purchase insurance via age-old processes during periods of restricted movement and lockdowns, rendering current onboarding processes obsolete. Whilst most insurance companies have quickly pivoted to various forms of digital solutions during the pandemic, not all have embraced smart technology.

The role of insurance is to provide coverage so that in the event of disability, critical illness or death, the insured and their family members and dependants have access to liquidity. People in Singapore are under-insured : According to the Life Insurance Association’s Protection Gap Study 2017, the combined protection gap for mortality and critical illness in Singapore is around S$893 billion. Using smart technology to facilitate the insurance purchase process can help reduce current protection gaps here.

Buying insurance requires one to provide a significant amount of information to the insurer during the application process. The questions posed are either required by law or necessary to categorise each applicant according to various risk pools based on age, gender, lifestyle, and medical history. This allows underwriters to determine an equitable premium based on the risk profile of each applicant.

Risk classification can help to avoid the need to cross-subsidise. These processes alone usually account for a series of 10 to 20 questions. Despite the difference in premiums and customer risk profiles, insurers generally have similar sets of questions in the application journey. Hence, can we harness technology to achieve better results? Enter smart technology.

Here are six ways where smart tech can make the insurance buying process easier:

1. Customise risk underwriting questions: With smart technology, not only can the 10-20 questions be trimmed down, they can also be customised for each client. From first-hand experience, I have been able to reduce the number of questions for a healthy individual to just three; the number would vary based on each client’s risk profile.

2. On-the-spot underwriting decisions: Singapore has arguably one of the best healthcare systems in the world and it is not uncommon for Singaporeans to undergo regular medical checkups, particularly if they are above 40 years of age. Common ailments such as diabetes and cholesterol issues are easily detected during such routine health checks. That type of information is usually required during the insurance application process. Unfortunately, customers with ailments tend to have to wait a longer time, from days to even weeks, to get approval from an insurer -- this can be frustrating. But with smart technology, insurers can provide a decision immediately.

3. Use of regulatory technology: As part of the country’s Smart Nation programme, the Monetary Authority of Singapore has developed MyInfo, which is provisioned under Singpass. Through MyInfo, an insurance application today would not need a copy or photo image of an individual’s NRIC as the identity information can be electronically accessed. MyInfo can be integrated into an insurance company’s product journey through application programming interface integration.

4. Direct electronic bank transfers: Traditionally, customers would need to complete a physical general interbank recurring order (GIRO) form for the premium payment. However, the approval is not immediate. Recently, the Association of Banks in Singapore has piloted, along with insurance firms and banks, a centralised platform where such premium deductions can be instructed electronically by various banks here.

5. Hyper-personalisation: With the use of data, it is possible to hyper-personalise offers. This allows customers to receive relevant offers and improving their experience.

6. Goal simulation: With inflation and market volatility, it is crucial that clients can stress-test their portfolios to assess whether they are on- or off-track in adhering to their financial goals. With smart technology, this can be done in an instant, enabling the customer and their financial advisers to make informed choices and decisions faster.

In Singapore, smart technology innovation is simplifying the insurance purchase journey. It is time for insurers to do the same. As an industry, we should relook at how to address customer pain points. It will go some way to help Singaporeans attain adequate insurance protection for their families and themselves.

The writer is general manager, FWD Singapore Life Business

Source: Business Times 18 August 2022

FWD Singapore partners UOB Asset Management to offer customers access to United China-A Shares Innovation Fund through its ILP, Invest First

Exclusive tie-up makes it the first time individual investors can access the fund through an investment-linked plan

Singapore, 12 May 2021 – FWD Singapore (“FWD”) today announced a collaboration with UOB Asset Management Ltd (“UOBAM”) to offer the United China-A Shares Innovation Fund through its flagship Investment-Linked Plan (“ILP”), Invest First.

The exclusive tie-up between the leading digital insurer and one of Asia’s premier asset managers means that this is the first time individual investors can access the fund through an ILP.

Adrian Vincent, General Manager of FWD Singapore’s Life Business, said, “This exclusive partnership with UOBAM further accelerates our ambition of providing a wide range of top-quartile funds in Singapore to our partner Financial Advisory firms.

This will enable them to better support our customers’ saving and retirement goals, which is timely amidst the current environment of low interest rates. At the same time, we also hope to be a trusted partner in our customers’ financial planning journeys with the array of digital tools we have on our platform, including our automatic fund re-balancing instrument, Goal Simulator for retirement planning and advanced fund comparison site.”

The United China-A Shares Innovation Fund focuses on key and new growth areas in the Chinese economy, including its leading mobile and digital technology sectors, which are propelled by the country’s growing middle-income population. The Fund offers investors a window to China’s vibrant innovation scene and gives customers access to the country’s A-Shares market, making it an ideal addition to FWD’s existing pool of more than 50 carefully curated funds from globally established fund managers.

The United China-A Shares Innovation Fund has seen strong investor interest in Singapore, as well as Japan, Malaysia and Thailand . As at 30 April 2021, the United China-A Shares Innovation Fund has achieved returns of 138.32 per cent since its inception in August 2019 and an annualised return of 64.35 per cent2.

Binayak Dutta, Managing Director and Group Chief Distribution Officer, Emerging Markets, FWD, said, “We are delighted to work with UOBAM, which is one of Asia’s leading asset managers with a well-established track record of providing investment products to its customers. This perfectly complements FWD’s strategic focus on Asia, as we continually assess opportunities to grow our business, whilst changing the way people feel about insurance.”

Faizal Gaffoor, Managing Director and Chief Marketing Officer, UOBAM, said, “At UOBAM, we create and offer progressive and innovative fund solutions, enabling investors to seize market opportunities. In this regard, we are pleased to collaborate with leading digital intermediaries such as FWD Singapore to help its customers invest into trends and bright spots that drive China’s growth through the United China-A Shares Innovation Fund.”

Customers who are interested to find out more about FWD Invest First can contact any of its financial advisory partners or visit www.fwd.com.sg.

About FWD Group

Established in Asia in 2013 with a trailblazer mentality, FWD is the primary insurance business of investment group, Pacific Century Group.

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.

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 be a leading pan-Asian insurer by changing the way people feel about insurance.

FWD started operations in Singapore in 2016 and is one of the first fully direct and online life and general insurers, with the capability to provide offline advisory services to our customers.

For more information please visit www.fwd.com.sg

About UOB Asset Management Ltd

UOB Asset Management Ltd (UOBAM) is a wholly-owned subsidiary of United Overseas Bank Limited. Established in 1986, UOBAM has been managing collective investment schemes and discretionary funds in Singapore for more than 30 years. We are one of the largest unit trust managers in terms of assets under management. As at 31 March 2021, we managed 59 unit trusts in Singapore and together with our subsidiaries, managed about S$37.7 billion in clients' assets.

UOBAM has an extensive presence in Asia with regional business and investment offices in Brunei, Indonesia, Japan, Malaysia, Singapore, Taiwan, Thailand and Vietnam. Our network includes UOB Islamic Asset Management Sdn Bhd in Malaysia. We have a joint venture with Ping An Fund Management Company Limited (China) and we have also forged strategic alliances with UTI International (India) and Wellington Management Singapore.

UOBAM is one of the most awarded fund management companies, winning several awards at the Asia Asset Management Best of the Best Awards 2021 and 2020. UOBAM was named ‘Best Asset Management House (Singapore)’ in 2021 and ‘Best Asset Management House (Regional)’ in 2020. Our robo-adviser, UOBAM Invest, also won ‘Best Fintech Innovation in Asset Management’ in Malaysia and Singapore respectively in 2021 and 2020, as well as ‘Best Digital Wealth Management’ in Thailand in 2021. UOBAM Brunei has also been named ‘Best Sukuk Manager’ in 2021 after two consecutive wins of ‘Best Investor Education’ in 2020 and 2019.

UOBAM also won ‘Asia Fund House of the Year’ and ‘Best Fund House (Thailand)’ at the AsianInvestor Asset Management Awards 2020 and 2019, ranked fourth for ‘Top Investment Houses in Asian G3 Bonds’ at The Asset Benchmark Research Awards 2020. In addition, we were named ‘Best Asset Management Firm Singapore’ and ‘Best Asia Fixed Income Fund House Singapore’ at the International Finance Awards 2018 and ‘Best Fixed Income Fund House’ award at the Morningstar Awards 2017.

For more information on the list of awards won by UOBAM, please visit www.uobam.com.sg 
Source: UOB Asset Management Media Release

Me & My Money: Insurance exec puts his faith in long-term investments

AV_Sunday_Times.jpg

Mr Adrian Vincent, general manager of FWD Singapore's life insurance business. Source: ST PHOTO: JASON QUAH

 

SINGAPORE - Saving is the first and most important priority when it comes to investing, says insurance executive Adrian Vincent.

Having adequate insurance coverage and a buffer of at least 12 months of expenses put aside in liquid assets for emergencies are also high on his list.

"Once those things are in order, then I am happy to invest in stocks and properties and have a higher risk tolerance for those," says Mr Vincent, who is the general manager of insurer FWD Singapore's life business.

He adds that he is not too bothered by short-term market fluctuations, as he has an investment time horizon of another 40 years, assuming he lives to the average Singaporean life expectancy.

Mr Vincent, a 43-year-old Malaysian and permanent resident who is married to a Singaporean, worked at insurer AIA and HSBC Insurance before joining Hong Kong-headquartered FWD in 2019.

FWD, which started in Singapore as a digital insurer in 2016, established partnerships last year with financial advisory firms that provide a range of life insurance products to allow it to tap more than 2,000 advisers.

"Based on our research, we noted that over the last few years, more and more Singaporeans have been choosing financial advisers for their personal financial planning, given the access to various insurance and asset management products from different firms," Mr Vincent says, noting that this is a reason why the firm is investing in its financial advisory channel.

Mr Vincent's parents are second-generation immigrants to Malaysia who were very active in serving their community through their church, he notes. His father joined the insurance industry in his 30s and now, four decades on, he leads an insurance team in Malaysia.

"I recall reading about a story in the local newspaper where an insurer provided a huge payout to an individual who tragically lost a few fingers in a grinding machine accident in the factory where he worked at. The individual was coincidentally a client of my father," he says.

Noting how the insurance company paid out the large sum to the victim despite collecting just a few dollars of insurance premiums regularly led Mr Vincent to study actuarial science, in which he has a master's degree from Cass Business School in London.

He sees money as "an efficient tool that allows me to build a stable future for my family and helps bring people together to build on ideas that make the world better".

Q: What's in your personal portfolio?

A: Due to the nature of my job and my family background, I believe in building a strong investment foundation with risk management, and this means I have what some might describe as a plain vanilla portfolio comprising life insurance, cash, money market funds, stocks and properties. The majority of this is in Singapore dollars, with the rest in US and Australian dollars.

About 50 per cent of my assets are in property, with the other half in stocks and liquid assets, excluding my insurance coverage.

I have close to $3 million in term life insurance and critical illness coverage to ensure that if I should die prematurely, all my loans will be fully paid and there will be excess cash to allow my family to move on.

Or if I fall seriously ill, I will be able to afford to stop working to focus on recovery without facing financial ruin.

I bought my first insurance policy, a private Integrated Shield plan, at the age of 29.

I also own a property in Melbourne, which would fetch about 5 per cent in gross rental yield should I decide to rent it out.

adrianv_Sunday_Times.jpg

Mr Adrian Vincent worked at insurer AIA and HSBC Insurance before joining Hong Kong-headquartered FWD in 2019. Source: ST PHOTO by JASON QUAH

 

Q: What are your immediate investment plans?

A: I am looking to increase my equity exposure over the next six to 12 months and, in particular, I'll be looking at companies both local and foreign that are at the forefront of the digital and sustainability agenda as these will dominate the world's attention in the coming years, and rightly so.

Separately, the Covid-19 pandemic has also given me the impetus to think about possible gaps in my health insurance coverage, especially as insurers are becoming more aware of medical trends and possible gaps in the current product offerings.

Lastly, I'm a keen endurance athlete, so I'm also looking to increase my personal accident coverage when I take part in these activities, particularly as age begins to catch up with me!

Q: How did you get interested in investing?

A: I learnt the power of compounding interest rates as a young actuarial student and was fascinated that through disciplined savings in the right financial instruments, one's wealth can multiply exponentially.

My approach to stock investing is to pick 10 to 15 stocks and have an investment horizon of at least 10 to 15 years.

This works for me as I don't have the time to watch the market and choose to leave that to the experts.

Q: What else is in your financial plan?

A: I intend to look at legacy planning, such as by reviewing my will, insurance and lasting power of attorney, and seek to better understand the long-term prospects of digital currencies.

Q: How are you planning for retirement?

A: I don't think I will want to retire because I enjoy learning and finding new challenges, and hopefully I can continue doing that.

As I get older, I hope I can give more of my time to the community by helping the younger generation.

In this regard, I feel privileged to have recently joined the board of Special Olympics Asia Pacific, an organisation that FWD closely supports.

During this pandemic, we all felt the isolation of being far away from our loved ones and friends. For the Special Olympic athletes who are intellectually disabled, that unfortunately can often be the norm and sports is a great way to foster inclusiveness and increase community well-being.

Q: Home is now...

A: A three-bedroom condominium unit in the Keppel Bay area and a family apartment in Melbourne. The Keppel apartment was purchased in 2016.

The Melbourne property was bought in 2015, and is in a neighbourhood known for its cafes and boutiques.

My wife and I hope to continue having a home base both in Asia and in a Western country into our golden years as we enjoy the diversity of cultures, network and the adventure this will bring.

Q: I drive...

A: A Mini Cooper S Countryman, a crossover sports utility vehicle. We bought it because it easily fits two road bikes and some luggage but is nifty enough for city driving. We look forward to the borders opening up to hit the Malaysian hinterland for some bike riding on the country roads.

Source: Singapore Sunday Times JUL 4, 2021, 5:00 AM SGT

FWD Singapore offers complimentary insurance to cover Covid-19 vaccine complications

THU, APR 01, 2021 - 11:13 AM

ONG SING YEE osingyee@sph.com.sg

FWD Singapore announced on Thursday the launch of a complimentary insurance benefit to cover complications arising from Covid-19 vaccination. 

ST PHOTO: KUA CHEE SIONG

FWD Singapore announced on Thursday the launch of a complimentary insurance benefit to cover complications arising from Covid-19 vaccination.

The insurance benefit provides a one-time lump sum payout of S$5,000 for FWD's life insurance customers, as well as for those who sign up for an FWD life policy between April 1 and June 30.

Eligible customers can make a claim in the event of hospitalisation if they have been in either the intensive care unit or high dependency ward for at least 12 hours due to complications or side effects from the vaccination.

Adrian Vincent, general manager of FWD Singapore's life business, said: "We hope this free vaccination coverage can give our customers peace of mind as they take this brave and important step towards protecting themselves and their loved ones."

Other similar initiatives have been rolled out. Last Thursday, DBS launched its Covid-19 vaccine protect initiative in partnership with Chubb Insurance to offer DBS/POSB customers free insurance coverage for complications arising from vaccination. In February, Chubb also partnered ride-hailing firm Grab to provide drivers and food delivery service providers with free insurance benefits against Covid-19.

Since the beginning of this year, insurers such as Prudential, Aviva and Great Eastern have been covering customers for side effects arising from the vaccination, while OCBC's Singapore staff will have their consultation fees reimbursed should they develop side effects as a result of the vaccine.

Source: Business Times 1 April 2021

FWD Singapore enhances underwriting engine

Singapore based insurer, FWD Singapore (FWD) has widened the use of UnderwriteMe’s proprietary underwriting rules engine.

This has been put in place to support instant underwriting of applications for its recently launched financial advisory distribution channel, through the FWD SMART platform.

FWD’s expansion into the FA distribution channel comes amidst the COVID-19 pandemic which has resulted in a rise of Singaporeans seeking insurance advice.

The expansion began in June, and FWD aims to grow its life insurance business through increasing accessibility for its customers.

FWD has previously entered into distribution partnerships with leading FA firms in Singapore, including IPP and Finexis. Their customers already have access to URE, where they’re able to receive qualified financial advice and insurance protection digitally through video calls.

Previously, FWD had the direct-to-consumer channel which was launched in June 2019 through UnderwriteMe’s technology. This will be their second application in order to support their local strategy.

This technology will allow FWD to be able to provide insurance cover instantaneously without face-to-face interaction, making it more convenient for 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, added: “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.

“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.

Source: www.reinsurancene.ws on 8 September 2020

FWD acquires minority stake in financial advisory firm IPP Financial Advisers

VIVIENNE TAY vtay@sph.com.sg @VivienneTayBT

INSURER FWD Insurance has acquired a minority interest in financial advisory firm IPP Financial Advisers (IPPFA) as the two firms enter into a strategic partnership.

FWD's capital resources, expertise and market knowledge will further enhance IPPFA's growth and expansion in Singapore and the region, as well as strengthen the latter's professional staffing and technology capabilities, IPPFA chief executive Tay Huai Eng said.

Traditional processes will be digitalised through the integration of FWD's technology solutions, simplifying the process for IPPFA customers. The partnership, backed by FWD's extensive Asia network, will also bolster customer confidence in IPPFA's commitment and growth in the region.

Together with FWD, IPPFA plans to strengthen its position in Singapore by expanding its financial services business significantly, FWD and IPPFA said in a joint statement on Monday.

IPPFA will retain its position as an open architecture financial planning institution with complete access to a comprehensive range of products from different insurers and fund houses, the statement said.

Meanwhile, the alliance will enable FWD to design life insurance products that comprehensively meet the evolving life insurance financial needs of clients.

Adrian Vincent, general manager of FWD Singapore's life business, said: "Their reputation as a premier organisation dedicated to providing excellent wealth planning and management for their clients aligns with FWD's ambition to make financial security accessible to everyone."

Source: Business Times 7 September 2020