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