(Edited Press Release)
FWD Life Insurance (FWD Philippines) has creatively showcased its latest roster of innovative products, services, and initiatives designed to revolutionize the insurance industry while contributing to nation-building by creating a positive impact for Filipinos through financial inclusivity.
The inaugural FWD Innovation Fest held at Xylo at the Palace in Uptown, Taguig on August 22, 2023 served as among the highlights of the giant insurer’s upcoming 10th anniversary in the industry (its operations began in 2014).
“We see innovation as a tool in changing the way people feel about insurance. That is why we continue pushing the boundaries in developing products, services, and initiatives that champion customers’ evolving needs so more Filipinos can have financial protection,” said FWD Philippines President & CEO Antonio Manuel ‘Jumbing’ De Rosas.
Innovation culture at FWD
FWD Philippines Chief Information and Transformation Officer JC Principe added, “Innovation is in our DNA at FWD, and it fuels our unrelenting drive to set the benchmark as the insurer of the next generation. We continue to harness technology, data analytics, and consumer insight to offer inclusive and first-in-the-market products and services.”
During the event, Principe unveiled two services powered by the FWD AI engine to help customers plan their finances and long-term goals more effectively and be better equipped to decide the best insurance they should purchase based on their lifestyles and needs.
‘FWD AI Protection Score’ will be available soon to current policyholders, suggesting relevant products to enhance their financial health coverage for added security, followed by an actual onboarding with a Financial Advisor. ‘People Like You’ is available for everyone through FWD’s AI Chatbot Fi, a first-in-the-market tool that allows customers to discover their protection gaps and benchmark their existing coverage against people with similar profiles.
Innovating products and services
According to Insurance Commissioner Reynaldo Regalado, insurance penetration in the Philippines remains very low at 1.75%, one of the lowest rates in Southeast Asia. FWD aims to close the protection gap by providing products that are easy to understand, buy, and claim. It is also important to help consumers celebrate living by giving them apt coverage based on their lifestyles and needs.
To help with this goal, FWD Philippines also announced that everyone can now have better access to insurance through the fully enhanced FWD Online Shop. Gifting insurance policies to family and loved ones is now possible, SMEs and corporate business clients can also purchase premiums for their employees in bulk, and exclusive rewards are given to customers with direct online purchases.
Furthermore, FWD announced the sponsorship of the upcoming 12th season of Mobile Legends: Bang Bang Professional League (MPL) as the official insurer. FWD’s The One for Gamers insurance policy was also announced and will be available on FWD’s Online Shop. An exclusive offer during MPL Season 12, The One for Gamers is an insurance plan that can be customized to include critical illness and accidental death benefits and uniquely comes with Mobile Legends in-game rewards.
FWD is also changing the way people feel about insurance with its latest 2-in-1 supercharged app, Omne. The easy-to-use app provides a suite of activities and content–including music, mini-games, sketching, health, wellbeing, and a vast array of engaging features–that are personalized to an individual’s preferences and interests, while also providing intuitive policy management.
Innovating financial literacy
FWD Philippines also showcased its newest online game show, Pinoy Money Master, which brings together pop culture and financial literacy. Featuring personalities representing different generations, it seeks to educate and update viewers on financial skills worth having to succeed in today’s interconnected world. The first episode is available to stream with more to come this September on FWD Philippines’ Facebook page.
To drive recruitment for its ever-growing network of financial advisors, FWD Philippines highlighted its enticing corporate framework and the exciting benefits it can offer.
FWD brandished its flexible career opportunities and employment benefits for aspiring bancassurance and agency financial advisors at the event. FWD employees are empowered to help promote and take into action FWD’s mission to enhance Filipinos’ financial literacy.
It is also revealed that FWD’s annual SpringboardX Student Challenge will commence on August 28. Since 2021, FWD SpringboardX Student Challenge has been challenging students across 10 markets in Asia to come up with innovative and impactful solutions for real-life business challenges. The program is completely free and open to students from all academic backgrounds.
“FWD is 10 years young, and we take great pride in our journey thus far. We are excited to share our latest first-in-the-market initiatives that redefine the possibilities of what an insurance company can achieve. Our goal is to empower more Filipinos to celebrate living,” concluded De Rosas.