Fast-growing insurer FWD Life Insurance Corporation (FWD Insurance), part of pan-Asian FWD Group, scored major wins at two prestigious international insurance awards this month, cementing its leadership in technology and innovation in the industry.
FWD Insurance won the Digital Insurance Initiative of the Year at the 5thAsian Banking & Finance Insurance Asia Awards (IAA) while the International Data Corporation’s Financial Insights Innovation Awards (IDC-FIIA) 2020 named FWD Group as Best New Insurer in Asia.
“We’re honored and grateful to receive these awards,” said Li Hao Zhuang, FWD Insurance President and Chief Executive Officer.
“Innovation is at the core of our DNA. We’re always developing our products to make them responsive and accessible to our customers’evolvingneeds. We want to use technology to not only provide people with financial security, but to help them live a fulfilling life–especiallyduring these trying times, when we need to work more for security and better health.”
FWD Insurance’s digital initiative FWD Tapp won in this year’s IAA, making it the third year in a row that the insurer has received recognition atthe awards. FWD Tapp, dubbed the “one-tap insurance app,”puts insurance at the customer’s fingertips–allowing them to instantly access their policy, pay their premiums, track and manage their funds to enable them to seize investment opportunities.
“FWD Tapp has taken our customer engagement and customer experience to the next level,” Li Hao said. “It is a testament of our customer-led strategy, which is focused on making insurance accessible and convenient for our customers”.
Other digital services that showsFWD Insurance’s cutting-edge technology include: AI2 (Artificial Intelligence + Agent Insights), a trusted digital advisory that provides realistic assessment of customer’s needs, risk appetite, and affordability, at the same time,whileproviding a natural conversation between agent and customer service;and Underwrite Me,which provides customers with seamless online experience, where initial underwriting decisions can be made at point of sale.
The KanDüüproduct suite, on the other hand, offers reasonably priced, digitally available coverage with rewards, and is even now available on Lazada.
FWD’s innovative use of technology to achieve business objectives also garnered it the Best New Insurer in Asia Award from the IDC-FIIA. It was ranked among the seven best financial services institutions in Asia because of its “accelerated use of technology” the past 18 months and its elevation of IT standards in the industry.
“This prestigious award goes a long way towards recognizing FWD’s outstanding achievements with our innovative use of digital technology. I’m very proud of our hard-working teams that constantly push themselves to break the moldand help us fulfill our vision of changing the way people feel about insurance,” Ryan Kim, FWD Group Chief Digital Officer, said.
It is not the first time that FWD Insurance has won multiple awards in a single year. It won the Master Agency Award from the GAMA International Leadership Awards, as well as Asia’s Best Employer Awards from the Employer Branding Institute and the Marketing Initiative of the Year, all in 2019.