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about FWD Singapore Pte Ltd

FWD started operations in Singapore in April 2016, providing employee benefits insurance to corporate customers.  In September, FWD launched its direct-to-consumer business and currently offers a suite of life and general insurance products including direct-term life, car, travel, personal accident and maid insurance. Leveraging technology, FWD provides insurance that is world beating in its simplicity and customer focus for connected people to take control.

objectives and strategy

In Singapore, FWD aims to change the way people feel about insurance by leveraging technology to deliver products that are relevant, easy to understand and well-priced. Our portfolio includes group insurance and a direct-to-consumer business focusing on life and general insurance.

Our group insurance business provides companies with cost-effective employee benefit solutions to over 80,000 members. We are the fifth largest group medical insurer in Singapore with a strong track record across a diverse range of industries. FWD will continue to expand its footprint and reach to corporations in Singapore with a focus on offering customers a differentiated client experience through a robust medical network and excellent service levels.

Our direct-to-consumer business provides life and general insurance for individuals. At FWD, we believe that insurance doesn’t need to be complex, sold through expensive middlemen, or take up vast amounts of your time.

A customer-led brand, we are constantly developing new products for individuals and businesses alike, with the aim to help our customers embrace and celebrate every day, and feel safe and secure knowing that FWD has their back if something unexpected happens.

our key products

FWD offers businesses customisable group insurance plans that are designed to suit the ever-changing business and financial objectives of employers and the healthcare needs of its employees. We are the only insurer in Singapore that offers members direct and seamless access to four leading private hospitals of Parkway Pantai. Members also enjoy cashless inpatient admission with the FWD medical card and access to the largest and most comprehensive panel of general practitioners and specialists.

As Singapore’s only fully direct and online life and general insurer, our direct-to-consumer product offerings are designed to cater to the evolving needs of customers in Singapore. Here is what we have available today:

For Individuals


For Businesses

external environment

We operate in an era of rapid technology evolution. The Singapore government’s Smart Nation and Future Economy initiatives are shaping the nation’s digital transformation, including driving Singaporeans’ online habits.

For our employee benefits business, an ageing population in Singapore and other evolving demographics will shape the way we develop products to ensure they are relevant to our members.

We are encouraged by the Monetary Authority of Singapore’s decision to allow insurers to offer a full suite of life insurance products online without advice. We are confident that this will translate into providing customers with more choice in regards to financial planning.

FWD Group

Established in Asia in 2013, FWD Group is the insurance business arm of investment group, Pacific Century Group (PCG). PCG is an Asia-based private investment group established in 1993. PCG has interests in three core business pillars: financial services, technology, media & telecommunication, and real estate. PCG has a strong track record of holding and developing assets over the long term, and has a network of well-established connections in Asia.

Outside of Singapore, FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, and Japan offering life and medical insurance, general insurance and employee benefits across a number of its markets.

8 markets


more than

1,000,000

customers

FWD Singapore is led by a dynamic team that brings a strong mix of industry and market experience coupled with a track record of building market-leading businesses.

Abhishek Bhatia Abhishek Bhatia

Abhishek Bhatia

CEO

Abhishek Bhatia is Chief Executive Officer, leading the establishment and development of FWD in Singapore with the goal of building the company into a top five insurer. Prior to joining FWD, Abhishek spent 15 years with Prudential Plc in senior roles across the globe. In his last job, he was Chief Executive Officer, Prudential Poland, where he oversaw the establishment of the company and was instrumental in achieving Prudential’s leadership position in sales technology and product innovation. Prior to that Abhishek was the Regional Director of Insurance based out of Hong Kong. He also held senior roles with Prudential in Malaysia and India.

Abhishek holds an Honours degree in Economics from Delhi University, and is an alumnus of the Indian Institute of Management.

David Broom David Broom

David Broom

CMO

David Broom is Chief Marketing Officer at FWD, overseeing the firm’s customer led proposition development and communications initiatives that drive awareness, advocacy, and ultimately demand. Prior to joining FWD, David spent eight years at Aviva, most recently in roles as Group Digital Marketing Director and Group Customer Strategy Director. David has also held marketing, customer insight, and business development roles at KPMG.

David is a graduate of Swinburne University, receiving a Bachelor’s Degree in Information Systems and Bachelor’s Degree in Business majoring in Marketing.

Narasimhan Partha Narasimhan Partha

Narasimhan Partha

CTO

Narasimhan Partha is Chief Technology Officer at FWD, responsible for the company’s digital and information technology development. He brings with him more than twenty-five years of experience in the information technology and insurance sectors. Prior to joining FWD, Narasimhan was General Manager at NTT Data, where he oversaw the company’s business operations in Asia. Narasimhan also co-founded Ibexi Solutions, now part of Sapiens – a global provider of software solutions.

Narasimhan is a graduate of the University of Chennai, receiving a Bachelor’s Degree in Commerce. He is also an Associate of the Insurance Institute of India.

Tan Eng Cheong Tan Eng Cheong

Tan Eng Cheong

Head of Corporate Solutions

Tan Eng Cheong is FWD’s Head of Corporate Solutions and brings with him more than 20 years of experience in Employee Benefits and Group Insurance operations in both Singapore and regional markets. Prior to joining FWD, Eng Cheong was the Asia Pacific Sales Director of Swiss Life Network, held roles in the management of EB sales and distribution at AIA and Tokio Marine Life, and was responsible for turnkey implementation of Group Insurance operations for new markets with Great Eastern Life.

Eng Cheong is a graduate of The National University of Singapore receiving a Bachelor’s Degree in Science majoring in Economics.

Alex Lee Alex Lee

Alex Lee

CA

Alex Lee is Chief Actuary, responsible for managing the Actuarial Function at FWD and act as the Appointed Actuary for FWD’s life insurance business. Alex brings over 15 years of actuarial, risk management and regulatory experience, and in his most recent role as Chief Actuary of Tokio Marine’s life insurance business in Singapore, he was instrumental in establishing the organisation’s position as the leading savings and retirement solution provider with simple and intuitive product offerings.

Alex is a Fellow of the Institute of Actuaries of Australia and Fellow of the Singapore Actuarial Society, and is also a graduate of Singapore’s Nanyang Technological University where he received a Bachelor’s Degree in Business.

Choi Kin Seng Choi Kin Seng

Choi Kin Seng

COO

Choi Kin Seng is Chief Operations Officer at FWD, responsible for directing all aspects of operations and ensuring excellence in customer service. Kin Seng brings with him many years of financial services experience in Singapore, most recently heading operations for Etiqa where he led the internal and technical competencies of the company.

Kin Seng is a graduate of University Malaysia Sabah, receiving a Bachelor’s Degree in Science.

Lorraine Lim Lorraine Lim

Lorraine Lim

Head of HR

Lorraine Lim is Head of Human Resources at FWD, responsible for functions including manpower planning, talent acquisition, talent management and employee engagement. Lorraine brings with her extensive experience working with Executive Committees on developing strategies that build a highly engaged and skilled workforce. Prior to joining FWD, Lorraine has worked at a number of leading insurance organisations including Tokio Marine and Allianz.

Lorraine is a graduate of The Open University receiving a Bachelor’s Degree in Mathematics and a Professional Diploma in Management.

Corporate Governance

The Board of Directors

The Board of Directors is responsible for setting the long-term goals and strategies and ensuring sustainable performance of our company. The Board of Directors is responsible for guiding the continuous development and implementation of our corporate governance practices and overseeing its compliance with applicable laws and corporate obligations. The Board’s principal role is to ensure that there is a proper governance framework to promote and protect our interests for the benefit of our shareholders and stakeholders.

Our Board of Directors are:

Abhishek Bhatia

Alvin Chooi Wai Hong

Laura Raquel Deal-Lacey

Michael Lim Choo San

James Sinn Yuk Loh

Audit Committee

The Audit Committee exercises the authority delegated by the Board of Directors to provide oversight on the financial reporting process, the audit of financial statements, the system of internal controls, and the internal audit and external audit functions.

The Audit Committee is authorised to investigate any matter within its terms of reference, has full access to and co-operation by our management, full discretion to invite any director or executive officer to attend its meetings, and reasonable resources to enable it to discharge its functions properly.

Risk, Compliance and Investment Management Committee

The Risk, Compliance and Investment Management Committee exercises the authority delegated by the Board of Directors to provide oversight on the risk management framework and policies, to cover all material risks that include market, credit, insurance and operational risks.

Enterprise Risk Management

Our risk philosophy and approach to risk management strategy stems from our vision, corporate strategy and objectives. Our vision is to change the way Singapore feels about insurance.

Enterprise Risk Management involves the overall management of risks which we might be exposed to. This covers the present as well as reasonably foreseeable future, and includes capital management and asset liability management.

Asset-Liability Management

The purpose of our Asset-Liability management policy is to address investment risk, asset-liability mismatch risk, risks associated with liquidity management, market risk, asset concentration risk and risks arising from the use of derivatives.

Investment Policy

Our investment policy is to achieve long-term growth of capital with reasonable volatility. Our strategic asset allocation and long-term target rates of return on investment are determined by the Risk, Compliance and Investment Management Committee and approved by Board of Directors of the Company.

In the news

  • Press releases
  • News articles
  • August 8, 2017

    FWD launches endowment plan with the highest guaranteed returns in Singapore

    FWD, Singapore’s fully direct life and general insurer, has launched an industry leading Endowment Plan today. Offering 2.02% per annum, FWD’s Endowment Plan provides the highest guaranteed returns among 3-year endowment plans currently available in Singapore. Available online, the plan provides the shortest commitment period, and life protection throughout the term of the policy. The minimum investment amount of $1,000 also widens the accessibility of the product to those wishing to invest smaller amounts.

    read more
  • May 25, 2017

    EZ-Link partners FWD Insurance to enhance free coverage for ez-link cards registered with ‘Activate!’

    EZ-Link Pte. Ltd., Singapore’s largest issuer of CEPAS-compliant cards, has today announced a new partnership with FWD Insurance, a fully digital life and general insurer, to enhance coverage for ez-link cards registered with ‘Activate!’, a free card-blocking service. ‘Activate!’ ez-link card holders can now claim up to $15 for unauthorised usage due to loss or theft – an increase from $10 coverage when the service started in 2012.

    read more
  • May 3, 2017

    FWD responds to MAS guidelines, launching Singapore’s first enhanced life insurance product online

    FWD, Singapore’s online life and general insurer, has responded to the new guidelines on the online distribution of life policies with no advice, issued by the Monetary Authority of Singapore (MAS), by launching its Term Life Insurance product today.

    read more
  • March 13, 2017

    FWD revolutionises maid insurance

    FWD, Singapore’s only fully direct and online life and general insurer, has today announced the launch of its latest product, Maid Insurance. The policy covers outpatient medical expenses related to personal accident and illnesses, with the latter being the first of its kind in Singapore. FWD is also the only insurer that provides zero excess for the mandatory security bond in its base plan, which fully covers employers should the unforeseen happen.

    read more
  • November 3, 2016

    FWD launches first personal accident policy designed for the modern Singaporean

    FWD, Singapore’s only fully direct and online life and general insurer, has today announced the launch of Singapore’s first Personal Accident (PA) insurance policy designed for the modern Singaporean. The new product is the first ever policy to cover people in Singapore if a ticketed event is cancelled due to haze. It also has the most comprehensive infectious diseases coverage of any insurer in Singapore, including protection for the growing risks of Zika and Dengue fever.

    read more
  • September 30, 2016

    FWD launches Singapore’s simplest online life insurance policy

    FWD, Singapore’s only fully direct and online life and general insurer, has today announced the launch of its direct term life insurance product with a 100 percent direct and digital approach that will enable people to select their cover, online or using their mobile, and receive a simplified quote in under 60 seconds.

    read more
  • September 9, 2016

    FWD, Singapore’s new direct insurer, offers nation’s first 50% lifetime no claim discount protection

    FWD Insurance, Singapore’s newest life and general insurer, today announces the opening of its direct-to-consumer insurance business with the launch of its travel and car insurance products. The company is investing S$500 million in Singapore over the next five years and will launch further life and general insurance products later this year.

    read more
  • April 14, 2016

    FWD group enters Singapore insurance market

    FWD Group (“FWD”), the insurance arm of Asia-based Pacific Century Group, is pleased to announce that it has acquired a 90% stake in group medical insurance provider Shenton Insurance Pte Ltd (“Shenton”) from Parkway Holdings Limited, an indirect wholly-owned subsidiary of IHH Healthcare Berhad. Shenton will be rebranded to FWD in due course.

    read more
  • August 20, 2017

    Insurance product options set to grow online

    Consumers looking for insurance products online will soon be spoilt for choice, thanks to recent changes to rules relating to the distribution of life insurance policies on the Internet.

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  • August 18, 2017

    FWD’s new insurance savings plan just made growing your money alot easier

    Since the Monetary Authority of Singapore (MAS) opened the gates for insurers to distribute life insurance products online, we’ve seen a slew of new products reaching out to an audience that is becoming increasingly comfortable with managing their finances independently and directly online.

    open
  • August 11, 2017

    Poof! The middleman is gone. And your term plan just got better

    Disruption seems to be the buzz word of choice these days. Most disruption focuses on making goods and services cheaper, faster, and better – often by removing the middleman.

    open
  • August 8, 2017

    Insurance industry struggling to keep up with consumer behaviour

    Rapid technological advancements have led to changes in consumer behaviour. The insurance industry is struggling to keep up creating a huge chasm between customer expectations and the services insurers can deliver, according to one insurer’s chief executive.

    open
  • August 8, 2017

    A savings plan without compromise… too good to be true?

    We are a nation of savers. But we are facing a savings nightmare right now.

    open
  • July 3, 2017

    CEO insights | Abhishek Bhatia

    AbhishekBhatia is Chief Executive Officer, leading the establishment and development of FWD in Singapore with the goal of building the company into a top five insurer. Prior to joining FWD, Abhishek spent 15 years with Prudential Plc insenior roles across the globe. In his lastjob, he was
    Chief Executive Officer, Prudential Poland, where he oversaw theestablishment of the company and wasinstrumental in achieving Prudential’s leadership position in sales technology and product innovation.

    open
  • June 29, 2017

    With FWD insurance, you can travel with peace of mind!

    When it comes to insurance, many of us conveniently forget or deliberately refuse to purchase it. However, unexpected accidents, stolen belongings, lost luggages and flights delays can happen to anyone and getting yourself covered can help to ease your mind and live your life in ease.

    open
  • June 23, 2017

    Going digital means going all the way

    In March, the Monetary Authority of Singapore issued guidelines that allowed insurers to offer all types of life insurance policies online, directly and without the need for advice from an agent or financial advisor. This was a significant step for the ongoing digitisation of the insurance industry, as it gave insurers more freedom in selling products.

    open
  • June 11, 2017

    New car insurance policy tracks driving habit

    Rolled out last month, the new term life insurance plan offers a maximum coverage amount of $3 million.

    open
  • May 31, 2017

    Hiring a domestic helper for the first time? Here’s an easy way to lessen your employment (and post-employment) woes

    Hailing from their own hometowns miles away from Singapore, domestic helpers arrive here to take a load off your household burdens. Yet, in an ironic twist, your quest for an easier life at home usually involves a rough, cumbersome start.

    open
  • May 31, 2017

    Take the stress out of hiring a domestic helper with FWD insurance

    Many families in Singapore don’t know what they would do without their domestic helper, and I’m no exception. My helper, Amor, has been working with us for three years. Amor was there when my second daughter Georgia was born and has practically raised her. She’s been such a great help looking after my children and without her, I wouldn’t be the businesswoman I am today. Amor is now an integral part of our family and we want to protect her like family by choosing the best option for maid insurance that meets both of our needs.

    open
  • May 24, 2017

    How to choose the right maid insurance

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  • May 22, 2017

    FWD car insurance: Is it worth the hype?

    FWD may be one of the newest players in the Singapore car insurance market, but that doesn’t mean that it should be overlooked. Quite the opposite: FWD offers some of the most affordable insurance plans without skimping on value-added features that other budget car insurance plans may lack. FWD also hopes to make a splash by throwing in unique, consumer-friendly benefits currently not offered by any other major insurer at no extra cost. If you’re seeking a budget plan that doesn’t feel like one, FWD could be worth a closer look.

    open
  • May 15, 2017

    Domestic helpers in Singapore: an easy way to purchase comprehensive maid insurance for your domestic helper online

    Whether you’re a stay-at-home mum or an out-and-about working mother, we think we can all agree that a domestic helper is an absolute gift from the gods. What would we do without the extra pair of hands helping to juggle all our kids’ schedules and activities on top of the school run, keeping our homes spic and span, and keeping the kids fueled with home-cooked meals?

    open
  • April 26, 2017

    Money Week (FY1718) – Ep 4

    open
  • April 12, 2017

    Maid insurance

    Insurer FWD provides zero excess for the mandatory security bond in its base plan.

    open
  • March 26, 2017

    Drive safe to be ‘Best driver in Singapore’

    Online insurer FWD’s Maid Insurance product covers outpatient medical expenses related to illnesses, including visits to a general practitioner. This benefit is offered as a rider attached to the main cover.

    open
  • March 16, 2017

    Protect your domestic helpers and yourselves with the right insurance policy

    Many households in Singapore hire live-in domestic helpers to help out with household chores, cooking, elderly care etc.

    open
  • March 16, 2017

    FWD Singapore launches industry-first cover

    FWD Singapore, the only fully direct and online life and general insurer in the country, has announced an innovative new cover type as it looks to establish its presence in the country.

    open
  • March 13, 2017

    FWD pioneers insurance for domestic workers in Singapore

    It will give full outpatient medical coverage for accidents and illnesses.

    open
  • February 24, 2017

    FWD CEO, Abhishek Bhatia, on Channel NewsAsia: Outlook of car insurance premiums

    Hear what FWD CEO, Abhishek Bhatia, had to say about the outlook of car insurance premiums and how customers get to save big with FWD’s lifetime 50% No Claim Discount feature and by buying direct

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  • February 21, 2017

    FWD’s Bhatia: Going digital is not just about creating a website

    Abhishek Bhatia, CEO, FWD Singapore, said Asian consumers are demanding higher-quality online access to insurance, a need that many insurers struggle to meet. Bhatia spoke with A.M BestTV at the Asia CEO Insurance Summit in Singapore.

    open
  • February 7, 2017

    An interview with Abhishek Bhatia

    We recently talked with Abhishek Bhatia, Chief Executive Officer of FWD Singapore. Prior to joining FWD, Abhishek spent 15 years with Prudential Plc in senior roles across the globe. Here, he shares his perspective on FWD’s D2C programme and the company’s vision for serving consumers.

    open
  • February 4, 2017

    Always get travel insurance when you go overseas – consider new insurer FWD Insurance

    I firmly believe in getting a travel insurance whenever I travel – be it for a short or long trip, since you never know what may happen to you before, during or after the trip. To make things easy, I purchased an annual travel insurance plan once I started travelling. Many years ago, it was under ACE insurance when I bought it during a credit card promotion, and continued it even when it was subsequently branded as Chubbs. I’ve never had any problems during my trips and never had to claim from it since the first day I’ve purchased it and of course, never read the terms and conditions that was mailed out when I first signed up for it.

    open
  • December 2, 2016

    FWD insurance puts users at the heart of digital performance

    Listed in the Singapore Yellow Pages are the names of 459 companies. Short of spending heaps of dollars on branding and marketing, how does an insurer get noticed above the noise? This was the question that Singapore insurer FWD wanted to answer in its quest to better serve (aka target) the market by knowing the customer more.

    open
  • November 30, 2016

    Singaporeans deserve the right to choose

    The recent announcement by the Monetary Authority of Singapore (MAS) that it will soon allow insurers to offer the full suite of life insurance products to be sold online, without advice, is a defining moment for Singapore’s insurance industry. I believe that by giving Singaporeans a choice over how they buy their life insurance, we have the opportunity, over the next three to five years, to change the industry for the better.

    open
  • November 27, 2016

    Travel insurance coverage with novel features

    A new kid on the block, FWD Insurance has done away with lengthy forms. Instead, it offers a simple website application that provides a quote for travel insurance in 10 seconds – the fastest in Singapore.

    open
  • November 26, 2016

    Peace of mind! Keep your 50% NCD for life!

    Some years ago, I met with a road accident. After all the blaring sirens and gawking eyes had faded away into oblivion, it was down to dealing with the paperwork. The next most obvious thing on my mind was, if I would lose my No Claim Discount (NCD). As drivers, we all do our best to keep out of harm’s way, and to protect that ever precious NCD for better insurance savings. But when the inevitable does happen, it definitely worries us.

    open
  • November 16, 2016

    FWD lets you experience insurance like never before

    In its fundamental form, insurance is a contract that enables individuals or entities to receive financial protection against losses. It ensures the stability of families and businesses after a crisis or other unfortunate events. Simply put, insurance grants policyholders a peace of mind. Isn’t that what everybody wants – to be able to sleep at night without having to worry about what the future holds?

    open
  • October 31, 2016

    Top insurance firms see senior execs move

    As the year draws to a close, the insurance industry is seeing more than the usual round of musical chairs.

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