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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:
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.
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, Vietnam, and Japan offering life and medical insurance, general insurance and employee benefits across a number of its markets.
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 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 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.
Khor Kee Eng
Khor Kee Eng is the Chief Financial Officer at FWD, overseeing the company’s finance and actuarial functions.
Kee Eng graduated from the London School of Economics with First Class degree in Actuarial Science and has more than 13 years of combined experience across both finance and actuarial faculties. Prior to joining FWD, he assumed progressively senior positions in Hong Kong and Malaysia, in companies such as Tune Protect Group, QBE Insurance and Royal & Sun Alliance.
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.
Lim Tien Yung
Head of Corporate Solutions
Lim Tien Yung is FWD’s Head of Corporate Solutions and brings with him 12 years of experience in the insurance and healthcare sectors.
A graduate of the National University of Singapore, where he received a Bachelor’s Degree in Computational Science, Tien Yung has worked in different roles, including pricing, product development, client management and benefits management. With his unique experiences, Tien Yung is able to understand and interpret corporate customer requirements from both the financial and actuarial perspectives.
Tien Yung also completed all three levels of the Chartered Financial Analyst Program and volunteers with the Singapore Actuarial Society, sitting on its Health Insurance Subcommittee.
Mahima Tankha Marwah
Head of Sales & Marketing, Direct to Customer
A seasoned insurance professional, Mahima Tankha Marwah is the Head of Direct Sales and Marketing for FWD, where she is responsible for digital sales & marketing performances, affiliate partnerships, sales call centre operations, as well as brand, digital, advertising and social media campaigns.
She also oversees leads generation and conversion, in addition to ensuring the viability of the customer engagement and retention models for our Direct to Customer Business propositions.
Mahima began her insurance career in India and was the Channel Head of Bancassurance for HDFC Bank, one of the largest banks there. She later assumed progressively senior portfolios with Allianz SE, with her last role being regional lead for business development and coordination of Allianz’s Life, Health, and retail Property & Casualty businesses for nine markets in Asia, before she joined FWD in 2015.
Mahima holds an Honours degree in Economics from Lady Shri Ram College and also has a Diploma in Insurance from the Institute of Chartered Financial Analysts of India.
Head of Risk and Compliance
Markose Thomas is the Head of Risk & Compliance at FWD. He is also the Data Protection Officer for the company. His main responsibility is to head and supervise the Risk and Compliance functions, working closely with the company’s management, other business functions and regulators.
A qualified lawyer, Markose has over 15 years of senior leadership and regional APAC experience managing Risk & Compliance functions. Prior to joining FWD in 2017, Markose held senior Risk and Compliance roles at Munich Re Singapore. He has also held roles with Allianz Singapore.
Markose is a Chevening Scholar, and graduated from University of London where he received a Masters’ Degree in law.
Head of Project Management
Tushar Falodia is FWD’s Head of Project Management at FWD, where he leads the planning and execution of projects as well as change management function within FWD. His remit cuts across General and Life Insurance, as well as Employee Benefits portfolios, charged to drive overall process efficiency for the company.
He also leads FWD’s Robotics Process Automation (RPA) initiative, focusing on improving the productivity of teams that handle high-volume, repeatable tasks on day-to-day basis.
Prior to FWD, Tushar worked in several project management and process improvement roles in consulting firms and major companies such as Aviva, where he consistently put his expertise in digital technology and business transformation to good use. He holds an MBA in Finance from the Sydenham Institute of Management in India.
Head of Operations
Emily Wong is FWD’s Head of Operations and is responsible for ensuring service excellence and operational efficiency for the company’s Direct to Consumer (DTC) Business. As part of her remit, Emily oversees the Underwriting (Life insurance products), Policy Servicing and Claims teams.
Emily has more than 15 years of experience in the insurance industry, and has performed similar roles, in varying senior positions, at Aviva and NTUC Income, before joining FWD in 2018. She is a graduate of the University of Canterbury, New Zealand, and holds a Bachelor’s degree in Commerce.
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:
Alvin Chooi Wai Hong
Arthur Lee King Chi
James Sinn Yuk Loh
Laura Raquel Deal-Lacey
Michael Lim Choo San
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.
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.
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
- September 3, 2018
Digital insurer FWD launches app to provide comprehensive access to travel insurance servicesread more
Starting today, travellers have access to an end-to-end digital insurance solution with the launch of the FWD Flyer mobile app.
- June 14, 2018
FWD Insurance launches electronic claims payments via PayNowread more
FWD’s customers have even more reason to smile, with the digital insurer and DBS Bank (DBS) collaborating to provide electronic payment of claims via PayNow. PayNow is an electronic fund transfer service available to customers of any of the seven participating banks: Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank.
- February 7, 2018
FWD Insurance and DBS Bank launch electronic claims paymentsread more
FWD’s customers have more reason to smile, with the digital insurer and DBS Bank (DBS) announcing a partnership that allows them to enjoy electronic payment of claims across a wide range of FWD’s products*. The partnership takes effect today.
- August 8, 2017
FWD launches endowment plan with the highest guaranteed returns in Singaporeread more
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.
- May 25, 2017
EZ-Link partners FWD Insurance to enhance free coverage for ez-link cards registered with ‘Activate!’read more
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.
- May 3, 2017
FWD responds to MAS guidelines, launching Singapore’s first enhanced life insurance product onlineread more
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.
- March 13, 2017
FWD revolutionises maid insuranceread more
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.
- November 3, 2016
FWD launches first personal accident policy designed for the modern Singaporeanread more
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.
- September 30, 2016
FWD launches Singapore’s simplest online life insurance policyread more
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.
- September 9, 2016
FWD, Singapore’s new direct insurer, offers nation’s first 50% lifetime no claim discount protectionread more
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.
- April 14, 2016
FWD group enters Singapore insurance marketread more
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.
FWD brings its Endowment Plan back by popular demandread more
Following an overwhelming positive response since the launch of its Endowment plan last month, FWD, Singapore’s fully direct life and general insurer, is bringing it back for a limited time.
- October 25, 2017
Better than a fixed deposit – FWD 2.02% Endowment Plan is back!open
For the risk-adverse, higher interest rates on your money often come tagged with multiple requirements or a reallllly long maturity period. However, there’s a disruptive new offering that doesn’t require you to tie up your money for 10 to 15 years anymore, yet you can get a competitive rate of 2.02% per annum, with your capital guaranteed and free insurance protection during the period.
- August 20, 2017
Insurance product options set to grow onlineopen
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.
- August 18, 2017
FWD’s new insurance savings plan just made growing your money alot easieropen
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.
- August 11, 2017
Poof! The middleman is gone. And your term plan just got betteropen
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.
- August 9, 2017
How FWD changed travel insurance claims forever: An interview with FWD’s CMOopen
When FWD Insurance stormed onto the insurance scene in September 2016, they were relatively unknown in Singapore. Now with a full range of insurance offerings ranging from endowment, term life, car insurance, travel insurance, maid insurance and even motorcycle insurance, the company has come into its own and found a unique niche within the saturated market.
- August 8, 2017
Insurance industry struggling to keep up with consumer behaviouropen
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.
- August 8, 2017
A savings plan without compromise… too good to be true?open
We are a nation of savers. But we are facing a savings nightmare right now.
- July 3, 2017
CEO insights | Abhishek Bhatiaopen
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.
- June 29, 2017
With FWD insurance, you can travel with peace of mind!open
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.
- June 23, 2017
Going digital means going all the wayopen
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.
- June 11, 2017
New car insurance policy tracks driving habitopen
Rolled out last month, the new term life insurance plan offers a maximum coverage amount of $3 million.
- May 31, 2017
Hiring a domestic helper for the first time? Here’s an easy way to lessen your employment (and post-employment) woesopen
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.
- May 31, 2017
Take the stress out of hiring a domestic helper with FWD insuranceopen
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.
- May 24, 2017
How to choose the right maid insuranceopen
- May 22, 2017
FWD car insurance: Is it worth the hype?open
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.
- May 15, 2017
Domestic helpers in Singapore: an easy way to purchase comprehensive maid insurance for your domestic helper onlineopen
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?
- April 26, 2017
Money Week (FY1718) – Ep 4open
- April 12, 2017
Insurer FWD provides zero excess for the mandatory security bond in its base plan.
- March 26, 2017
Drive safe to be ‘Best driver in Singapore’open
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.
- March 16, 2017
Protect your domestic helpers and yourselves with the right insurance policyopen
Many households in Singapore hire live-in domestic helpers to help out with household chores, cooking, elderly care etc.
- March 16, 2017
FWD Singapore launches industry-first coveropen
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.
- March 13, 2017
FWD pioneers insurance for domestic workers in Singaporeopen
It will give full outpatient medical coverage for accidents and illnesses.
- February 24, 2017
FWD CEO, Abhishek Bhatia, on Channel NewsAsia: Outlook of car insurance premiumsopen
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
- February 21, 2017
FWD’s Bhatia: Going digital is not just about creating a websiteopen
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.
- February 7, 2017
An interview with Abhishek Bhatiaopen
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.
- February 4, 2017
Always get travel insurance when you go overseas – consider new insurer FWD Insuranceopen
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.
- December 2, 2016
FWD insurance puts users at the heart of digital performanceopen
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.
- November 30, 2016
Singaporeans deserve the right to chooseopen
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.
- November 27, 2016
Travel insurance coverage with novel featuresopen
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.
- November 26, 2016
Peace of mind! Keep your 50% NCD for life!open
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.
Be a Game Changer
At FWD Singapore, we are a challenger brand, propelled by people who dare to be different and are passionate about what we do.
We believe everyone has the potential to be a champion when they bring their respective strengths and perform in their role. Our people come from a diverse pool of experience across multiple industries, and we collaborate and challenge the status quo, to bring value and new surprises to our customers.
Together, we will build a different kind of insurance company and change the way Singapore feels about insurance.
Life at FWD
As a start-up, more often than not, we as employees do not have ‘manuals’ on how to get the job done. Instead, we are given the creative space and freedom to think and decide how the job can be done best.
Being a lean organisation, every employee plays an important role. We are always either solving problems or seeking new ideas. As such, we have plenty of opportunities to innovate, create and develop ourselves in unparalleled ways.
With freedom and autonomy , grab opportunities to make a difference and leave a legacy.
Join Us Today!
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