FWD launches Financial Advisory distribution channel to expand in Singapore

FWD plans to grow their position in the FA channel over the next few years by investing in recruitment and the latest digital solutions

Singapore, 1 June 2020 – FWD Singapore (“FWD”) today announced its expansion into the Financial Advisory, or FA distribution channel, to grow its life insurance business in the country and enhance accessibility for Singaporeans over the next few years.

FWD aims to enter into distribution partnerships with existing FA firms in Singapore, with the first such agreement inked with IPP Financial Advisers, which has over 300 advisors. Plans to firm up deals with other FA firms are in the pipeline and will be announced later.

These appointed FA partners will have access to a suite of innovative protection, retirement and education products that FWD will develop exclusively for the FA channel in Singapore over the next few months, starting with the launch of FutureFirst, a multi-currency term insurance product today (1 June 2020).

Adrian Vincent, General Manager for FWD Singapore’s Life Business, said, “This pivot to the FA channel is a natural expansion of our strategy for Singapore. In the short time we’ve been here, we have already built a successful direct-to-consumer business that offers simple, reliable and easy-to-purchase products. With our extension into the high-growth advisory channel, we will continue to invest in the right technology so that more people in Singapore can benefit from FWD’s digitally-enabled and customer-led approach.”

FWD TO INVEST IN DIGITAL SOLUTIONS TO IMPROVE STANDARDS OF ADVISORY

Customers who sign up for an FWD insurance plan via its appointed FAs will enjoy the following digital solutions from the get-go:

• On-the-spot underwriting decisions (even for applicants with pre-existing conditions such as diabetes and hypertension) through FWD’s SMART Robo Underwriting capability. In comparison, traditional underwriting processes with other insurers can take up to three days.
• Remote and paperless sales advisory processes where applications can be completed at the convenience and safety of a customer’s home via video consultations with authorised FWD advisors.

“We feel FWD can provide value to our FA partners and ultimately our customers by investing in the right technology to make the whole process of buying insurance seamless and stress-free. This aligns perfectly with our vision of changing the way people feel about insurance in Singapore,” Adrian added.

LAUNCH OF FA CHANNEL A SIGN OF FWD’S COMMITMENT TO SINGAPORE

FWD Managing Director, Emerging Markets, and Group Chief Distribution Officer Binayak Dutta said, “We’ve established ourselves as a fresh and dynamic insurance brand since entering Singapore in 2016 and launching the FA distribution channel is a firm testament to our confidence in the long-term growth and potential of this market. At the same time, I wish to thank IPP for being the first to come onboard our new journey and we look forward to working closely with them, as well as other partners in future, to bring more innovative products and services to our customers here.”

IPP’s Executive Chairman Wee Tiong Howe said, “As a trusted name in the financial advisory sector, we are thrilled to have the opportunity to create a win-win partnership with FWD. In particular, I’m confident our customers will be able to have the best of both worlds, as they leverage our advisors and FWD’s innovative, cost-efficient and transparent products and services to make important financial decisions for themselves and their loved ones.”

The FA channel is a growing one in Singapore, according to the Life Insurance Association of Singapore’s latest statistics, which show that this channel accounts for nearly 25% of total weighted premiums for life insurance products, an increase from the 22% and 19% in 2018 and 2017 respectively.