Singapore, 30 September, 2016 – 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.
The new product has been designed according to the principles set out by the Monetary Authority of Singapore (MAS) when it launched Direct Purchase Insurance (DPI) in April 2015. In addition, FWD’s intelligent underwriting functionality enables consumers to select the new term life policies completely online by only answering the questions that are relevant to them and their circumstances. Then, once they have selected their policy, they only need to add in their personal details to complete their purchase.
The new term life products also reflect the needs of modern Singapore. According to FWD’s recent research, which consulted 600 people across Singapore, 90 per cent of people are keen to purchase insurance online and 89 per cent using their mobile. However, the same proportion, 89 per cent, said they were frustrated by current insurer’s complex application processes.
Abhishek Bhatia, Chief Executive Officer, FWD Singapore said, “Singapore is one of the most connected nations on earth, with the highest mobile adoption in Asia, but it remains difficult to purchase insurance online. This has undoubtedly stopped many people from purchasing life insurance products.
“The introduction of DPI by the Monetary Authority of Singapore (MAS) is an excellent initiative, offering a simple, effective, easy to understand products that are perfect for most Singaporeans, especially those purchasing life cover for the first time.”
He added, “We’re very pleased to deliver a fully digital DPI offering that simplifies the experience for customers. This means customers can get a quote, buy and claim conveniently online, which does justice to the intent of the MAS of bringing affordable insurance in a simple manner to everyone.”
The policies are available in 5-year renewable, 20-year and up to age 65 terms, and will enable Singaporeans and Permanent Residents to be covered for between $50,000 and S$400,000.