Singapore, 9 September, 2016 – 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.
FWD has engaged with people across Singapore to understand what they want from the insurance industry, and responded with a new, online and mobile-led approach, replacing lengthy forms with a simple website application where people can get a quote for car insurance in under 60 seconds and travel insurance in 10 seconds, the fastest in Singapore today.
In another two firsts for Singapore, drivers that have a 50% No Claim Discount (NCD) will now have it protected for life, even if they have multiple accidents in the same year. This reflects the view of 93% of drivers who thought it was unfair to lose a NCD after an accident.
It has also created Singapore’s first fully mobile quote, purchase and claims service, again reflecting the wishes of 90% of Singaporeans. In a further innovation, FWD travel insurance customers can also submit claims for travel and baggage delays using WhatsApp.
Abhishek Bhatia, Chief Executive Officer, FWD Insurance Singapore said, “Our vision is to change the way Singaporeans feel about insurance and it’s obvious that they want change. We live in the most digitally-connected society in the world, yet 54% believe that the complicated way insurance companies present their products was holding them back from purchasing online. Correspondingly, we have discovered that half of the respondents have had occasions when they hadn’t purchased travel insurance before going on a trip, which shows that people are exposing themselves to unnecessary risk.”
Abhishek added, “By taking a completely fresh look at the industry, we have been able to respond to what Singaporeans want. They don’t believe that proven good drivers should be penalised for accidents, so we’re offering the first lifetime 50% NCD. Most Singaporeans organise their lives on-the-go using their mobiles, so we are enabling them to do the same with insurance.”
FWD Insurance is based in Suntec City and is a licensed life and general insurer following its acquisition of a 90% share in Shenton Insurance earlier in April 2016. The firm currently has 99 employees, with plans to grow headcount by 50% over the next five years.