iFWD continues to hold market lead
IFWD, FWD Life Insurance's digital insurance platform, continues to hold the highest market share in Thailand for the third consecutive year, offering a one-stop service that provides customers protection within five minutes.
Chief commercial officer Arjan Wes said what sets iFWD apart from other online insurance platforms is the three guiding principles of the platform's development: simplicity of usage, diversity of available products and convenience in terms of customer access to help.
"We want to change the way people feel about insurance," he said. "That's one of the key things with FWD. We translate it into 'celebrate living'."
To achieve this goal, the company's approach is described as "digital by design with a human touch" as it prioritises customer-led changes to ensure an intuitive consumer journey that avoids the cumbersome procedures of traditional agency-based insurance.
In addition to the five-minute application process, the platform hosts many unique features such as the information security system ISO/IEC 27001, real-time underwriting and an artificial intelligence-based chatbot.
Customers can access after-sales service online through the FWD Link platform after purchasing financial products on iFWD.
The service allows users to view their policy information, request claims and contact the call centre.
FWD Link is also available for policyholders who applied through agents, said Mr Wes.
He said each insurance product available on the online platform differs from those sold through agents.
There are seven products available on iFWD, comprising Easy E-Stroke, Easy E-Heart, Easy E-Life, Easy E-PA, Easy E-Cancer, Easy E-Save, and the umbrella product Big 3, with the latter three best-selling products.
To extend the product range, Mr Wes said the company is developing health insurance products to help cover hospital fees for both inpatients and outpatients.
The product should be available on the platform in about two months, he said.
Although only 1% of new business in the insurance industry is provided through an e-commerce platform, Mr Wes believes digital solutions have high growth potential and will penetrate the market in the future.