FWD Life Insurance has secured the No.2 spot in the life insurance industry, with new premiums surging 28% from 2022 to nearly 20.7 billion baht last year thanks to significant growth of the agency channel.
Sales through the agency channel jumped 20%, surpassing the overall industry growth rate of 3%, backed by digital innovation and modernised insurance product offerings. In this segment, FWD Insurance rose from ninth to sixth place.
"Last year marked another triumph for FWD Insurance in the agency sales channel as our agents enhanced their potential," said chief agency officer Sahapol Polpathapee,
FWD developed sales tools, including the Agency Discovery Platform (ADP) and FWD CUBE Application, to leverage digital technology in supplementing its learning curriculum, sales planning, skills training, and customer understanding to support agents.
ADP is a fully integrated learning platform, serving as a pivotal tool in honing the potential and capabilities of agents for heightened efficiency. It outlines the learning path and training regimen for new agents, ensuring they seamlessly transition into their roles.
Essential to this process is the requisite training in life insurance products, including the successful completion of assessments for sales authorisation. It also acts as a management platform for agency networks, streamlining communication between agents and agency leaders while providing a centralised hub for work-related information.
The FWD CUBE app represents a comprehensive one-stop service that modernises the sales model, aiming to captivate the younger generation of workers, Mr Sahapol said.
Integrating machine learning and artificial intelligence technologies, this app empowers agents by facilitating in-depth analysis of customer data that aligns with customer needs, he said.
The app enables agents to recommend tailored products on a predictive model, forecasting future insurance requirements, and a sophisticated system for monitoring policy status and customer service interactions.
"We persist in leveraging digital technology to develop pivotal tools for our agents' work, aiming to enhance their efficiency and overall effectiveness. When our agents are thoroughly prepared and possess a deep understanding of the life insurance business, they are poised to swiftly address customer needs, ensuring a positive customer experience," said Mr Sahapol.