Metro Manila (CNN Philippines) — In 2022, less than 2% of Filipinos had an insurance policy under their belt, which is one of the lowest rates in Southeast Asia. With the pandemic finally starting to ease its squeeze on the ways we live and work, FWD Life Insurance has rolled out several initiatives to make insurance more accessible to Filipinos from diverse backgrounds, with varying needs and budgets. The company showcased its ongoing endeavors to make insurance more inclusive, including developing cutting-edge products and services, helping increase financial literacy and fostering a culture of innovation within the organization at its inaugural Innovation Fest, commemorating FWD Philippines’ upcoming 10th anniversary.
“We want Filipinos to have access to relevant insurance, sensible services, and inclusive programs to close the financial gap and ultimately help in nation-building,” said FWD Philippines President & CEO Antonio Manuel “Jumbing” De Rosas. “When more people are empowered, everyone can provide more opportunities for one another.”
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Increased accessibility, enabled by AI
FWD Philippines is currently leveraging AI technology to help customers plan their finances and long-term goals more effectively, and be better equipped to decide which type of insurance to purchase based on their lifestyles and needs. The company unveiled two services at the event — FWD AI Protection Score, which will suggest relevant products to enhance their financial health coverage for added security, and FWD’s AI chatbot Fi, which will help customers discover protection gaps by benchmarking their existing coverage against people with similar profiles.
“Innovation is in our DNA at FWD, and it fuels our unrelenting drive to set the benchmark as the insurer of the next generation,” said FWD Philippines Chief Information & Transformation Officer JC Principe.
\”We continue to harness technology, data analytics, and consumer insight to offer inclusive and first-in-the-market products and services,” he also said.
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Platforms that enable accessibility and convenience
FWD Philippines is committed to innovating in the insurance space and has embraced technology to offer customers products that are easy to understand, buy and claim. For example, the company’s fully enhanced online shop is designed to make the insurance process smoother through paperless transactions and is accessible 24/7. In just a few clicks, the shop enables direct gifting of insurance policies to family members and loved ones and offers exclusive rewards for online transactions.
FWD’s recently launched 2-in-1 mobile app, Omne, focuses on simplifying policy management and also incorporates lifestyle elements into the user experience. The app enables users to file claims, manage and track investments, switch funds and pay premiums, while also incorporating health monitoring, HIIT workouts, mini-games, and reward vouchers to foster micro-habits and achieve daily goals.
Financial literacy, gamified
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