FWD Life Insurance (FWD Philippines) held its inaugural FWD Innovation Fest on August 22, 2023, in Taguig. The event showcased FWD’s innovative products, services, and initiatives, marking the company’s 10th anniversary in the industry since 2014. During his opening speech, FWD Philippines President & CEO Antonio Manuel “Jumbing” De Rosas, highlighted that: “We see innovation as a tool in changing the way people feel about insurance. That is why we continue pushing the boundaries in developing products, services, and initiatives that champion customers’ evolving needs so more Filipinos can have financial protection.”
Innovation Culture at FWD
FWD Philippines Chief Information and Transformation Officer JC Principe added, “Innovation is in our DNA at FWD, and it fuels our unrelenting drive to set the benchmark as the insurer of the next generation. We continue to harness technology, data analytics, and consumer insight to offer inclusive and first-in-the-market products and services.”
Principe introduced two services using FWD AI to assist customers in planning their finances and long-term goals. The ‘FWD AI Protection Score’ will suggest products for enhanced coverage, while ‘People Like You’ will help customers discover protection gaps and benchmark coverage against similar profiles.
Innovating Products and Services
Insurance penetration in the Philippines is low at 1.75%, but FWD Philippines aims to address this by offering tailored coverage and easy-to-understand products. The enhanced FWD Online Shop allows gifting, bulk premium purchases, and exclusive rewards. FWD also sponsors the 12th season of Mobile Legends: Bang Bang Professional League.
FWD is also changing the way people feel about insurance with its latest 2-in-1 supercharged app, Omne. The easy-to-use app provides a suite of activities and content – including music, mini-games, sketching, health, wellbeing, and a vast array of engaging features – that are personalized to an individual’s preferences and interests, while also providing intuitive policy management.
Innovating Financial Literacy
FWD Philippines also showcased its newest online game show, Pinoy Money Master, which brings together pop culture and financial literacy. Featuring personalities representing different generations, it seeks to educate and update viewers on financial skills worth having to succeed in today’s interconnected world. The first episode is available to stream with more to come this September on FWD Philippines’ Facebook page.
Innovating Initiatives
FWD Philippines is promoting its flexible career opportunities and employment benefits for aspiring financial advisors, aiming to enhance Filipinos’ financial literacy. The company also announced its annual SpringboardX Student Challenge, which challenges students across 10 Asian markets to create innovative solutions for real-life business challenges. The program is free and open to all academic backgrounds.
