FWD launches first-in-market online tool: AI Discovery

The company’s online insurance platform² saw a tremendous growth of 100% in website traffic, number of online insurance quote and 80% in number of new website visitors in the third quarter of this year³

FWD Hong Kong (“FWD”) launches a new tool powered by artificial intelligence (AI): AI Discovery. Users can discover their potential insurance protection gaps by answering seven questions within a minute.

In Hong Kong, there are numerous insurance options in the market. With this much choice, it can be overwhelming for consumers to fully understand which insurance plans best fit their protection needs. The AI Discovery tool operates based on the advanced analytics of extensive data records of customers who hold FWD Life⁴ policies. By answering seven questions on gender, age, smoking habits, occupation, income, and marital and family status, the AI Discovery tool will match users with the best suited protection they need, including life, medical, critical illness, accident, and the median coverage (see appendix). 

Paul Tse, Chief Marketing and Digital Officer, FWD Hong Kong and Macau, said, “We’re committed to elevating the customer experience by continuing to understand our customers’ evolving needs, and developing more creative and customer-led insurance solutions and experiences. The AI Discovery tool enables customers to better understand their protection needs by using technology and big data, making the experience of purchasing insurance online simpler, faster, and more fun as we’re changing the way people feel about insurance. We’ll continue to upgrade the online tool with an enriched big data model to further personalise our customers’ online journey.”

Growing demand of purchasing insurance online
A recent FWD customer survey⁵ found that almost 60% of respondents view FWD as one of the top three online insurance platforms in Hong Kong, with 60% of these respondents aged below 30. The findings showed that the brand recognition of FWD’s online insurance services is particularly strong among the group aged below 30. ‘Fast and easy’ has become a key consideration factor for purchasing insurance online, customers expect to complete an online purchase within 20 minutes. 

FWD revamped its online insurance platform2 for an enhanced customer experience 
FWD’s online insurance platform² was revamped and relaunched in July 2021 to provide a faster and smoother insurance experience. Customers can complete a new insurance application online in as little as five minutes with as few as one health related question to complete, and receive their policies in as little as 30 minutes. What’s more, through the instant claims service on the FWD Moments app, customers can get paid back on their claims on a suite of medical or personal accident insurance in as little as 40 seconds⁶. 

The online insurance platform² saw a 100% increase in the website traffic, new visitors numbers grew 80% and over 100% increase in the number of online insurance quote in the third quarter of 2022, compared to the same period last year³. The growth shows that more people are becoming interested in online insurance purchase. The platform has become one of the biggest drivers of the company’s multi-channel distribution capabilities.

FWD’s online insurance platform² is a direct-to-customer platform for online insurance purchase, which aims to complement the company’s omni-channel distribution capabilities and serve Hong Kong customers in broader segments, such as, life, critical illness, medical, car*, accident*, pet*, and home* insurance.

¹ The information is as of 26 October 2022, and is a statement made by FWD based on the market information and understanding at that time. FWD does not take any responsibility for any errors or omissions.
² The online insurance platform is operated by FWD Financial Limited, an appointed and licensed insurance agent of FWD Life Insurance Company (Bermuda) Limited and FWD General Insurance Company Limited.
³ Comparison was made between FWD’s online insurance platform data of Q3 (July to September) 2022 and the same time period in 2021. 
⁴ FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability)
⁵ Source: Online survey completed by 743 FWD Lab community members during 20 - 27 June 2022 for FWD eCommerce Study. 
⁶ The instant claims service includes FWD life insurance personal accident claims and hospitalisation claims up to HK$5,000 and HK$50,000 respectively.
*Offered by FWD General Insurance Company Limited.

Appendix
FWD’s online insurance platform (https://www.fwd.com.hk/online-insurance/) is a direct-to-customer online insurance purchase platform which aims to complement  FWD’s omni-channel distribution capabilities and better serve Hong Kong customers in broader segments. Recognising the brand’s commitment towards providing better coverage and more comprehensive protection, it offers a comprehensive suite of insurance protection for various aspects and necessities, such as:
1. Life 
2. Critical Illness
3. Medical, including Voluntary Health Insurance Scheme (VHIS)
4. Car*
5. Accident*
6. Pet*
7. Home*
8. Travel*
9. Helper*
*Offered by FWD General Insurance Company Limited.

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FWD Hong Kong & Macau are part of the FWD Group, a Pan-Asian life insurance business with approximately 10 million customers across ten markets, including some of the fastest-growing insurance markets in the world.

It offers life and medical insurance, employee benefits, and financial planning. FWD Macau provides a suite of life and medical insurance.

FWD is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.

For more information about FWD Hong Kong & Macau, please visit WWW.FWD.COM.HK and WWW.FWD.COM.MO.