Asian insurer FWD partners with Pacific Life Re on automated underwriting technology
Asian insurer FWD partners with Pacific Life Re on automated underwriting technology
Asian life and general insurer FWD Group has partnered with Pacific Life Re to adopt a new digital underwriting technology that aims to enhance real-time risk assessment and simplify the process.
The new digital solution, which is built on the Underwriting Rules Engine (URE), is powered by Pacific Life Re’s fully-owned insurtech subsidiary UnderwriteMe.
UnderwriteMe provides automated underwriting systems in the UK and Ireland, and launched in Australia and Asia in 2017.
FWD Singapore will implement the solution to asses applications for its existing direct term life products. It expects the URE to drive significant efficiencies by providing straight-through new business processing rates, with instant personalised underwriting decisions for customers.
The company plans to extend the digital solution to other FWD locations in Asia over the next 12 months.
Andrew Gill, managing director of Asia & Australia, Pacific Life Re, said: “FWD is known for its cutting edge, digital strategies, and we are thrilled to be working alongside them to make it simpler for customers to purchase insurance through harnessing the power of modern, digital technology.”
Abhishek Bhatia, CEO of FWD Singapore, added: “What customers need and look for when searching for suitable insurance solutions is a fuss-free experience that is not bogged down by complicated processes. With UnderwriteMe, we can offer that and continue to change the way people feel about insurance.”
Rakesh Kaul, director of business development for UnderwriteMe, said: “Both teams worked in an iterative and collaborative way, which resulted in the project being delivered within months. We are pleased to have worked with FWD to provide a quick to market solution to improve the quality of service and experience for their customers.”
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