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FWD Life Insurance (FWD Philippines) soars as the top 3 life insurer in the Philippines in less than 10 years, as indicated in the Insurance Commission’s (IC) full-year 2023 report on New Business Annual Premium Equivalent (NBAPE).
NBAPE, a global standard adopted by the IC, measures the life insurance industry’s sales performance in a specific year by summing the payment methods used in the industry–regular and single premiums. With a recorded total NBAPE of Php4.59B, FWD Philippines climbs from sixth in 2022 to third rank in just one year, solidifying its position as one of the fastest-growing insurance companies in the country.
“As the insurer of the next generation, this achievement underscores our commitment to nation-building and protecting more Filipinos. This is a testament to how we are changing the way people feel about insurance, especially in the Philippines where the insurance penetration rate is at less than 2%,” shared FWD Philippines CEO and President, Antonio Manuel “Jumbing” De Rosas. “Thank you to our employees, partners, financial advisors, and distribution leaders for their commitment in empowering more Filipinos to celebrate living. Most especially to our customers, for their unwavering confidence and trust in FWD,” he adds.
This milestone coincides with FWD Philippines’ 10th anniversary since establishing roots in the country in 2014, and is attributed to the company’s customer-led and digitally enabled approach to deliver innovative, inclusive, and people-centric solutions that cater to the ever-growing needs of Filipinos.
Innovating insurance and customer experience
FWD Philippines was hailed as #1 for customer experience among insurers according to KPMG’s Global Customer Experience Excellence Report 2023, further fortifying its thrust as the insurer of the next generation.
Enhanced customer experience initiatives were set in place, such as the first-in-the-industry 24/7 customer support hotline, which provides easily accessible channels for customers. FWD Philippines also introduced digital innovations like Omne by FWD, a 2-in-1 supercharged application with features that help customers build micro-habits and manage their policies. Additionally, the insurer adapted AI tools such as its chatbot Fi, which is now integrated with People Like You, an advanced tool that employs data analytics to recommend insurance solutions for customers.
FWD Philippines also secured the No. 2 spot in the Million Dollar Round Table (MDRT) rankings among local insurance companies, a testament to its dedication to providing best-in-class customer experience and nurturing the next-generation of financial advisors. Alongside this achievement, the company also continues to bolster its nationwide presence by expanding of its distribution network and forging significant partnerships, exemplified by its recent collaboration with the country’s leading mobile wallet, GCash.
Moreover, FWD Philippines has innovated more inclusive and relevant insurance products such as The One for gamers and The One for music lovers, which are both designed to support and protect the next generation’s different passion points.
With technology and innovation at its forefront, FWD Philippines is geared up in strengthening its unparalleled commitment to nation-building and in changing the way people feel about insurance.
Learn more about FWD’s innovative products, services, and programs by visiting fwd.com.ph.
