FWD Vietnam Wins : “Digital & Omnichannel Technologies” Award 2019
It is our utmost pleasure to share with you that our client FWD Life Vietnam has won AITA’s award in the category of “Digital & Omnichannel Technologies” at 7th Asia Motor Insurance and Claims Management Conference that took place in Bangkok on 26 and 27 of June 2019. This award was jointly presented by CELENT and AIR.
FWD Life Vietnam is part of the life insurance arm of the famous Investment group, Pacific Century Group (PCG), an Asia-based private investment conglomerate.
The award has been conferred upon FWD Life Vietnam for the effective use of technology in all its processes and making that the unique differentiator in the local market and also for offering platform agnostic, omnichannel experience to customers, distributors and employees.
FWD Life Vietnam uses the 3 large components of the SymbioSys Suite of products namely
• SymbioSys Sales Tool
• SymbioSys Distribution Management Solution
• SymbioSys New Business & SymbioSys Underwriting
Successful implementation of the tools has given FWD Life Vietnam the winning edge in the market where within the 3rd year of operation, the company already jumped places and is currently ranked the 10th largest life insurer. Even in the current year operations, they are posting upwards of 75% YOY growth.
To list some of the operational benefits that they have derived will be: –
• Going PAPERLESS for End-to-End operations
• Going CASHLESS for premium collection
• Reduced launch time of new products
• Seamless integration with Omni channels for customers to buy insurance products online
• Elimination NIGO Instances
• Higher STP rates for faster issuance
• Launch new incentive schemes faster than competition and many more.
These efficiencies have worked for FWD Life Vietnam to reduce costs, better matrices and gaining the competitive edge in the fiercely competitive Life Insurance market in Vietnam.
Some of the Quantitave outcomes are:-
• Reduce Customer acquisition cost by going paperless by 20%
• Increase in average TAT from application submission to closure by 30%
• Achieve 100% paperless end-to-end process from e-submission to e-policy
• Achieve 100% payments done via payment gateway or partner channels.
• Achieve auto-underwriting approval ratio more than 70%.
In this ever-evolving world of Digital, where the customers whims and fancies change remarkably in the least unexpected amount of time, the smartest move is to be prepared for it and the obvious modus operandi would be to automate every process to handle dynamism and sudden scaling requirements. FWD Life Vietnam has taken this as its base plan of action and today the company rated high in Digital Business and is benchmarked in technology excellence in Vietnam.