Pacific Life Re has announced a new partnership with FWD Philippines, which will see FWD adopt a digital solution from Pacific Life Re’s insurtech subsidiary, UnderwriteMe.
The solutions was built on the Underwriting Rules Engine and is designed to enable a much shorter application process, while minimising the review time needed to provide underwriting decisions.
“As the first life insurer to launch our pioneering offline digital solution in the Philippines, we look forward to FWD’s sales force leveraging a rich and seamless experience to get their work done more quickly and efficiently,” said Rakesh Kaul, Business Development Director for UnderwriteMe.
“Our focus and commitment to removing friction from the sales process has helped us to deliver a world-class solution to FWD.”
Judith Baliton, Chief Life Operations Officer of FWD Philippines, also commented: “We’re delighted to launch this industry-leading solution that will greatly benefit our customers and advisors alike. We want to change the way people feel about insurance, so we’re excited to be working with UnderwriteMe. As a result, we will enhance both the customer and advisor experience.”
“With this new digital solution, FWD’s customers will have fast approval of their applications in a matter of minutes by minimizing the back-and-forth between the customers, advisors, and underwriting teams,” Baliton added.
“UnderwriteMe’s online experience is seamless and ideal, and its offline decision-making capability is as reliable and can already make initial underwriting decisions at point of sale.”
Vasan Errakiah, Head of SEA and Product Development, Pacific Life Re, further stated: “We are committed to looking for new ways to support our partners in achieving long-term growth in the markets in which they operate. We are confident that the adoption of this solution will improve the customer journey and transform the way insurance is perceived.”