Pacific Life Re has announced a new partnership with FWD Singapore, which will see FWD adopt automated underwriting technology powered by Pacific Life Re’s insurtech subsidiary, UnderwriteMe.
The digital solution, which is built on the Underwriting Rules Engine (URE), is expected to enhance FWD’s real-time risk assessment on policy applications and deliver improved underwriting decisions.
FWD believes the URE will drive significant efficiencies by providing straight-through new business processing rates, with instant personalised underwriting decisions for customers.
Specifically, FWD plans to use the solution to assess applications for its existing direct term life products.
Andrew Gill, Managing Director of Asia & Australia at Pacific Life Re, commented on the partnership: “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.”
“Both teams worked in an iterative and collaborative way, which resulted in the project being delivered within months,” added Rakesh Kaul, Director of Business Development for UnderwriteMe.
“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,” he continued.
Abhishek Bhatia, CEO of FWD Singapore, further stated: “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.”
FWD also explained that plans to extend the digital solution to other FWD locations in Asia over the next 12 months are already underway.