The digital solution, which was developed on the Underwriting Rules Engine powered by UnderwriteMe, is said to be the first of its kind in the Philippines
Pacific Life Re said that FWD Life Insurance Philippines (FWD Philippines) has adopted a digital solution from its subsidiary UnderwriteMe for enhancing agent and advisory experience.
The digital solution was developed on the Underwriting Rules Engine (URE) powered by UnderwriteMe, and is said to be the first of its kind in the Philippines.
According to Pacific Life Re, the solution is designed to provide a superior customer journey with only relevant questions asked, thereby resulting in a much shorter application process. Furthermore, the optimized process also minimises the review time required for delivering an underwriting decision at the point of sale.
FWD Philippines chief life operations officer Judith Baliton said: “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.”
Technology suite of UnderwriteMe includes the Underwriting Rules Engine and advanced business analytics
UnderwriteMe’s technology suite is said to help in transforming markets by making it easier to buy and sell insurance for customers, insurers, and advisers. Included in its technology portfolio are its Underwriting Rules Engine and advanced business analytics which are designed to give insurers the speed, scale, and data required for achieving market-leading results.
UnderwriteMe business development director Rakesh Kaul said: “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.
“Our focus and commitment to removing friction from the sales process has helped us to deliver a world-class solution to FWD.”
Pacific Life Re said that the adoption of UnderwriteMe’s digital solution by FWD Philippines closely follows the implementations for other FWD’s subsidiaries in Singapore and Malaysia. The company said that implementation plans are underway for other FWD offices across Asia.