FWD Singapore has adopted Pacific Life Re’s UnderwriteMe technology, which seeks to improve real-time risk assessment on policy applications and underwriting decisions.
The technology is built on the Underwriting Rules Engine (URE), and is powered by UnderwriteMe, Pacific Life Re’s fully-owned subsidiary. It allows FWD to tailor its underwriting approach for its customers.
According to a statement by Pacific Life Re, the URE is expected to drive significant efficiencies for FWD by delivering high straight-through new business processing rates, with customers receiving a personalised underwriting decision immediately.
Abhishek Bhatia, CEO of FWD Singapore, said the partnership with UnderwriteMe is part of the company’s push to harness technology to simplify the process of buying insurance products.
“What customers need and look for when searching for suitable insurance solutions is a fuss-free experience that’s not bogged down by complicated processes,” he said. “With UnderwriteMe, we can offer that and continue to change the way people feel about insurance.”
The URE is being used to assess applications for FWD’s existing direct term life products in Singapore, and there are plans to expand its usage to the insurer’s other markets in the region over the next 12 months.
