FWD Group Holdings Limited and PT Asuransi BRI Life are the focus of a new case study by INSEAD, a globally recognised business school.
The case, which will be included in INSEAD’s MBA program in 2025, analyses FWD Group’s minority stake acquisition in BRI Life and the subsequent growth of their collaboration, highlighting the role of technology in driving financial inclusion in Indonesia.
The study explores the rationale behind FWD Group’s initial 29.9% investment in 2021, later increased to 44%, and the ways the partnership leveraged digital tools to scale access to insurance products for diverse customer groups.
The collaboration is presented as a model for strategic partnerships in emerging markets.
FWD group managing director Binayak Dutta discussed the importance of bancassurance arrangements.
“A bancassurance partnership is incredibly powerful when two distinct entities – a bank and an insurance company – come together to leverage their respective strengths for customer convenience and satisfaction and execute it at scale,” he said.
Viviana Dyah Ayu RK, finance director of Bank BRI, emphasised the strategic alignment of products and processes to meet the needs of the bank’s broad customer base.
“By leveraging FWD’s digital insurance expertise and proven risk management capabilities, we achieved significant market penetration with proper insurance governance,” she said.
The partnership has significantly strengthened BRI Life’s position in Indonesia’s insurance market, making it the third-largest life insurer and a leader in bancassurance.
See LinkedIn post here.
INSEAD’s dean of executive education and Asia campus, Sameer Hasija, described the partnership as a valuable learning tool for MBA students, showcasing how traditional insurance models can evolve through digital innovation and strategic alliances.
“This partnership provides students with a real-world example of how strategic investments are conceptualised, executed, and managed in significant, fast growing emerging markets like Indonesia,” he said.
The case study follows the announcement of FWD Group’s strategic partnership with Roche Diagnostics Asia Pacific to incorporate advanced diagnostics and digital healthcare technologies into its insurance offerings across Asia.
The three-year collaboration is aimed at improving health outcomes and delivering cost-effective solutions.
The initiative will use Roche’s navify digital platform to provide early diagnosis and personalised care, aligning with FWD’s goal of shifting from reactive to proactive healthcare.
“The integration of advanced diagnostics technology into the healthcare ecosystem can improve patient outcomes in ways that we’ve never seen before,” Dutta said.
This partnership aligns with FWD’s ongoing initiatives, including the launch of FWD HealthyMe earlier this year, a division focused on developing partnerships and expanding health and medical coverage options.
Dr Sarah Salvilla, FWD Group’s chief health officer, said that the collaboration with Roche represents a step forward in the company’s efforts to transform the health insurance landscape in Asia.
“navify digital solutions from Roche Diagnostics are designed to transform laboratory and clinical data into actionable insights, delivering operational and financial value, and helping personalise care along each individual healthcare journey,” she said.
Roche Diagnostics Asia Pacific managing director Lance Little underscored the potential of early diagnostics to improve care.
“Earlier diagnoses lead to better health outcomes and insights that can lead to behaviour and lifestyle changes, which can keep a person healthy and out of the hospital. Others might reveal an imminent threat and lead to a life-saving decision,” he said.
The partnership will roll out progressively across FWD’s Asian markets.
See LinkedIn post here.
In the Philippines, FWD CEO Manuel De Rosas expressed optimism that the initiative will enhance customer care while contributing to the broader goal of nation-building.
“When the partnership is being activated in the Philippines, we are optimistic it will further elevate our customer care by providing reliable, trustworthy, and accessible health resources to more Filipinos, contributing to nation-building as they celebrate living and build their best future,” he said.
