The prevailing consumer sentiment in Indonesian society is that “insurance is a complicated financial product”. To challenge this perception, FWD Life have launched iFWD Liberate, an online distribution channel that offers simple, convenient and accessible insurance. iFWD Liberate (https://www.ifwd.co.id) is an insurance e-commerce platform that responds to the needs of the online customer segment.
Specifically, FWD Life is the first life insurance company in Indonesia that fully implemented an electronic-based platform to underwrite and distribute life insurance products. iFWD currently offers two insurance products, life insurance and personal accident insurance. To get a life insurance plan, customers only need to answer two questions without the need for a medical examination.
“We would like to show people that insurance can be easy to purchase and claim if using technology,” said FWD Life Indonesia President Director Rudi Kamadani, adding that his firm targeted young and productive people under the age of 30 as they were familiar with the Internet.
Furthermore, FWD Life has implemented back end technology that can provide a fully paperless sales process. FWD Life has also empowered its agency channel with digital technology and makes sure none of its agents meet prospects without tablets.
The rapid growth of online transactions provides a promising market for insurance business in Indonesia. FWD Life sees this opportunity and views the online distribution channel as a way to penetrate the net savvy market segment that looks for instant results. Indeed, the launch of iFWD Liberate can be considered a strategic move to attract the younger, millennial generation who are in the 25-34 year age group.