FWD Life Indonesia has launched a comprehensive life insurance product called FWD Loop. The product provides full coverage including critical illness, and health insurance (hospital and surgical benefits) at affordable costs along with investment options. It uses a unique combination of online sales distribution and offline agents – offering customers a unique, easy and convenient purchasing experience.
The product is expected to improve Indonesia’s low insurance penetration rate by 2.99% of GDP. It helps to tackle the common customer perception of life insurance being complex, difficult to understand and expensive.
The product can be purchased via FWD Max a mobile app, or by visiting www.fwd.co.id/FWDLooP. After that, the customer has to meet an agent to get insurance protection advice and investment advice, without any hassle.
FWD Loop, offers three major benefits, namely, value, fairness and simplicity to Indonesians
“One of the key strengths of FWD LooP is its combination of online sales distribution and offline agents that allows for a shorter and quicker insurance purchasing process. Through the internet, a customer can first study the features and benefits of the product, wherever and whenever they want. Then, once that is over, if they are interested, a customer can arrange a face-to-face meeting with an agent to complete the product purchasing process at the place and time of their choosing. The simplification of this process makes the entire process of becoming insured more comfortable and effective, not just for customers, but also for our agents,” said FWD Life Director and Chief Agency Officer Hendra Than Wijaya.
FWD product launch
Pictured above: Chief Agency Officer – Hendra Than Wijaya, Presiden Director – Choo Sin Fook, Vice President Director – Rudi Kamdani, Chief Product Proposition & Sharia – Ade Bungsu
Pictured above: Agustinawati, ALMI, AAIJ, FSAI – VP Head of Product Proposition, Tris Rasika – The Digital Insurer, ALfi Yani – Head of Enterprise Customer Experience
Benefits to customers
Quick& Easy: Purchase at any time with online process and transaction anywhere and location set by customers
Affordable: Premiums start from IDR 250,000 per month (according to customer age)
Complete: Provides a complete package of insurance benefits (critical illness, disability, death benefit, hospital and surgical)
GuaranteedProtection: Life insurance protection until 100 years old
Investmentoptions: Money market fund, Fix Income Fund, Equity Fund
No advance costs with limited exclusions
Benefits to insurers
Improved turnaround time
Improved customer engagement and retention
The Digital Insurer's View
FWD Loop provides ‘simplicity’, affordability and complete one-stop insurance coverage and investment solutions. This is a new customer experience for the Indonesian market where customers are able to purchase unit linked products through a combination of the online and offline process.
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