istock-525799810_nicoelnino-3
istock/NicoElNino
30 July 2019Insurance

Asian insurer FWD partners with Pacific Life Re on automated underwriting technology

Asian insurer FWD partners with Pacific Life Re on automated underwriting technology

Asian life and general insurer FWD Group has partnered with Pacific Life Re to adopt a new digital underwriting technology that aims to enhance real-time risk assessment and simplify the process.

The new digital solution, which is built on the Underwriting Rules Engine (URE), is powered by Pacific Life Re’s fully-owned insurtech subsidiary UnderwriteMe.

UnderwriteMe provides automated underwriting systems in the UK and Ireland, and launched in Australia and Asia in 2017.

FWD Singapore will implement the solution to asses applications for its existing direct term life products. It expects the URE to drive significant efficiencies by providing straight-through new business processing rates, with instant personalised underwriting decisions for customers.

The company plans to extend the digital solution to other FWD locations in Asia over the next 12 months.

Andrew Gill, managing director of Asia & Australia, Pacific Life Re, said: “FWD is known for its cutting edge, digital strategies, and we are thrilled to be working alongside them to make it simpler for customers to purchase insurance through harnessing the power of modern, digital technology.”

Abhishek Bhatia, CEO of FWD Singapore, added: “What customers need and look for when searching for suitable insurance solutions is a fuss-free experience that is not bogged down by complicated processes. With UnderwriteMe, we can offer that and continue to change the way people feel about insurance.”

Rakesh Kaul, director of business development for UnderwriteMe, said: “Both teams worked in an iterative and collaborative way, which resulted in the project being delivered within months. We are pleased to have worked with FWD to provide a quick to market solution to improve the quality of service and experience for their customers.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Reinsurance and mortgage boost Arch Capital's Q2 2019 results

Everest Re Group Q2 2019 results ‘outstanding’, says CEO Addesso

Willis new global cyber leader sets out to build robust solution as attacks intensify

AXA XL unveils yet another addition to its C-Suite 

Chubb makes senior appointment for UK & Ireland, Eurasia & Africa

Feature article:  15 ways technology is transforming insurance… and five to watch

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
26 April 2021   Insurance delivers a huge social benefit by de-risking pension schemes and increasing security to member pensions, says reinsurer.
Insurance
22 February 2021   The company sees opportunities to transform and redefine Thailand's life insurance market.
Insurance
27 September 2019   Asian insurer FWD Group has appointed David Korunić as the new chief executive officer for SCB Life Assurance Public Company (SCBLIFE), following the completion of its acquisition of SCBLIFE from The Siam Commercial Bank Public Company (SCB).