AI now used to determine insurance coverage plans
MANILA, Philippines — According to the Insurance Commission, the Philippines, at under 2%, has one of the lowest insurance penetration rates in the region.
This protection gap in essential coverage leaves many Filipinos exposed to additional economic risks, a challenge FWD Life Insurance has taken upon itself to address proactively.
FWD is a pan-Asian life insurance business with more than 13 million customers across 10 markets. It recently introduced an Artificial Intelligence (AI)-powered tool that suggests insurance coverage plans based on similar customer profiles.
This new platform, called FitForMe, is free for everyone to access and free to use to help bridge the protection gap and increase financial inclusion.
The company started in the Philippines with digital in its DNA but is at the same time using human insights to deliver the best customer experience and services. The latest innovation, FitForMe, leverages AI partnered with a people-centric approach. It has been developed to help close the protection gap by giving Filipinos access to information on how much and what kind of financial protection people of similar background have so they already have a good idea before they talk to an actual insurance agent.
Through the completing a short questionnaire completed by the one who is accessing the AI-powered tool, FitForMe analyzes answers against the company's first-party data to identify the appropriate financial profile. It then provides personalized insurance recommendations that better suit the customer’s needs, lifestyle, and what they want to achieve. Insurance plans can range from full plans to digital products that may be relevant to customers. To get a more holistic financial advice, customers may also set a consultation with a financial advisor.
Roche Vandenberghe, Chief Marketing and Digital Business Officer of FWD Philippines, emphasized how innovative solutions like FWD FitForMe contribute to nation-building and address common issues faced by Filipinos regarding insurance issues.
“We want to help those seeking better protection to make financial decisions easily and more accurately while keeping their data safe and secure. As the insurer of the next generation, we remain committed in changing the way people feel about insurance by providing tools and solutions that are intuitive and relevant in addressing Filipinos’ evolving needs,” stated Vandenberghe.
