Award Applications

FWD Life Encourages Indonesians to Enjoy Life without Hesitation through FWD MAX

PT FWD Life Indonesia (“FWD Life”) the pioneer of digital-based life insurance, bring the new customer engagement program called FWD MAX, an mobile app to make insurance more accessible and fun for Indonesian. FWD MAX is the company customer engagement program that will enable customers to enjoy life without hesitation by providing Support, Information and Protection (S-I-P). The program is also designed to help support and enhance insurance penetration in Indonesia.

The current issues (Background)

Insurance communication usually only happen during purchase, premium payment, and then claim. There is a big gap between. This gap become one of the factor why the insurance awareness is still very low in Indonesia, since they feel no connection between customers and the insurance.

Then FWD Life comes with Innovation, not only give customer the protection but also fill the gap with happiness. Insurance is not only accompany customer during risk but also in their every life journey, to support them pursuing their passion. An innovation with lifestyle approach to make insurance more relevance to everyday life and to increase insurance awareness especially for millennial. This is in line with FWD’s vision to change the way people feels about insurance. It is called FWD MAX.

The launch of FWD MAX is also driven by positive performance growth in the context of current insurance penetration and utility levels which are still pretty low in the country. Data from the Financial Services Authority - Otoritas Jasa Keuangan (OJK) indicated that throughout the third quarter of 2017, life insurance premium revenues increased 20% (year-on-year) to Rp 139.27 trillion. But in other hands, insurance penetration remains at 2.99% of Gross Domestic Product (GDP) which is lower compared to other countries in Asia, such as Singapore, Malaysia and Thailand which booked more than 5% (OJK Quarterly Report Table I – 36 page 30)

Furthermore, Otoritas Jasa Keuangan (OJK)’s research in 2016, showed that insurance utility levels in Indonesia only reached 11.81%. Meaning out of 100 Indonesian citizens, only 11-12 of them have insurance coverage. Not to mentioned negative public perception that life insurance is perceived as a product that is complex, difficult to understand and expensive.

Faced by these facts, industry players need to find a new solution to improve insurance awareness and penetration. Industry players need to innovate more that protection benefits of insurance by creating a new perspective on insurance, which is not only available during times of crisis, but also in every step of the way. This is why FWD Life launched FWD MAX which expected to be one of the solutions to overcome future issues in an effort to increase penetration and financial inclusion in Indonesia.

Why FWD MAX? (Objectives)

As pioneer of digital-based life insurance, we believe technology innovation can accelerate life insurance penetration in Indonesia, especially as there has been a shift in the lifestyles of the younger generation that is more technology-savvy. As mentioned earlier, we aim to create a new perspective on insurance, which is not only available during times of crisis, but also in every step of the way by utilizing digital technology.

Based on social media-based research conducted on the millennial generation for two months starting from December 1, 2015 to January 31, 2016 by independent agency Provetic, showed 41% of 7,809 conversations show the main reason they save money is to pursue their passions by purchasing concert tickets and making travel plans. By looking to this phenomena, FWD Life wants to tap into this trend and actively supports their passions by providing the FWD MAX mobile application as a digital ecosystem that accommodates their need for protection, information and supports the passions of customers, agents and the general public.

With FWD MAX, FWD Life wants to answer the current needs of people who want an insurance service that can provide more than protection, but also one that can accompany them on every journey in line with their lifestyle and passion. We believe that FWD MAX can help us to provide a new experience in dealing insurance with FWD Life.

We also want to eliminating confusion of the customer by providing one application for all, for taking care their insurance services, for ease of buying another online insurance and for enjoy living without hesitation. With FWD MAX, we have the new way enjoying insurance.

What FWD MAX Offers? (The benefits)

FWD MAX offers the following benefits:

1. Support. Various attractive offers at 70 popular merchants spread throughout 500 outlets to support people’s lifestyle needs and passions.
2. Information. Information that is relevant to people’s lifestyle and passions.
3. Protection. Insurance protection to support any activity easily and quickly on line.

The FWD MAX mobile apps can be downloaded via the App Store (iOS) and Play Store (Android).