FWD Life Insurance Corp. has cornered a higher market share in the country and is bullish their digitization efforts will continue to help them reach more clients in 2021, said its president and chief executive officer Li Hao Zhuang.
The firm on Tuesday launched a financial literacy app to help educate more Filipinos about the necessity of having an insurance plan.
“In the second quarter, we know that we increased our market share by 50% from 5% to almost 8% market share,” Mr. Zhuang said in a briefing on Tuesday, citing figures from the Insurance Commission (IC).
The official said this was because they were able to do remote operations since the start of the lockdown.
“On the agency side, actually, we saw a 20% increase in the number of policies,” he added.
FWD Life inked a partnership deal with the Medical City over the weekend, Mr. Zhuang said. Earlier this year, the company also tied up with players from different industries, including Cebuana Lhuillier Pawnshop, Asalus Corp. (which operates under brand name Intellicare), and Lazada.
It also launched an app called FWD Affiliate PH where users can earn points and freebies whenever they share financial literacy contents from the app to their social media and via messenger apps.
“We see this to help us reach as many Filipinos as possible, to educate them, to help them consider insurance,” Mr. Zhuang said.
The insurer’s total premium income climbed 25% to P9.55 billion in 2019 from P7.65 billion in 2018, data from the IC showed. — LWTN