FWD Insurance wins again at the Insurance Asia Awards 2020
FWD recognized for FWD Tapp, the ‘one-tap insurance app,’ with 50% of customers are now users.
FWD Tapp, an app developed by FWD Life Insurance Corporation (FWD Insurance) was awarded the Digital Insurance Initiative of the Year Philippines at the 5th annual Insurance Asia Awards. This prestigious award, presented by Insurance Asia magazine, celebrates new ideas, innovation, and best practices from insurers across Asia - with a focus on customer-led thinking and digital transformation.
FWD Tapp is a mobile customer service app, available on iOS and Android. It is a 24/7 information gateway and service center, enabling customers to avail of online payments, live chat plus instant access to policy details, and the ability to update information and download forms. Customers can also file claims through FWD Tapp and receive advance payment for certain plans.
FWD Tapp offers several unique and market leading features, including a dynamic fund tracker that offers the ability to track and change investments, simple graphs for a clearer understanding of a funds' values and projected growth, 48-hour claim advances on hospital care benefit, as well as a policy application tracker—with live status updates.
FWD Tapp was developed in-house at FWD Insurance and co-designed by FWD customers themselves. Its launch followed a series of workshops with customers, using People Centered Design (PCD), the proprietary design framework of FWD. This enabled customers to tell the insurer exactly what they needed—from user interface to technical functionality. These unique customer insights then became the launch pad for FWD Tapp’s intuitive design and features.
The app has demonstrated an impressive penetration rate since its launch in October 2018, as 50% of FWD Insurance’s customers have become its registered users. Customers have given FWD Tapp a 4.4 rating on Google Play and a 4.7 rating on the iOS app store, making it a leading life insurance app in the Philippine market. Likewise, customers have given FWD Insurance an impressive Net Promoter Score of +66, a significant increase of +55 above the industry average of +11.
By streamlining the flow of customer requests, FWD Tapp has also demonstrated business efficiency. This includes improved payment behavior with cash-paying customers paying three days earlier—and a 5% increase in annual premium collection rates.
Maz Paygane, FWD Insurance’s Vice President for Customer Experience & Customer Solutions said, “We’re thrilled by this award and its recognition of our customer-led approach. We knew that in the insurance purchase journey, customers have traditionally found it difficult to do some of the basics—such as access their benefits and keep track of payments. We also knew it could be hard to understand the performance of investment funds.
In all of this we realized there was a space for an app that could simplify insurance for customers as well as drive efficiency for our business. This is in-keeping with both the rise of smartphone use and of course our powerful brand vision: to change the way people feel about insurance. We’re now working on upgrades to the app so that we can incorporate big data, blockchain, and facial recognition.”