FWD to offer insurance products on blockchain platform

The company’s customers can now manage their insurance needs on PolicyPal Network.

FWD has partnered with digital insurance broker PolicyPal Singapore to offer its insurance products on the latter’s affiliate company and blockchain network, PolicyPal Network.

Customers will now be able to buy and manage their insurance needs through a one-stop digital insurance platform.

“We are glad to partner with PolicyPal to explore how blockchain technology can bring about a quantum change to the insurance industry; and provide customers with a greater level of transparency,” said Mr Abhishek Bhatia, FWD’s group chief officer - New Business Models.

PolicyPal Network is exploring the use of blockchain technology in peer-to-peer mutual aid insurance model so that customers can enjoy more affordable insurance premiums and higher aid limits.

This solution offers a cashback incentive on premiums for community members that do not make claims at the end of the insurance period which slashes the liability for insurers against fraudulent claims.

“We look forward to capitalising on FWD’s regional reach to bring our products to countries in Asia. Our aim is to bridge the gap between consumers and insurance providers, and provide unbanked masses in the region with essential insurance coverage.” said Ms Val Ji-hsuan Yap, founder and chief executive officer of PolicyPal Network.