FWD enhances insurance with digital marketing strategies

Digital marketing is amongst the most in-demand marketing skills in 2023.

The insurance sector is making significant strides in utilising digital marketing to enhance customer acquisition, retention, and service. 

Cherdchai Virabhak, Chief Technology & Operations Officer at FWD Insurance Indonesia, recently highlighted the company’s approach to digital marketing and how it is tailored to meet the evolving needs of their customers.

As digital marketing skills have become some of the most sought-after competencies in 2023, businesses across sectors recognize the need to incorporate these strategies to remain competitive and successful. 

According to Virabhak, FWD Insurance leverages both traditional partner channels, like agency and broker networks, and digital platforms, including the company's website and e-commerce platforms. "A lot of it is focused on acquisition, retention, as well as servicing," Virabhak explained. 

The strategy is not just about reaching customers but engaging them at various life stages, applying appropriate engagement and maturation tactics to ensure simplicity in both execution and communication.

Virabhak emphasised the importance of understanding customer behaviour, leveraging data, and converting it into actionable insights. "It all boils down to customer understanding, understanding customer behaviours, leveraging data, harnessing that into insights, and being very good at forecasting," he said. 

Virabhak also shed light on emerging trends in digital distribution for the year, particularly highlighting the role of generative AI in the life insurance sector. This technology stands to revolutionise how companies engage with their customers through more personalised and efficient interactions. "Generative AI and how that can be applied to the way we serve, acquire, and engage our customers, as well as retain them, is particularly transformative," he noted.

However, with the increased reliance on digital technologies and data, privacy and cybersecurity remain at the forefront of FWD’s strategy. The company is deeply focused on not losing sight of privacy and the potential for data theft, areas that have become increasingly significant as cybersecurity concerns continue to grow.