[Thailand, 28 August 2013] – Mike Plaxton, CEO of FWD Life Insurance Public Company Limited, Thailand (“FWD” or “the Company”) revealed that ING Life is reborn as FWD Life - a new beginning to a strong and bright future.
FWD is about moving insurance in a new direction. Through innovation, the Company is focused on developing a customer-centric business that recognizes and supports agents and bank distribution partners in building long-term relationships with customers.
“FWD stands for being bold, innovative, and refreshingly different from all our competitors in Thailand” said Mr. Plaxton.
Looking ahead, FWD’s key strategies to develop a leading insurance business include:
- Embodying a customer-centric ethos, and meet the changing needs of the customers
- Leveraging on technology to deliver innovative products and services
- Listening to our customers through conducting regular research
- Investing in training for distributors through our FWD Academy
- Investing in talent as we look to build FWD into a leading insurance business
- Setting the standard for Corporate Social Responsibility
In addition FWD Thailand’s senior management also spoke of the progressive approach of the Company’s business:
Poolap Penkitti, Chief Bancassurance Officer stated “FWD is a multi-distribution Company comprising of Tied Agency, Bancassurance and Alternative Channels. FWD’s goal is to achieve distribution scale, depth and quality through selective Bancassurance partnerships as well as enhancing the direct and affiliate channels.”
“The focus in Traditional Agency is to build professional skills in customer handling through the programs we have in the Academy and “Boot Camps.”
“Our Bancassurance is built on a strong Partnership model with TMB where both parties have a common view of the future and agree to work together to that common vision.
We will enhance value added services to TMB customers to provide them with better customer experience to increase the cross-selling ratio. The Company will also expand our bank field specialist team to support TMB network, which currently consists of 440 branches. “Moreover, our Alternative Channel continues to grow in 2013 driven by specially designed products launched in the Tele-marketing business to cross-sell to our existing customers”
Aman Kapoor, Chief Marketing Officer, revealed “FWD brand promise is going to be delivered through our product and service platform enhancements and will focus on 4 key areas: Health, Wealth, Education and Retirement. For bank partners, FWD will provide complimentary insurance solutions across all of their banking products and business segments.
We will enhance our service platform, and as part of our promise to be a customer-centric company we will roll-out a series of initiatives to bring together people and technology in new ways to benefit our customers and distributors. These include “FWD Smart App”, which is a digital application to electronically submit customer applications via tablets at anytime, from anywhere, and “Smart Issuance @branches” which is about a fast, easy and convenient buying experience for customers with real time policy issuance at TMB branches.
Bob Wouters, Chief Financial Officer stated “The half-year statutory profits have grown to 306 million Baht which represents a growth of 100% over the normalized result for the same period last year.”
“During the transition period in changing the ownership of FWD, customers continued to strongly believe in the company and its products. Thus, the Company’s top-line results recorded total premium income of 5.7 billion THB over the first 6 months, which also shows an 18% growth compared to the first half year of 2012.
“Financial strength is also reflected in an increase of our RBC capital ratio at 290% at the end of quarter 2, up from 238% in the previous quarter.”
While growing the premium income, the company also managed our expense base very well with a management expense ratio of 8% in the first half 2013 compared to 9% in the first half of 2012.
To celebrate the official launch of FWD Thailand, the Company is hosting a gala event for its top agents, business partners and regulators. FWD Thailand’s management team will also be joined by FWD Group management.
“We are proud of our past and our customer base. We are excited to bring the future to them with the change of our name to FWD. Today is not about the end of our journey with ING – but about the beginning of a new journey to break new grounds in the insurance industry with FWD.” said Plaxton.