FWD Singapore has selected Pacific Life Re’s solution to assess risks on policy applications in real-time and improve underwriting decisions.
The new digital solution is built on the Underwriting Rules Engine (URE), powered by UnderwriteMe, a wholly-owned subsidiary of Pacific Life Re.
According to the technology vendor, the new platform will allow FWD to adapt its underwriting approach to suit its customers’ needs.
FWD noted that the use of URE would provide new business processing rates while its customers will get a personalised underwriting decision instantaneously.
Additionally, FWD will use the digital solution to assess applications for its existing direct term life products.
UnderwriteMe director of business development Rakesh Kaul: “Both teams worked in an iterative and collaborative way, which resulted in the project being delivered within months.
“We are pleased to have worked with FWD to provide a quick to market solution to improve the quality of service and experience for their customers.”
Pacific Life Re Asia and Australia managing director Andrew Gill said: “FWD is known for its cutting edge, digital strategies, and we are thrilled to be working alongside them to make it simpler for customers to purchase insurance through harnessing the power of modern, digital technology.”
Additionally, both the partners are working on expending the digital solution to other FWD locations in Asia over the next year.
Pacific Life Re, a wholly-owned subsidiary of Pacific LifeCorp, helps its clients to manage their mortality, longevity, and morbidity risk in the UK, Ireland, Asia, Australia, and North America.