Jakarta, 12 February 2018 – PT FWD Life Indonesia (“FWD Life”), a pioneer of digital life insurance in Indonesia, has launched FWD LooP, a unit-link life insurance product that offers customers a complete and affordable protection benefit package. FWD LooP will be distributed through a combination of online and agency distribution channels, to give customers a new, easy and convenient insurance experience anytime, anywhere.
FWD LooP was designed to help address the relatively low insurance penetration in Indonesia. One of the main obstacles to insurance penetration is the public perception that life insurance is complex, difficult to understand and expensive.
FWD Life President Director, Choo Sin Fook said, “Our vision is to change the way people feel about insurance and our aim is to constantly innovate to answer the public’s need for insurance products that offer complete protection at an affordable cost. We have designed the purchasing process for this product to be as easy and convenient as online shopping.”
FWD Life Chief Product Proposition & Sharia, Ade Bungsu explained, “Previously, FWD Life introduced a personal accident insurance product as the only one providing protection for various high-risk activities, called BEBAS AKSI, and launched the initiative of Less Exclusions to simplify, reduce and combine exclusion lists for all FWD Life products. In 2018, FWD Life continues to show our commitment to introducing unique differentiations in each of its products, and FWD LooP offers three main advantages: value, fairness and simplicity.”
1. Value. Complete and affordable protection:
- FWD LooP provides four insurance benefits: death benefit amounting to IDR250 million, death and permanent disability caused by accident benefit amounting to IDR125 million, critical illness benefit amounting to IDR125 million, and inpatient reimbursement benefit for room class up to IDR500.000/day.
- Premium values will be adjusted according to the age of potential customers starting from:
- IDR250,000 per month for those aged 18-25,
- IDR500,000 per month for those aged 26-40,
- IDR750,000 per month for those aged 41-45,
- IDR1,000,000 per month for those aged 46-55.
2. Fairness. Best protection without ‘loop holes’:
- There will be no upfront charges and all premium values will be invested starting from the first year.
- FWD LooP has minimal exclusions.
3. Simplicity. Digitally enabled customer experience:
- As easy as shopping online, customers can easily learn about the benefits offered by FWD LooP online, anytime and anywhere that is convenient to them, in simple and easy-to-understand language. Visit www.fwd.co.id/FWDLooP
- FWD LooP comes in a standard package with different premiums offered based on age that enables customers to easily understand their benefits.
FWD Life Director and Chief Agency Officer Hendra Thanwijaya explained, “One of the key strengths of FWD LooP is the combination of online and agency distribution channels, in a short, fast and easy purchasing experience. Through the online platform, customers can learn in their own time about the product features and benefits, and then book appointments with an agent to buy at any place and time chosen by the customer. The simplification of this process makes it more convenient and effective not only for customers, but also for our agents.”
“The purchasing process of FWD LooP can also be completed as easy as ordering transport through an online mobile app. Simply access www.fwd.co.id/FWDLooP, then customers and agents will only need to meet once in order for customers to be able to immediately and easily purchase insurance protection as well as investment without hassle.”