FWD Insurance

FWD Group operates as a pan-Asian life insurance business, established in 2013 as the insurance arm of the Pacific Century Group (PCG). The company was founded by Richard Li, the chairman of PCG, who sought to combine his interests in internet technology and life insurance. The journey began after a pivotal meeting between Li and Huynh Thanh Phong, who would become the Group CEO. Phong, a Vietnamese-Canadian and qualified actuary, brought over 30 years of experience in the insurance industry across North America and Asia to the venture. His background includes founding Prudential Vietnam and holding senior roles at AIA Group and Manulife Financial.

FWD's inception was marked by the acquisition of ING Group's insurance units in Hong Kong, Macau, and Thailand for US$2.1 billion. This strategic move provided an immediate and substantial platform in Asia. Since then, the company has pursued an aggressive expansion strategy through a series of acquisitions and partnerships, spending over $6 billion on mergers and acquisitions to establish its presence in ten markets: Hong Kong, Macau, Thailand, Japan, Singapore, the Philippines, Indonesia, Vietnam, Malaysia, and Cambodia. The business model centers on simplifying the insurance experience, making products more accessible, transparent, and customer-led, supported by digital technology. This approach targets a customer base often overlooked by traditional insurers—those intending to buy insurance but unengaged by existing offerings. Revenue is generated through the sale of a wide array of insurance products, including life, medical, general, and employee benefits, as well as Shariah and family takaful products.

The company's product portfolio is designed to be straightforward and responsive to customer needs. Offerings include plans like "Set for Health," which provides coverage for 42 major critical illnesses with the possibility of multiple claims, and "FWD Max Wealth," an endowment plan with guaranteed cash payments. A key differentiator is the focus on a simplified customer journey, from removing jargon in policies to streamlining the claims process. FWD has also integrated digital solutions, such as offering products via mobile banking, online claims submissions, and the "Omne" mobile app for policy management. For travelers, the company provides customizable insurance with options like COVID-19 coverage and the ability to cancel for any reason. In 2024, FWD launched FWD HealthyMe, a health business providing diagnostic services alongside accident and health insurance. The company reported its first full year of profitability in 2024, with a net profit of $24 million.

Keywords: Pan-Asian insurance, life insurance, medical insurance, digital insurance, bancassurance, customer-centric, wealth management, employee benefits, takaful, acquisitions