FWD is one of the pioneers in the insurance industry to sell insurance products directly to the consumers without agents. Today, FWD made a joint announcement with Singapore-based Insurtech startup – PolicyPal to bring to market a suite of insurance products backed by blockchain technology.
FWD will also offer products on PolicyPal Network, an innovative blockchain solution that helps customers to buy and manage insurance easily through a one-stop digital insurance platform.
“We are glad to partner with PolicyPal to explore how blockchain technology can bring about a quantum change to the insurance industry; and provide customers with a greater level of transparency. We believe that by leveraging blockchain technologies, we will be able to cater to a growing group of customers who demand accessibility, affordability and increased trust in the insurance process.” said Mr Abhishek Bhatia, FWD’s Group Chief Officer – New Business Models.
PolicyPal raised USD 20 through Initial Coin Offering in March this year. The blockchain project with FWD is the major milestone achieved by the startup. An area that PolicyPal is exploring is a peer-to-peer mutual aid insurance model built on blockchain technology. By applying risk assessment models on real-time data on a decentralized platform, customers can enjoy more affordable insurance premiums and higher aid limits. This solution also offers a cashback incentive on premiums for community members that do not make claims at the end of the insurance period, reducing liability for insurers and fraudulent claims.
“We look forward to capitalising on FWD’s regional reach to bring our products to countries in Asia. Our aim is to bridge the gap between consumers and insurance providers, and provide unbanked masses in the region with essential insurance coverage.” said Ms Val Ji-hsuan Yap, Founder and Chief Executive Officer of PolicyPal Network.