The FWD difference

Creating more trust when customers buy

The idea:

Being a challenger brand means constantly questioning why we’re doing the same thing in the same way. For example, do we really need to churn out the same long, convoluted exclusion clauses? Do we really have a say people’s lifestyle choices? And just how risky is skydiving?

The work:

So in 2016 we launched Project Exclusion, an initiative that examined the assumptions and judgements that our policy exclusions are based on. We consulted with our team, our regulators and our reinsurers. We then identified several irrelevant or unnecessary exclusions that we could remove – without impacting our business.

The result:

Thanks to Project Exclusion we have:
  • Removed exclusions not based on good evidence – such as out-of-date medical research
  • Removed exclusions based on moral judgments – such as whether someone drinks alcohol
  • Improved our underwriting – more accurately calculating so-called ‘high risk’ activities

The impact Through Project Exclusion we’ve cut an average 50- 70% of exclusions but it goes beyond that. It’s also made insurance more straightforward and trusted – ultimately helping us to fulfil our vision to change the way people feel about insurance.