We leverage data analytics and Artificial Intelligence (“AI”) across the insurance journey, including sales, underwriting, claims, policy administration, actuarial, collections, and finance, to streamline our processes and enhance operational efficiency. To achieve these objectives, we have implemented several key initiatives:
- Automated Underwriting: We have implemented an AI-driven automated underwriting engine to provide a faster and simpler underwriting process to our customers. We have reduced our number of underwriting questions and refined them to solicit more relevant and accurate data, which helps us to better assess a potential customer’s health condition and removes the need for physical examinations. Improved risk assessment capabilities through data analytics also increased the speed of our underwriting decisions.
- FWD Marketing Cloud: FWD Marketing Cloud is a customer relationship management system that is designed to identify the needs and products for customers via integration with our Data Lake. By leveraging customer data and insights stored in our Data Lake, FWD Marketing Cloud initiates automatic targeted customer engagement across all of our communication channels.
- AI Claims 2.0: AI Claims 2.0 is a mobile app that can instantly generate a decision to pay customers for low risk claims. We have rolled out AI Claims 2.0 in Hong Kong, Thailand, Japan, and Indonesia as of December 2022. The FWD team continuously strives to improve the claims process and mitigate potential fraudulent activities.
- AI Fraud Detection: We have rolled out AI Fraud Detection in Hong Kong, Thailand, Japan and Indonesia as of December 2022. By harnessing the power of AI, we can effectively identify and combat fraudulent claims, ensuring a secure and trustworthy environment for our customers.
- AI Winback Campaign: Maintaining a proactive engagement with inactive or disengaged customers is crucial for FWD - the AI Winback Campaign utilises AI technology to identify and target existing bancassurance customers with lapsed or premium holiday policies. This initiative ensures that customers remain financially protected when they need it the most, fostering long-term relationships with our customers.
- AI Lapse Models: The AI Lapse Models provide insights to more efficiently allocate resources and target risk cases to pay renewal premiums via AI Customer 360. We have developed five AI Lapse Models in Thailand, each of which is tailored to various bancassurance and agency sub-channels. By leveraging AI, call center agents receive intelligent alerts that enable them to take prompt action in retaining customers.
Through these initiatives, we strive to optimise our operations, improve customer experiences, and uphold the highest standards of service and security across FWD.