FWD Life Insurance introduces an artificial intelligence (AI)-powered tool that suggests insurance coverage plans, based on similar customer profiles. This new platform, FWD FitForMe, is free to use to help bridge the protection gap and increase financial inclusion.
The Philippines has one of the lowest insurance penetration rates in the region, at under 2 percent, according to the Insurance Commission. This protection gap in essential coverage leaves many Filipinos exposed to additional economic risks, a challenge FWD is addressing proactively.
FWD started in the Philippines with digital in its DNA but using human insights to deliver the best customer experience and services. The latest innovation FWD FitForMe leverages AI partnered with a people-centric approach.
FWD FitForMe is free to use for everyone, developed to help close the protection gap by giving Filipinos access to information on how much and what kind of financial protection people of similar background have.
By completing a short questionnaire, FWD FitForMe analyzes answers against FWD’s first-party data to identify the appropriate financial profile. It then provides personalized insurance recommendations that better suit the customer’s needs, lifestyle and what they want to achieve.
Content retrieved from: https://www.manilatimes.net/2024/11/02/tmt-newswire/ai-can-now-help-filipinos-make-smarter-financial-decisions/1995990.
