Insurers now using AI for 'customized' coverage
In Focus: TECHNOLOGY

Insurers now using AI for 'customized' coverage

Nov 1, 2024, 5:39 AM
Darlene Pomperada

Darlene Pomperada

Contributor

FWD Life Insurance has launched an artificial intelligence (AI)-powered tool designed to suggest personalized insurance coverage plans based on profiles of similar customers.

This new platform, called FWD FitForMe, is available for free to help bridge the protection gap in the Philippines and promote greater financial inclusion.

With an insurance penetration rate below 2 percent according to the Insurance Commission, the Philippines has one of the lowest coverage rates in the region.

This coverage gap leaves many Filipinos vulnerable to economic risks—a challenge FWD aims to tackle with FitForMe.

Founded in the Philippines with a focus on digital innovation, FWD combines technology with human insights to enhance customer experiences.

FWD FitForMe is designed to be accessible and user-friendly, empowering Filipinos with information on suitable financial protection based on profiles of individuals with similar needs and backgrounds.

The tool works through a brief questionnaire, analyzing responses using FWD’s first-party data to generate personalized insurance recommendations.

These can range from comprehensive plans to specific digital products, catering to diverse customer needs.

Additionally, users have the option to schedule a consultation with a financial advisor for more holistic advice.

Roche Vandenberghe, Chief Marketing and Digital Business Officer at FWD Philippines, highlighted how tools like FWD FitForMe play a crucial role in nation-building by addressing widespread barriers to insurance access.

“We aim to assist those seeking improved protection by making financial decisions easier and more accurate, while safeguarding their data. As an insurer for the next generation, we are committed to transforming how people perceive insurance by offering intuitive and relevant solutions that meet the evolving needs of Filipinos,” Vandenberghe added.

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