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FWD Insurance: Smart Insurance Framework - AI Everywhere

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15 March 2022

Winner of Celent Model Insurer 2022 Award for Data, Analytics, and AI

Abstract

The FWD Group Data team developed a smart insurance framework, an AI-everywhere approach that aims to transform the insurance journey by leveraging advanced technologies and artificial intelligence (AI) power. This was possible with the close collaboration between FWD’s Group Data team and country teams, who leveraged advanced analytics to build in-house AI models such as AI Customer 360 (C360), AI Next Best Offer, and AI Lapse Prevention to improve the customer experience. FWD is focused on making the insurance journey simpler, faster, and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. The combined use of AI Next Best Offer and C360 in Thailand doubled the uplift in policy sales from 2019 to 2020, and top-performing agents also successfully converted up to 55% of the leads assigned for cross-sell. The AI Lapse models in Philippines provided insight to allocate resources efficiently and target higher risk cases to pay renewal premiums via AI C360.

The ability to orchestrate an overarching data strategy with the FWD Smart Insurance Framework provided data-centric guidance for developing analytics and AI/ML initiatives. This winning case study showcases an important consideration for the digital-first, next-generation insurer to support operations with strong data applications with consideration from management support and future data literacy efforts. The innovation stems not only from the technical implementation of the AI/ML initiatives (which was highlighted in the Philippines and Thailand use cases) but from the overall awareness of executing a framework for groupwide data transformation.