FWD Insurance - Insurer Innovation Award 2022

1. FWD Group
AI+ Smart
Insurance
TDI Insurer
Innovation Awards
2022

2. 2 FWD AI+ Smart Insurance Insurer Innovation Award – @ FWD 2022
AI+ Smart Insurance Framework: AI-Everywhere
Change the way people feel about
insurance
Consideration Servicing Voice of Customer
Underwriting Re-purchase
EMBEDDING AI INTO FWD DIGITAL PLATFORMS ALONG OUR
CUSTOMER JOURNEY
Polaris Strategy
Innovative
Products
Quality
Distribution
New
Business Model
Customer Journey
Transformation
One Data Foundation: Single Source of Truth
Cloud
Data Platform
Data
Governance
Common
Data Model
Single
Customer View
Real Time
Data API
Powered by AI
AI-EVERYWHERE
Conversational AI
Powered by AI
1
7
AI-EVERYWHERE
AI Claim
Awarenes
s
Claim
Onboarding
Purchase Engagement Advocacy
2
1 8
6
8
AI Hyper-personalised
Pricing
AI Insurance Score
AI Next Best Product
2
3
AI Cross-sell
4
OCR
6
3
1
6
1
5
1
5
1
4
4 1
4
AI Hyper-personalisation
(channel/ content
recommendation/ media/ preferred
contact)
8
1
3
1
7
1
8
16
1
9
2
0
1
9
20
8
AI Next Best Action
5
5
AI Underwriting
8
7
6
AI Fraud Detection
9
9
AI Best Comm Channel
1
0
1
1
1
2
1
1
1
2
1
0
1
0
1
0 1
4
1
3
1
3
AI Prospect
AI Lapse Prediction
AI Surrender Prevention
AI Recapture
Data Sharing & Customer
720
AI Winback
AI Brand Tracking
AI Sentiment
AI Agent Recruitment &
Retention
1
6
21
17
21
2 5
1
8
1
2
1
1
1
1
1
2

3. 3 FWD AI+ Smart Insurance Insurer Innovation Award – @ FWD 2022
Embedding AI along the Customer Journey, to make the
insurance journey simpler, faster and smoother for
customers.
AI + Customer Journey
AI tailor-made
contents/advertising
AI Brand Tracking
AI Media Optimisation
AI Chatbot
AI Multi-Channel Personalisation
AI Prospect
AI Hyper-personalization
AI Insurance Score
AI Product Recommendation
AI AML
AI Dynamic Pricing
AI Underwriting
OCR
AI Claim
AI Fraud Detection
AI Lapse
AI Winback
AI Surrender
AI Recapture
AI Reinstatement
AI Next Best Product
AI Propensity to buy
AI Cross-sell
AI Next Best Action
AI Sentiment
AI ROX
AI Best Comm Medium
Conversational AI

4. 4 FWD AI+ Smart Insurance Insurer Innovation Award – @ FWD 2022
FWD Philippines - AI Lapse Prevention
What Consumers Look For?
 Deferred Payment Program
 Decreased Premium
Adjustment
 Low Premium to Reinstate
 ADA / ACA Enrollment
Impact on FWD
Decreasin
g Policy
Persistenc
y
Decreasing
Customer
Retention
Increasing
surrenders
/
Withdrawal
s
Some initiatives rolled out under Persistency Project
Programs
• Build
Premium
Payment
Programs
• Build
Recapture
Offer
Programs
• Conservatio
n module
developme
nt for new
and
existing
agents
Programs
• Pre-lapse
and Lapse
comms
• Market
Outlook
regular
EDM
AIX+
AI Voice bot to
perform
automated
outbound payment
reminder calls to
High-risk
customers
Deliver “Next Best
Offer”
recommendations
straight to our
customers, improving
persistency & cross-
sell
Conservation Framework was set up to introduce new solutions such as
“Payment grace period” and “Premium Payment Program”.

5. 5 FWD AI+ Smart Insurance Insurer Innovation Award – @ FWD 2022
High Risk to Lapse
 Customer / Policy Level
 Drivers leading to
lapsation
Analytics Model
Models Use Case
High Risk to Surrender
 Customer / Policy Level
 Drivers leading to
surrender
High Probability to Reinstate
 Customer / Policy Level
 Drivers leading to reinstatement
Cross-sell Model
 Next Best Offer
Lapse Prevention
Surrender
Prevention
Winback
Customer
Retention
Various Analytics
model developed to
cater for different
conservation
scenarios
FWD Philippines - AI Lapse Prevention
4 Analytics models built to support Conservation Program
Enables proactive
engagement and
improves
persistency & cross-
sell.

6. 6 FWD AI+ Smart Insurance Insurer Innovation Award – @ FWD 2022
FWD Philippines - AI Next Best Conservation Action Pilot
Campaign
To identify bancassurance customers that are likely to lapse, surrender
or more likely to renew policies. Leads are sent to Financial Service
Consultants at the bank, to help call and retain customers.
Pilot Campaign Performance
Maintai
n In
Force
Reinstat
e Lapse
Higher
Persistency
Premium Portfolio
0.8%
Increase
Early preventive actions were taken. As a
result, more policies were reinstated than
lapsed
Nov 2021 Jan 2022
Campaign Performance

7. 7
FWD Philippines - AIX+ Voice Bot to improve
Persistency
AIX+ Voice Bot allows better resource allocation and helps promote good payment
behaviour.
AI Lapse Prevention Calls
Premium Due
Reminder
 Call is triggered
based on historical
payment behavior
of the customer
(i.e. average days
before due)
 Target: Low
persistency agents
& customers with
high risk to lapse
Lapse Prevention
Call
 Call is triggered x
days after due to
encourage
customers to pay &
provide them
options to continue
their policy
 Target: Low
persistency agents
& customers with
high risk to lapse
FWD AI+ Smart Insurance Insurer Innovation Award – @ FWD 2022
Campaign Performance
Test Group – Paid Rate
100%
Paid Rate
vs 76%
BAU – Paid Rate
Test Group
51% vs
42%
Control Group
Paid on or before Due
26%
BAU

8. 8 FWD AI+ Smart Insurance Insurer Innovation Award – @ FWD 2022
AI Lapse Prevention in Vietnam – Additional 10% Payment
Rate
Wave 1: 18 Oct’21 – End of grace period (T+60)
Target Base
• Existing customers with policies due in Nov’21
• GO AI Lapse Prediction + Propensity to Renew
models applied to identify High Risk customers
What Did We Do Differently
Aggregate multiple algorithms applied for accuracy.
Whilst ABB customers has the highest contactable rate at 84%
(vs Agency 72%), and VCB has highest payment rate at 84% (vs
Agency at 60%).
Campaign Conversion
Vs High Risk + BAU handling
@ 53%
79%
Contact rate
284
Policies Paid
63%
Conversion
Identify High Risk
customers using 2 AI
models
Highly trained Agent
(CRM team) to contact
customers
Special Tier offer of
up to 3% of RYP
collected to
incentivise payment
against
targeted
Policy Conversion Rate by Prediction
Levels (Agency & Banca)
*due in Nov 2021
Policy
Lapse
Prediction
Customer
Retention
Prediction
+
The higher the level, the
more loyal the customer
The higher level the
policy more risk of
lapse
L 49.3%
M 61.5%
H 74.6%
L 75.3%
M 59.9%
H 54.3%
Note: data as of 07 Feb 2022
3-month pilot with incentive and trained agent to call back High Risk & Likely to Renew
customers.

9. 9
AI Claim 360 Dashboard
FWD AI+ Smart Insurance Insurer Innovation Award – @ FWD 2022
AI Claim in Hong Kong, Indonesia & Malaysia to improve
claim experiences
Real-time
AI Insights
• Real-time data processing to improve claim process and to flag high-
risk claims on AI Claim 360 dashboard.

10. 10 FWD AI+ Smart Insurance Insurer Innovation Award – @ FWD 2022
End to End Claim Journey with AI
Your claim application has been approved in principle!
1. E-submission
3. Data API
4. Perform Assessment
5. AI Decision
6a. Approval
6a. Approval
2. Event Trigger for Assessment
Customer
AI Assessment Engine
E-submission Portal
Group Data Lake
Approval Process improved from
3working days reduce to 5mins

11. Monthly Actual
Assisted APE
J F M M J S N
A J A O D
Business
Improvement
8.5
%
Before
29.48%
High
propensity
13.08%
Jan- Dec 20
Conversion rate
Top 1
Seller
Interview
K.Thanapol
Nontakarn
55%
C360 Benefit
• C360 V2 gives Complete Information such as
benefit return, my family, claim information &
riders attached.
• C360 is not just a sale tool, but by using it I can
Provide Service to Customers and make
them appreciate our service before they decide to
buy more policies.
Personal Technique
• Daily Search all Customers in C360 as it
contains all information necessary for telesales
before opening sales calls.
• Explore Customers’ Product Holding and
offer pension product when they have various life
policy coverage.
11
Customer 360 Dashboard in Thailand
Display information on customers’ policies, claims and AI
recommendations using machine learning and data science,
enabling Telesales agents to deliver personalised customer
experiences.

12. Thank you