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FWD Thailand:

changing the way people feel about insurance


FWD Thailand:

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promoting engagement across the insurance sector WRIT TEN BY

CATHERINE S TURM AN PRODUCED BY

A LE X PAGE


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w w w.f wd . co. t h


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Growing rapidly across Asia, FWD Insurance has become renowned as a dynamic player in Thailand’s insurance market

F

ocused on creating fresh

and investment-linked insurance.

customer experiences

Such is its impressive growth, the

through the use of digital

business has become renowned

technology, FWD Insurance has

in Thailand’s insurance market, with

a vision to change the way people

over 800,000 customers nationwide,

feel about insurance.

earning the country’s top company

Providing life and medical insur-

award in insurance by Business Plus

ance, general insurance and

Magazine in conjunction with the

employee benefits, it has expanded

University of the Thai Chamber of

its footprint to Hong Kong, Macau,

Commerce this year, as well as CMO

Thailand, Indonesia, the Philippines,

Asia’s Thailand Brand Leadership

Singapore, Vietnam and Japan.

Awards in its insurance category.

FWD in Thailand, however, is focusing on life insurance, employee benefits

Recently in 2018, FWD Thailand earned the Best Contact Center Award and


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the Best Corporate Social Responsibility

of esteemed companies, such as Tetra

Award from Thai Contact Center Trade

Pak, Generali Insurance and Bupa

Association.

Health Insurance, Verapat Chantara-

As technology continues to revolu-

vannakul joined FWD Thailand

tionise the way we live, work and

in 2016 to implement its long-term

engage with traditional services,

digital strategy and become part of an

companies are frequently investing

exceptional, award-winning business.

in new tools in order to appeal towards

Appointed as Chief Information

a wider target audience. Millennials,

Technology Officer, Chantaravannakul

in particular, are demanding greater

has delivered new initiatives whilst

accessibility, rapid engagement and

maintaining everyday functionalities.

a greater choice of products and

He has also launched new ways of

services at affordable prices.

working in alignment with the com-

With experience working for a number

pany’s vision. By fully adopting an w w w.f wd . co. t h


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“Our uniqueness is that we are the insurance company with a startup mindset. We’re working very fast – we try to give experiences to the customer that work; get feedback quickly, and continuously improve our propositions” — Verapat Chantaravannakul , Chief Information Technology Officer

entrepreneurial leadership style, he has promoted agility across all business fronts. “I’m always the one who jumps up to do something new. It is about inspiring people with a new mindset to change their processes using technology to better serve the customer. It is not just about the tools, it’s about people’s mindsets,” he says. “Our uniqueness is that we are the insurance company with a startup mindset. We’re working very fast – we try to give experiences to the customer that work; get feedback quickly, and continuously improve our propositions.” With over 25 years’ experience, Chantaravannakul has gained a greater understanding of the value that technology can bring. However, this is with the caveat that longstanding employees, some with decades of experience at the company, have to also see this value in order for the business to reap financial rewards. Providing mindset and culture training which is open for any interested employee, the business has therefore focused on making its workers more agile and has also worked to enhance


CLICK TO WATCH : FWD INSURANCE PROFILE 09

their emotional intelligence.

centricity, marketing, operations and

“We can customise our courses

IT. Over 150 people from multiple

which are open for all employees to

departments consequently form

better understand who they are as a

part of its digital operations.

person. What are their key strengths against particular areas of improve-

CHANGING MARKETS

ment? At the same time, infusing the

Combining a fast-moving market with

Agile mindset and Lean thinking, which

its ambition to provide outstanding

we believe are the key ingredients for

customer experience and change

our highly dynamic and fast-moving

peoples’ views on insurance, FWD

environment” adds Chantaravannakul.

Thailand has sought to utilise a blend

For FWD Thailand, ‘digital’ doesn’t

of in-house and outsourced solutions.

solely encompass IT or technology,

Whilst its in-house team has focused

but is a mixture between customer

on its business domain and use of w w w.f wd . co. t h


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“[Digital transformation] is about inspiring people with a new mindset to change their processes using technology to better serve the customer” — Verapat Chantaravannakul , Chief Information Technology Officer

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available technology, as well as all

local culture, regulation and local

integration and all governance

recreation is mandatory,” explains

requirements, its exploration of new

Chantaravannakul.

technologies has been outsourced

“The challenge is balancing the

with close collaboration along with

standard technology used which

in-house technology leaders. This

gives us better leverage in terms

provides the advantage of fast-moving

of cost, but also the local customisa-

technology skillsets and the alignment

tion. This is quite a challenge, but we

with business domain knowledge.

handle it quite well.”

“The cost of technology is approxi-

Delivering an array of products,

mately the same everywhere but when

FWD’s Call Center and Chatbots

it comes to implementing these technol-

remain areas which provide direct

ogies, especially in the insurance

impact to the customers. Additionally,

industry, the customisation to fit

its API Gateway and microservices w w w.f wd . co. t h


FWD INSURANCE

• F WD Thailand has a vision to change the way people feel about insurance. • F WD Thailand has expanded its footprint to Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam and Japan. • O ver 800,000 customers nationwide • The company has earnt the country’s top company award in insurance by Business Plus Magazine in conjunction with the University of the Thai Chamber of Commerce (2018) 12

• Verapat Chantaravannakul joined FWD Thailand in 2016 to implement its long-term digital strategy and become part of an exceptional, award-winning business. • Through engagement platform application, FWD MAX, customers are able to earn loyalty points which can be redeemed at various places, such as coffee shops, wellness and lifestyle recreational facilities. • The company’s call centre has been recognised as one of the most distinguished customer contact centres in Thailand, winning the Consumer Protection Call Centre Award in 2017 • F WD Thailand renewed its existing partnership with bank partner, TMB Bank, in 2017, forming a critical part of its growth


platform on the cloud have guaranteed further flexibility and a quicker time to market. Through engagement platform application, FWD MAX, customers are also able to gain rewards. By tracking their activity, such as jogging and running, customers can earn loyalty points which can be redeemed at various places the company is partnered with, such as coffee shops, wellness and lifestyle recreation facilities. Across its entire portfolio, personalised customer services have become vital to FWD Thailand’s success. Through its customer portal, big data and customer analytics are utilised in order for the business to gain a greater understanding of customer needs, where various products and services are then matched to each customer. On top of using popular instant messaging system, LINE, as well as artificial intelligence (AI) and personal agents that engage with customers, the company has retained its call centre, which has been recognised as one of the most distinguished customer contact centres in Thailand, winning the government’s Consumer Protection Call Centre Award in 2017. w w w.c o mpa ny we bsite. com

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SEAMLESS COLLABORATION

observes Chantaravannakul.

By embracing long-term partnerships,

“TMB said they want to make the

particularly in bank assurance, FWD

difference in the financial world. We

Thailand renewed its existing partner-

say we want to change the way people

ship with TMB Bank in 2017, forming a

feel about insurance. It is all about

critical part of the company’s growth.

giving something inherently better

“We have been partnered with TMB

to the customer, so the strategy of the

Bank for more than 10 years, and have signed on for another 15 years. I would

two aligned closely.” “Additionally, C2LBIZ is one of our

say it’s a bit unique and not just a

long-term partners, providing service

normal broker or intermediary partner-

and support in several key systems. In

ship. It’s somewhat like the hand and

our front office layer, we are using their

hand management consideration when

Symbiosis platform, which integrates

it comes to thinking about customers,”

well with our core policy admin system.

14 E X E C U T I V E P R OF IL E

Verapat Chantaravannakul Verapat has joined FWD Life Insurance Thailand since 2016 as Chief Information Technology Officer, overseeing all aspects of IT initiatives, software development and IT infrastructure. He is passionate about digital transformation, starting from the paradigm shifting in people mindset and working closely with the business units to deliver new value to the customers. Prior to this role, Verapat was the CIO of Generali Insurance Thailand and the Business Transformation and IS Director for Bupa Health Insurance.


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We also use their Distribution Management System (DMS) for sales commission and compensation.” Throughout its mission to revolutionise the customer journey, FWD Thailand’s sister company, PCCW Solutions, has also become significantly advanced with regards to its technology. Furthermore, the company’s partnership with system integrator, Golden High, has supported the company to overhaul its customer communication engagement platform. “Golden High have been providing the w w w.f wd . co. t h


service for our sister entities in Hong Kong, as well as other countries where we market,” notes Chantaravannakul. “Golden High have expertise in terms of handling this communication management platform and have been selected as our lead implementer in Thailand. They are really flexible, and I like them because in FWD Thailand we work our technology enabler from a businessvalue-creation point of view and they are flexible enough to adjust themselves

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“The challenge is balancing the standard technology used which gives us better leverage in terms of cost, but also the local customisation. This is quite a challenge, but we handle it quite well” — Verapat Chantaravannakul , Chief Information Technology Officer


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and embrace our Agile way of working.” With the aim to change the way

“But then what would be the destination? The world changes so

people feel about insurance and

fast, but one thing we know, we have

better serve its customers through

to hold to the heart in giving the best

the use of digital technology and data,

to our customers, which remains the

FWD Thailand will continue to look at

first priority for us.”

further opportunities to drive the business forward. “We will use technology throughout our transformation to change the inside of our organisation, while also innovating products and services which we give to our customers,” observes Chantaravannakul. w w w.f wd . co. t h


FWD Life Insurance Public Company Limited 130-132 Sindhorn Building Tower 3, 14,16,27,28 and 29 Floor, Witthayu Rd, Lumphini, Pathumwan, Bangkok 10330 T +66 2 632 6000 www.fwd.co.th

FWD brochure – November 2018  
FWD brochure – November 2018