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FWD Thailand:

changing the way people feel about insurance


FWD Thailand: 02

promoting engagement across the insurance sector WRIT TEN BY

CATHERINE S TURM AN PRODUCED BY

NATHAN HOLMES


03

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 ocused on creating fresh cus-

ance. Such is its impressive growth,

tomer experiences through

the business has become renowned in

the use of digital technology,

Thailand’s insurance market, with over

FWD Insurance has a vision to change

800,000 customers nationwide, earn-

the way people feel about insurance.

ing the country’s top company award in

F

Providing life and medical insur-

insurance by Business Plus Magazine

ance, general insurance and employee

in conjunction with the University of the

benefits, it has expanded its footprint

Thai Chamber of Commerce this year,

to Hong Kong, Macau, Thailand, Indo-

as well as CMO Asia’s Thailand Brand

nesia, the Philippines, Singapore, Viet-

Leadership Awards in its insurance

nam and Japan.

category.Recently in 2018, FWD Thai-

FWD in Thailand, however, is fo-

land earned the Best Contact Center

cusing on life insurance, employee

Award and the Best Corporate Social

benefits and investment-linked insur-

Responsibility Award from Thai Con-


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tact Center Trade Association. As technology continues to revo-

Health Insurance, Verapat Chantaravannakul joined FWD Thailand in 2016

lutionise the way we live, work and

to implement its long-term digital strat-

engage with traditional services, com-

egy and become part of an exceptional,

panies are frequently investing in new

award-winning business.

tools in order to appeal towards a wider

Appointed as Chief Information

target audience. Millennials, in particu-

Technology Officer, Chantaravanna-

lar, are demanding greater accessibil-

kul has delivered new initiatives whilst

ity, rapid engagement and a greater

maintaining everyday functionalities.

choice of products and services at af-

He has also launched new ways of

fordable prices.

working in alignment with the compa-

With experience working for a num-

ny’s vision. By fully adopting an entre-

ber of esteemed companies, such as

preneurial leadership style, he has pro-

Tetra Pak, Generali Insurance and Bupa

moted agility across all business fronts. 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

“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 their emotional intelligence. “We can customise our courses which are open for all employees to better understand who they are as a


CLICK TO WATCH : FWD INSURANCE PROFILE 09

person. What are their key strengths

CHANGING MARKETS

against particular areas of improve-

Combining a fast-moving market with

ment? At the same time, infusing the

its ambition to provide outstanding

Agile mindset and Lean thinking, which

customer experience and change

we believe are the key ingredients for

peoples’ views on insurance, FWD

our highly dynamic and fast-moving

Thailand has sought to utilise a blend

environment” adds Chantaravannakul.

of in-house and outsourced solutions.

For FWD Thailand, ‘digital’ doesn’t

Whilst its in-house team has focused

solely encompass IT or technology,

on its business domain and use of

but is a mixture between customer

available technology, as well as all in-

centricity, marketing, operations and

tegration and all governance require-

IT. Over 150 people from multiple de-

ments, its exploration of new technolo-

partments consequently form part of

gies has been outsourced with close

its digital operations.

collaboration along with in-house 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 11

technology leaders. This provides the

also the local customisation. This is quite

advantage of fast-moving technology

a challenge, but we handle it quite well.”

skillsets and the alignment with business domain knowledge. “The cost of technology is approxi-

Delivering an array of products, FWD’s Call Center and Chatbots remain areas which provide direct impact

mately the same everywhere but when it

to the customers. Additionally, its API

comes to implementing these technolo-

Gateway and microservices platform

gies, especially in the insurance indus-

on the cloud have guaranteed further

try, the customisation to fit local culture,

flexibility and a quicker time to market.

regulation and local recreation is man-

Through engagement platform ap-

datory,” explains Chantaravannakul. “The challenge is balancing the

plication, FWD MAX, customers are also able to gain rewards. By tracking

standard technology used which gives

their activity, such as jogging and run-

us better leverage in terms of cost, but

ning, customers can earn loyalty points 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 •T  he 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

•V  erapat Chantaravannakul joined FWD Thailand in 2016 to implement its long-term digital strategy and become part of an exceptional, award-winning business. •T  hrough 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. •T  he 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


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.

SEAMLESS COLLABORATION By embracing long-term partnerships, particularly in bank assurance, FWD Thailand renewed its existing partnership with TMB Bank in 2017, forming a critical part of the company’s growth. “We have been partnered with TMB

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Bank for more than 10 years, and have

customer, so the strategy of the two

signed on for another 15 years. I would

aligned closely.”

say it’s a bit unique and not just a nor-

“Additionally, C2L BIZ is one of our

mal broker or intermediary partnership.

long-term partners, providing service

It’s somewhat like the hand and hand

and support in several key systems. In

management consideration when it

our front office layer, we are using their

comes to thinking about customers,”

SymbioSys platform, which integrates

observes Chantaravannakul.

well with our core policy admin system.

“TMB said they want to make the dif-

We also use their Distribution Manage-

ference in the financial world. We say

ment System (DMS) for sales commis-

we want to change the way people

sion and compensation.”

feel about insurance. It is all about giv-

Throughout its mission to revolu-

ing something inherently better to the

tionise the customer journey, FWD

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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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 service for our sister entities in Hong Kong, as well as other countries where we market,” notes Chantaravannakul. “Golden High have expertise in terms w w w.f wd . co. t h


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 business-value-creation point of view and they are flexible enough to adjust themselves and embrace our Agile way of working.”

“The challenge is balancing the 16 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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With the aim to change the way

“But then what would be the destina-

people feel about insurance and bet-

tion? The world changes so fast, but

ter serve its customers through the

one thing we know, we have to hold to

use of digital technology and data,

the heart in giving the best to our cus-

FWD Thailand will continue to look

tomers, which remains the first priority

at further opportunities to drive the

for us.”

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

Profile for Business Review Asia

FWD brochure – November 2018  

FWD brochure – November 2018  

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