Tapping on the repertoire of its existing technology provider makes the upgrade even more intuitive and seamless
From classifying claims to portfolio steering and risk assessment, AI and automation have been in use in the insurance and financial services industry for some time now, opening new opportunities for improving innovation, productivity, agility — at scale.
In 2019, FWD Group Holdings adopted the technology for its pan-Asian insurance business and has since applied almost 200 active AI models across 600 business use cases to uphold its vision of being customer-led and technology-driven.
Now, the group has signed a four-year agreement with its existing technology partner to add access to the latest generative AI (GenAI) innovations to its cloud-first technology strategy.
Benefits expected from the upgrade include private networking, monitoring and security capabilities and advanced AI models already offered on the AI platform.
The firm’s Group Chief Digital Officer, Ryan Kim said: “Digital innovation has always been core to FWD’s vision of changing the way people feel about insurance,” adding that the addition of generative AI and related cloud AI features will allow the firm to “harness more next-generation innovations to develop new industry use cases and standards that we believe will shape the insurance journey of the future.”
With the new AI capabilities in place, FWD is working to enhance the customer experience and its operations in areas like acquisition; marketing; channel and agent performance; underwriting; claims, customer service, and day-to-day administrative functions.
According to Bill Borden, Corporate Vice President, Worldwide Financial Services, Microsoft, FWD’s AI technology platform: “We are thrilled to strengthen our AI partnership with FWD… to enable world-class customer experiences and operations securely and responsibly. We are committed to empowering our customers in the region with generative AI capabilities in a responsible way… helping the financial services ecosystem accelerate innovation to drive operational efficiency and greater value creation to customers.”
