First-ever “Insurance Company of the Year” Outstanding Award recognises FWD’s holistic performance excellence
HONG KONG SAR - Media OutReach Newswire - 24 June 2024 - FWD Insurance ("FWD") won a record-breaking 23 awards at the Bloomberg Businessweek/Chinese Edition "Financial Institutions 2024", making it the most awarded insurer for the seventh straight year. This year also marks the first time FWD secured the "Insurance Company of the Year" Outstanding Award, reinforcing its leadership and influence in the industry.
FWD Insurance beat its record and received 23 awards at the Bloomberg Businessweek/Chinese Edition “Financial Institutions 2024”, becoming the most awarded insurer for the seventh consecutive year and winning the “Insurance Company of the Year” Outstanding Award for the first time.
This year, FWD won 16 Excellence Awards and seven Outstanding Awards (see Table 1), covering a wide range of areas such as products and services, customer services, digital innovation and marketing, tied-agency and community care. Winning awards across this many categories underscores FWD's holistic commitment to excellence, and securing 10 new awards highlights FWD's innovation and forward-thinking approach.
Ken Lau, Managing Director of Greater China and Hong Kong Chief Executive Officer, FWD, said, "As one of the five top insurers in Hong Kong1, we are delighted to have won 23 awards at the Bloomberg Businessweek/Chinese Edition 'Financial Institutions 2024'. The results also set a new record for the number of awards we received, making us the most awarded insurance company for the seventh consecutive year. Moreover, we are proud to have received the 'Insurance Company of the Year' Outstanding Award. Rooted in Hong Kong while seizing opportunities from the Greater Bay Area ('GBA'), we remain committed to offer quality and value-for-money innovative products, services and digital innovations. We expand diversified distribution channel capabilities and teams, catering the protection and wealth management needs of the public and empowering them to celebrate living. These awards represent the industry's recognition for our strengths and reinforces our position as a leading insurer in Hong Kong. We will remain customer-led and be committed to changing the way people feel about insurance."
FWD Insurance beat its record and received 23 awards at the Bloomberg Businessweek/Chinese Edition “Financial Institutions 2024”, recognising FWD’s products and services, customer services, digital innovation and marketing, tied-agency and community care.
FWD's medical insurance and VHIS plans receive recognition for years
FWD was awarded for "Medical Care" plans for the seventh consecutive year. vBooster Medical Plan (VHIS Certification Number: F00069) and vPrime Signature Medical Plan (VHIS Certification Number: F00070) 2, providing comprehensive protection with good value of money and bridging the medical protection gap, have once again impressed the judging panel this year. With these two plans, FWD has also won the "Voluntary Health Insurance" award for the fourth consecutive year.
Awards recognise groundbreaking achievements in digital innovation
FWD has been focused on developing digitally enabled insurance experiences. This year, FWD received the "Online Platform" Excellence Award for the first time, reinforcing its position as Hong Kong's largest online insurance platform3. By adopting different technologies to simplify application, claims, and policy administration processes, FWD won the "Digital Transformation Strategy" award for the second consecutive year. The platform's "MedInsurance Expert" online and offline promotional campaign, which answers customers' frequently asked questions also gained significant attention, resulting in winning the "Digital Marketing" award for the third consecutive year.
Continuous understanding of customer needs with sustained excellence in service and experience
FWD secured the "High Net Worth (Service)" award for the sixth consecutive year, and won "Innovation (Service)" Excellence Award through thoughtful "FWD Care" withEasyTake Service; and "Cross-Border Insurance Services" for fifth consecutive years award through "FWD Care recovery plan" and "PREMIER THE ONEcierge" that complement the demands from prevention, treatment to rehabilitation.
FWD has also continuously engaged customers through diversified sales channels and expanded its tied-agency scale by providing comprehensive and diverse professional training. As a result, this year, FWD won "District achievement of the year (Agency Force)" and "Training and Development Achievement" awards.
Furthermore, the FWD MAX platform has earned the "Customer Engagement" award for four consecutive years and the "Mobile Application Usability" award for two years in a row, underscoring FWD's commitment to empowering customers to live their lives to the fullest.
FWD wins inaugural GBA and General Insurance awards, seizing opportunities for business development
This year, FWD Macau has won two newly created GBA awards, namely the "GBA Macau - Customer Service" and "GBA Macau - ESG Sustainability of the Year" awards. These results highlight the industry's recognition for FWD Macau's rapid development in the GBA and its contribution to the community.
FWD's online insurance platform has also won the "Travel Insurance" award with its "MyTravel Insurance" product4 for the first time. This product provides coverage for travel plans that are changed5 or cancelled 6 for any reason 7. It was recently ranked No. 1 in the travel insurance8 category by insurance comparison platform 10Life over 60 other travel insurance products available in the market.
Seizing opportunities from MCVs while strengthening business in the local market
FWD has maintained growth momentum in first quarter of 2024:
- New business first year premium ranked third, increased 42% YoY9, ahead of the industry average of 39%.
- New business in annual premium equivalent from Mainland Chinese Visitors ("MCVs") increased by 126%10 YoY, outperformed the industry average of 91%.
- Against the backdrop of industry-wide team size reductions, the net growth of FWD's life insurance intermediaries' headcount continued to rank first in Hong Kong, with a YoY increase in headcount of 10%11, well ahead of industry average. This has served as a key driver for business growth.
1 According to Provisional Statistics on Hong Kong Long Term Insurance Business - January to December in 2023, Insurance Authority of Hong Kong, 《Pi Financial Services Intelligence report》- December 2022 and December 2023, as well as FWD's own assessment based on its understanding on the statistics and market information, FWD ranks top five in new business case count, net growth of life insurance intermediaries' headcount, tied agency channel new business FYP, brokerage channel new business FYP, bancassurance channel new business FYP, as well as online and direct platform new business case count.
2 vBooster Medical Plan (Certification Number: F00069) and vPrime Signature Medical Plan (Certification Number: F00070), are certificated Voluntary Health Insurance Scheme (VHIS) plans, and are underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability) (VHIS provider registration number: 00036).
3 Provisional Statistics on Hong Kong Long Term Insurance Business - January to December 2023, Insurance Authority of Hong Kong. The calculation includes long-term life individual business, general insurance among multi-channel life insurers only and is FWD's own assessment based on its understanding on market information only. FWD does not take any responsibility for any errors or omissions.
4 This product is underwritten by Bolttech Insurance (Hong Kong) Company Limited ("bolttech Insurance"). The FWD Online Insurance Platform is operated by FWD Financial Limited ("FWD Financial") (license number: FA2568). FWD Financial is an appointed insurance agency of bolttech Insurance.
5 Re-scheduled travel duration days must be equal to or less than the original policy period. If it is less than the original policy period, there will be no refund.
6 Applicable Superior Plan only.
7 The policy must be purchased before or within 7 days from the date you make your initial payment or deposit for your trip, and the cancellation of journey or change of travel date must be made prior to the original departure time. Please refer to the policy terms, conditions, and exclusions for details.
8 "No. 1 in the travel insurance" is provided by 10Life. 10Life calculates the estimated average coverage ratio and assigns the rating based on the public information shared by insurance companies. For more details regarding the rating, please refer to the 10Life website (https://www.10life.com/zh-HK/blog/Comparing-Travel-Insurance). The information provided is based on the data from the 10Life website which has not been independently verified by FWD Financial. FWD Financial makes no representations or warranties and accepts no responsibility or liability as to the accuracy, completeness or fitness for any particular purpose of the information. FWD Financial shall not be responsible or liable for any loss or damages arising from the use of or reliance on such information.
9 Provisional Statistics on Hong Kong Long Term Insurance Business - January to March 2024, Insurance Authority of Hong Kong. The calculation combines individual and group businesses. Non-bank insurers only.
10 Provisional Statistics on Hong Kong Long Term Insurance Business - January to March 2024.
11 《Pi Financial Services Intelligence report》- March 2023 and March 2024. Non-bank insurers only.
Table 1: List of 23 awards won by FWD at the Bloomberg Businessweek/Chinese Edition "Financial Institutions 2024"
| Category | Winner | Award |
| Insurance Sector - Medical Care - Seven consecutive wins | vBooster Medical Plan+ vPrime Signature Medical Plan | Excellence |
| Insurance Sector - Voluntary Health Insurance - Four consecutive wins | vBooster Medical Plan+ vPrime Signature Medical Plan | Excellence |
| Insurance Sector - Life Insurance | Life Gala Insurance Plan | Excellence |
| Insurance Sector - Online Platform | FWD online insurance platform | Excellence |
| Insurance Sector - Digital Marketing - Three consecutive wins | MedInsurance Expert | Excellence |
| Insurance Sector - Digital Transformation Strategy - Two consecutive wins | New Chapter of Digital Transformation in FWD | Excellence |
| Insurance Sector - Integrated Marketing (Branding Promotion) - Two consecutive wins | FWD x MIRROR "Here we are for your health" | Excellence |
| Insurance Sector - High Net Worth (Service) - Six consecutive wins | vPrime Signature Medical Plan | Excellence |
| Insurance Sector - Cross-Border Insurance Services - Five consecutive wins | FWD Care recovery plan + PREMIER THE ONEcierge | Excellence |
| Insurance Sector - Innovation (Service) | FWD Care + EasyTake Service | Excellence |
| Insurance Sector - Training and Development Achievement - Two consecutive wins | FWD STAR-maker Program | Excellence |
| Insurance Sector - Customer Engagement - Four consecutive wins | FWD MAX | Excellence |
| Insurance Sector - Mobile Application Usability - Two consecutive wins | FWD MAX | Excellence |
| GBA Macau Insurance sector – Customer Service - 2024 new category & win | FWD Macau | Excellence |
| GBA Macau Insurance sector - ESG Sustainability of the Year - 2024 new category & win | FWD Macau | Excellence |
| General Insurance Sector – Travel Insurance | MyTravel Insurance | Excellence |
| Insurance sector – Insurance Company of the Year | FWD Hong Kong | Outstanding |
| Insurance Sector - Critical Illness Protection - Two consecutive wins | Crisis OneMaster Series | Outstanding |
| Insurance Sector - Health & Protection | vBooster Medical Plan+ vPrime Signature Medical Plan | Outstanding |
| Insurance Sector - Customer Service | FWD Hong Kong | Outstanding |
| Insurance Sector - District achievement of the year (Agency Force) - Two consecutive wins | Charleson Ng, Regional Director | Outstanding |
| Insurance Sector - Innovation Service | FWD eServices + Client Hub | Outstanding |
| Insurance Sector - Training Academy of the Year - Two consecutive wins | FWD STAR-maker Program | Outstanding |
Note: "consecutive wins" refers to receiving awards in the respective award category multiple years in a row.
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About FWD Hong Kong
FWD Hong Kong is part of the FWD Group, a pan-Asian life insurer with more than 13 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD is a top 4 life insurer new business case count in Hong Kong*.
FWD Hong Kong has been assigned strong financial ratings by international agencies. It offers life and medical insurance, employee benefits, and financial planning.
The company was established in 2013 and is focused on changing the way people feel about insurance. FWD's customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience.
For more information about FWD Hong Kong please visit
www.fwd.com.hk.
* Source: Provisional Statistics on Hong Kong Long Term Insurance Business - January to December 2023, Insurance Authority of Hong Kong. The calculation combines individual and group businesses.
About FWD Macau
FWD Macau is part of the FWD Group, a pan-Asian life insurer with more than 13 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD is a top 1 life insurer by premium growth income in Macau*. FWD Macau provides a suite of life and medical insurance products.
The company was established in 2013 and is focused on changing the way people feel about insurance. FWD's customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience.
For more information about FWD Macau, please visit www.fwd.com.mo.
* Source: Provisional Statistics of Life Insurance in Macau, January to December 2022, Autoridade Monetaria de Macau
source: FWD Hong Kong
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