FWD The Futurist: Supporting the Next Generation To Innovate And Continue Changing the Way People Feel About Insurance

In our ever-evolving world, fueled by the constant sprouting of innovation and technology, these advancements serve as essential tools for data storage, analysis, and the development of efficient products and services that cater to the evolving needs of customers. Among these products, ‘insurance’ takes center stage, relying heavily on innovation and technology to differentiate itself and deliver service excellence to customers. However, insurance is more than just a transactional product; it requires education to impart a comprehensive understanding of its importance and detailed information when customers make purchasing decisions.

FWD Life Insurance Plc. (“FWD Insurance”) recognizes the vital role that the younger generation plays in injecting creativity into the insurance landscape. This acknowledgement has prompted the creation of ‘FWD The Futurist,’ an innovation competition designed as a space for university students and early-career professionals to showcase their innovative ideas and technologies. The goal is to collaboratively focus on changing the way people feel about insurance and propel the industry to new heights of innovation.

“FWD The Futurist 2023” is an initiative that welcomes young generations with creative minds and a passion for technology. We extend our invitation to students from diverse fields of study, not exclusively those with a direct technology background. We stand ready to support all participants in presenting their ideas and working collaboratively to turn innovative concepts into reality. We believe that creativity comes from the insights of the new generation, combined with the Digital by designed approach of FWD Insurance, which will foster a better understanding of insurance, making it more comprehensible and accessible in today’s fast-changing world,” Mr. David Korunić, Chief Executive Officer of FWD Insurance, said.

The FWD The Futurist 2023 competition welcomes two groups of participants: undergraduate students in their second, third, or fourth year from any faculty and university, including those pursuing Master’s degrees, as well as recent graduates with less than two years of work experience. Teams of three-five members can submit their applications, with 10 teams advancing to the semi-final competition, where they will present their works to the company’s executives and a panel of honorable committees. Moreover, they will have the opportunity to represent FWD Insurance Thailand in the FWD Springboard X Student Challenge 2023, taking place at the regional level in Asia, to compete for a total prize pool exceeding 6,000 USD, along with gaining valuable regional exposure, networking opportunities, and the potential to join the FWD Insurance team.

Siang – Banyat Kornpaisarn, a third-year BBA student from Chulalongkorn University, representing the winning team “Baiyoke Sky,” shared insights into the project. He articulated, “The primary principle behind this project is to conceive a new customer journey for the Young Gen target group, fostering awareness and increasing engagement within this demographic. Consequently, we devised a test to measure individuality and processed the obtained information to recommend life insurance products tailored to each person. Furthermore, we integrated this information with Omne by FWD Application, serving as the FWD Buddy—an exclusive community connecting like-minded individuals for networking. Despite facing time limitations, we found joy in the orientation day, particularly during the mentoring session, which proved invaluable. Seniors executives from FWD Insurance were generous with advice and assistance, fueling our efforts and determination throughout the competition. Other teams also presented equally captivating ideas and perspectives.”

Earth – Natthawat Thuvangkhawat, a student from Mahidol University International College and representative of the C.A.T. team, shared his thoughts, saying, “I am impressed to see many teams come up with ideas that I never thought existed or that introduce something entirely new to me. Additionally, participating in this competition has allowed me to expand my network and connect with more people. I had the opportunity to get to know FWD Insurance seniors executives, who were not only friendly but also thorough in their interactions with me. Despite previous disappointments in other competition events, we persevered. I believe that people make mistakes and encounter setbacks, but the key is to keep moving forward to reach their intended destination. Today, we celebrate our success as we clinched the 1st runner-up award for our video presentation. In this presentation, viewers have the unique opportunity to choose their travel choices and determine the ending point of the story. By becoming the main players in the story, viewers decide the actions that will shape their future. We chose YouTube as our platform, leveraging its user-friendly functions typically used to select the next video to watch. We adapted this function to align with viewers’ choices, allowing them to continue the story. We intend to pique people’s curiosity about the consequences of the decisions made and the impact on their future lives.”

Peeh – Wichayut Sangkhao, representing the Tell You Later team and a third-year Faculty of Science student from Mahidol University, shared his experience as his team secured the 2nd runner-up award. He reflected on his introduction to the project, stating, “I learned about the competition through a senior who had previously participated in an FWD Insurance project. The idea intrigued me, prompting me to join and view it as a valuable addition to my portfolio. Upon entering, I felt a sense of pride and happiness from being part of the project, gaining valuable experience, and learning extensively from our mentor. Despite occasional moments of discouragement, our team remained resilient, driven by the belief that we could overcome challenges, and ready to give our best effort. Comprising four members, we focused on utilizing an AI Chatbot to streamline the process of checking customer claims. We simulated scenarios involving accidents or specific cases, prompting concerns about whether the existing insurance policy would cover such events. Our AI was designed to process and verify the coverage, addressing queries such as the amount that can be claimed. This primarily falls under the post-claim domain. In terms of pre-claim, our efforts centered around the sales department, where we integrated customer data with AI. The AI would then process a summary and provide product recommendations aligned with the customer’s preferences. Additionally, it could suggest post-claim services tailored to the specific needs of that customer.”

Creating a platform for the new generation to unleash their ideas, showcase their abilities and creativity, and collaboratively find solutions to reshape public perceptions of insurance with FWD Insurance is immensely beneficial. Through the calculated utilization of data, innovation, and digital technology that aligns with the diverse lifestyles and needs of today’s consumers, this initiative aims to encourage everyone to recognize the significance of having life insurance. It signifies a groundbreaking shift, potentially revolutionizing the life insurance industry in the future.