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
04
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-
05
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
EMPOWERING DIGITALIZATION IN
Digitalize Point of Sales across all channels Achieve Straight Through Processing Accelerate business innovation
PCCW Solutions is at the forefront of driving digital transformation across Next Generation Insurance Platform offers complete end-to-end solution insurance sales process from lead acquisition, customer’s financial needs ana purchase on any device, anytime anywhere.
pccwsolutions@pccw.com
852-2296 8818
www.pccwsolution
N INSURANCE
the region. Our n supporting life alysis to product
ns.com
08
“ 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
We are professionals. We serve. GoldenHigh have provided professional services for Enterprise Document Presentment and Enterprise Content Management since 1998. We specialise in Customer Communications Management including Omni-Channel Communications; Interactive Communications and adding latest Messages on Legacy Documents.
Omni-Channel Delivery:
Agent Portal
Mobile
Customer Portal
www.goldenhigh.com sales@goldenhigh.com
Our Goals:
✓
Reduce costs - Grow Revenue
✓
Increased Efficiency
✓
Enhanced Communication
✓
Security
“ [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
13
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.
15
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
17
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