FWD Life Insurance Company launched an internal disruptor team called iFWD to change the way people feel about insurance using new technology and an agile development approach. iFWD quickly became the top direct and digital insurance distribution channel in Hong Kong by prototyping products rapidly based on online customer validation. iFWD disrupted consumer perception by ranking first in brand surveys and disrupted FWD's internal practices by digitalizing processes. They use precision marketing, innovative products like Savie savings insurance, partnerships, and work with regulators to push insurtech forward.

1. FWD Life Insurance Company (Bermuda) Limited
22 AUGUST 2016
1

2. WHAT IS SET TO DO
Use new technology to change the way people feel about insurance
2

3. Say goodbye to the insurance company development methodology stone age and embrace the new, organic, agile iFWD approach
DEVELOPMENT & CONTINUOUS OPTIMIZATION APPROACH
Break Down &
Remix Insurance
Products
Modularization
of Online
Platform
Traditional Insurance
Company
Product
Concept
Product
Pricing
Product
Approval
Product
Development
Sales Portal
Development
UAT Launch
Feature A
e.g. No Fees &
Charges
Feature B
e.g. 105%
DB
Feature C
e.g. Guaranteed
Return
All based
on in-house
wisdom
Prototype
001
Online Customer Validation
Each test based on 1,000 samples
with specific profiling IBM Watson as
BI Tool
Testing the Prototype
Refine the Prototype
All based on the wisdom of the crowd
Landing
Page
Quotation
Page
Application
Page
Prototype
002
Usability Test
to collect click data, response time,
preference & qualitative feedback with 100
to 200 samples
Testing the Prototype
Refine the Prototype
1 week
Field Test
Ongoing
Optimization of
the Site
Refinement Development
Automated
UAT
Release
1.01
Conversation Rate
Optimization
Launch to Public
Enhancement every 2
weeks
3 weeks
Based on CRO
tools & GA
Funnel
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4. ORGANIZATION
An internal disruptor team with diverse backgrounds and experiences collaborated with external specialists to build the iFWD platform
INTERNALEXTERNAL
 Began with 5 key founding members in January 2015; has
expanded to a team of 20 energetic & ambitious members
today
 A flat organizational structure mimics FinTech startups –
decisions are made through healthy debate, rather than
top-down instruction
 Led by the FWD CEO to ensure sufficient management
support & empowerment; the development and
performance of iFWD is part of the company’s KPIs
 FWD is committed to investing close to HK$200M in iFWD
for 5 years (investment began in 2015)
Development Team Marketing Agencies Shareholders & Sister Companies
Inhouse IT team to cover product
development, infrastructure and web
services for frontend applications
approx. 10 frontend developers
 3 vendors specialized in web development
 2 vendors specialized in UI & UX design
 3 creative agencies
 1 overall digital marketing strategy
 3 media buying agencies to cover omni-
channel marketing
Continuous support for varied
campaigns & “always on”
A strong appetite and solid
track record in investing in
FinTech & startups across
APAC
Innovative insurance
solutions backed by extensive
research & big data
Technology
Digital Content
& Big Data
Digital
Marketing
FinTech
VC
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5. CREATE BUSINESS VALUE OUT OF DISRUPTION
From June 2015 to June 2016, iFWD achieved
Disrupt
Insurance
Market
Disrupt
Consumer
Perception
Disrupt
Internal
Practice
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6. DISRUPT INSURANCE MARKET
Top 5 Insurers in Direct Channel (Life APE) –
1st
2nd
3rd
4rth
5rth
Metlife
Hang Seng Insurance
BOCG Life
Prudential
32%
22%
18%
15%
6%
Market Share
iFWD started selling Life Insurance in August 2015
10
29 30
Q3 2015 Q4 2015 Q1 2016
Life Insurance APE sold through iFWD
(HKD Millions)
Market Leader  Shortly after launch, iFWD became the No.1 Direct & Digital distribution channel in Q4
2015. In Q1 2016, iFWD overtook other insurance companies in this arena using digital
marketing & technology
Grow Direct & Digital Market
Trigger Healthy Competition
 The Direct & Digital Market in HK is still underdeveloped compared to China, Europe &
the US. iFWD is here to promote the development of digital distribution & customer
awareness
 We anticipate more and more digital insurers will enter this market to create healthy
competition. Eventually, customers will benefit from even more innovative products &
business models
OCI statistics
6

7. DISRUPT CONSUMER PERCEPTION
In May 2016, FWD ranked number 1 among all insurance brands in Hong Kong in all the following brand categories
Source: FWD Brand Tracker, done by Cluster. Base: Hong Kong May 2016
Clusters is a quantitative market research and segmentation agency. FWD conducts a
monthly brand survey with Clusters in Hong Kong to keep track of how people feel about
FWD and other insurance companies
InnovativeDifferent Useful info
online
Customer
friendly
technology
Attuned
with current
times
Refreshing
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8. DISRUPT INTERNAL PRACTICE
iFWD started an internal digital transformation and became one of the FWD core competencies
Export learnings and
best practices to
other FWD markets
Product
Development
Online
Process
Infrastructure
1st Universal Life Product Sold Online
Product Launch Within 1 Month
Digitalization of Claim Process
Online FNA & Product Recommendation
Single Customer View Connecting Different
Touchpoints (Hotline, CS Center etc.)
Online-to-Offline Insurance Application Model
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9. USER EXPERIENCE ORIENTED DEVELOPMENT
Supporting over 20 different devices
and browsers
 Using sophisticated UX A/B testing tool
 Conversion rate improved by 3% - by
simply changing the color of the CTA
button!
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iFWD
 Using quick prototype tools for crowd
sourcing

10. PRECISION & DATA-DRIVEN MARKETING
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th
Sales increased by 460%
Cost lowered by 50%
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Print Ad & OOH with QR Code
to drive Offline-to-online traffics
Use video to generate
awareness & interested
audience for retargeting
Use Social Network to promote
door-opening offer & campaigns
Adopt SEO & deploy SEM to
capture ready-to-buy traffics
Leverage on affiliates to expand
distribution network
Display & ROS banners for
retargeting & reminding
Digital content to improve brand
& product consideration

11. INNOVATIVE SAVING INSURANCE – SAVIE
An innovative & digital saving solution to change market perception and target the digital generation customers
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Key Selling Points
Savie guarantees annual crediting
rate of the first 3 years.
You can withdraw the account value
with NO charges at any time - giving you
flexibility of access to meet your needs!
Received a death benefit of 105% of
your account value, and a further
accidental death benefit equivalent to
100% of the account value.
Save with ease
Free from charges
Extra protection
Key Selling Points
Simple product design, with no fees and
charges at all
Flexibility to stay with us after 3 years to
earn rates declared by FWD
Happy to explain through 24x7 hotlines,
LiveChat & Customer Centre
Innovative Online-to-offline process to
create new experience
Financial Need Analysis to ensure you
are buying what you need
Free withdrawal; we are there when you
are in need
We used a “Hunger Selling” tactic to market our
Saving Insurance, Savie, to young, digitally savvy
first-time insurance buyers
We marketed Savie online and invited interested
customers to enter for a chance to sign up for Savie
[Reduced the barrier to convert]
We sent the lucky winners an email detailing the
next step
[Created anticipation]
Only the lucky, selected winners were able to visit
the site and apply for a Savie account
[Created a “privilege” to buy]
We successfully increased the conversion rate and
created a rush of customers looking to buy our
product
[Similar to the experience of IPO or signing up for
iPhone]

12. CROSS-INDUSTRY PARTNERSHIPS
 Conduct an FWD Savie x
Ocean Park Campaign
 Generated over HK$160M
premium to FWD + Over 200
Annual Passes in 2 months
 Partnering with Agoda to offer
Travel Insurance to customers
booking hotels via Agoda
 Buy insurance from iFWD and
get Clubpoints from The Club
 Clubpoints can be used to
redeem iFWD insurance
 Buy travel insurance from
iFWD to enjoy a discount on a
CSL Sim Card
 CSL Sim Card customers get
discount on iFWD insurance
iFWD
iFWD & Partner APIs Connect with DB Verify Members  Offer special discounts
 Customized offers
 Product bundling
 Earn Points
 Use Points to redeem
insurance
Using APIs to connect with different partner platforms to make collaborations happen – more than just insurance benefits
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13. WORKING TOGETHER WITH OCI (REGULATOR) ON INSURANCE FINTECH DEVELOPMENT
With OCI as our collaborative partner providing full support and guidance, this partnership enables us to push Fintech
development forward addressing various customer needs and regulatory requirements.
 Customer can do it himself, without an intermediary
 Customer can get interactive & customized product recommendation
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We worked with OCI to convert the existing offline FNA
process to an interactive & gamified online module
Boring Forms Fun & Simple UX
FWD is the First in the
market to roll out
Online FNA & Universal
Life application
OR
Make an
appointment and
visit our 6
Customer Centres
to undergo the
application process
You can also
request a call
back or we can
arrange an
agent meeting
for you

14. THANK YOU!
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