FWD Life Insurance partners with TrueMoney to provide insurance to more Filipinos

14 November 2018, Manila, Philippines – Pan-Asian insurer FWD Life Insurance, one of the country's fastest-growing insurance companies, has launched its partnership with financial services firm TrueMoney. 

14 November 2018, Manila, Philippines – Pan-Asian insurer FWD Life Insurance, one of the country's fastest-growing insurance companies, has launched its partnership with financial services firm TrueMoney. Through this partnership, FWD will be offering an affordable life insurance product, Set Ka Na, in TrueMoney Centers. 

"FWD is truly delighted to partner with TrueMoney to bring much-needed protection to more Filipino families through the TrueMoney network. FWD's Set Ka Na product is a simple, relevant, and affordable life insurance plan which is designed with family breadwinners in mind," said FWD Life Philippines President and Chief Executive Officer Peter Grimes. "Together with TrueMoney, we are excited to promote financial inclusion—banking the unbanked and covering the uncovered."  

Based on a recently published financial inclusion survey by the Bangko Sentral ng Pilipinas, only one in every five adults in the Philippines has some form of insurance coverage: life insurance (6.8%), health insurance (5.4%), and microinsurance (4.6%)1. The survey is part of national research dedicated to collecting financial inclusion data from the perspective of both users and non-users of financial products and services, and was conducted from December 2017 to February 2018. FWD Life's partnership with TrueMoney is part of its goal to reach new and emerging segments, further expanding financial inclusion in the Philippines.  

"We are pleased to collaborate with FWD Life Insurance in expanding the suite of financial services available through our TrueMoney Centers," said TrueMoney Philippines Chief Executive Officer Jacqueline Van Den Ende. "In line with our goal to provide accessible and low-cost financial services to Filipinos, our partnership with FWD Life is indeed a welcome addition to make this happen."

TrueMoney Philippines President Xavier Marzan also added, "As TrueMoney continues to grow its footprint in the country, we look forward to working hand in hand with FWD Life in providing more Filipino families with financial peace of mind via its Set Ka Na product. We have started rolling out the product through select TrueMoney Centers in Metro Manila with the aim to make it available in all our locations nationwide."

Initially launching in select TrueMoney Centers in Metro Manila, Set Ka Na is a basic life insurance protection plan which provides 1-year coverage for death, disability, and accidental death. Three (3) Set Ka Na packages are available with corresponding premium and benefits: Php95, Php185, and Php365 premium payment options for insurance coverages of Php25,000, Php50,000, and Php100,000. 

To know more about FWD Set Ka Na, call the FWD Customer Connect Hotline +632 888 8388 or visit www.fwd.com.ph for 24/7 Live Chat.

1 http://www.bsp.gov.ph/downloads/Publications/2017/2017FISToplineReport.pdf 

About FWD Philippines

FWD Life Insurance Corporation (“FWD Life”) is the first life insurance company licensed by the Insurance Commission of the Philippines under the new Insurance Code. FWD launched its commercial operations in September 2014. By March 2017, FWD Life is the highest-capitalized life insurer in the Philippines with PhP 2.3 billion in paid-up capitalization.1 Based on premium income data published by the Insurance Commission2, FWD Life now ranks 10th in the insurance industry in terms of weighted new business premiums.3  
FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, and Japan, offering life and medical insurance, general insurance, and employee benefits across a number of its markets. Established in Asia in 2013, FWD is the insurance business arm of investment group, Pacific Century Group. In the Philippines, FWD has nine business hubs located in key cities nationwide with its headquarters in Bonifacio Global City in Taguig.
FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.
For more information please visit fwd.com.ph.   
1 www.insurance.gov.ph > Statistics > 2017 > Based on Paid-Up Capital
2 www.insurance.gov.ph > Statistics > 2017 > Based on Premium Income
3 Weighted New Business Premium Income: 100% of first-year premium on regular-pay plans + 10% of single-pay premiums

Media Inquiries:

FWD Life Insurance Corporation
Rochelle R. Vandenberghe
Head of Marketing
FWD Life Philippines
(E) rochelle.vandenberghe@fwd.com
(T) +63 2 5587306