The partnership between FWD Insurance and Inmediate will explore the use of revolutionary technology to connect insurers, distributors, and consumers for products that are easy to understand and easy to access.
Singapore, 26 June 2018 — Inmediate Pte Ltd — the smart insurance network venture by Insurance Market Group, has today signed a memorandum of understanding (MOU) with FWD Insurance, becoming the second growth partner for this new insurance ecosystem.
FWD Insurance leverages technology to deliver insurance products that are relevant, easy to understand, and well-priced. The new partnership with Inmediate will allow the companies to work together to expand the reach of smart-contract insurance on the blockchain.
“We appreciate the potential value that smart contracts bring to insurance. Coverage can become more personalized, accessible, and affordable for everyone. Our partnership with Inmediate demonstrates our commitment to being at the forefront of innovation in the insurance industry. Inmediate’s platform will allow insurance companies like FWD to reach customers in new and meaningful ways,” said Abhishek Bhatia, CEO of FWD Insurance.
FWD Insurance looks forward to providing Inmediate with insurance industry expertise, marketing, legal, compliance and governance contributions throughout the development stage of Inmediate’s minimum viable product. FWD has also agreed to consider the underwriting of smart-contract insurance products on the Inmediate platform once it is launched.
“We look forward to furthering this project with FWD, and hope to eventually harness the full potential of blockchain powered insurance contracts to help customers buy the right insurance for the right price, allowing them to save greatly on insurance products”, said Otbert de Jong, Founder and CEO of Inmediate Pte Ltd. “Additionally, insurers can unbundle insurance on our ecosystem, and this lets them distribute smaller but more relevant products for their customers.”
Inmediate’s ecosystem is expected to be launched in the second half of the year. Consumers can use the platform and customise insurance coverage to their needs. The platform will enable the insurance contract information to be stored onto consumers’ digital wallets for real-time processing. For instance, if a predetermined set of insured events have occurred, the smart contract will trigger a guaranteed claims payout to the consumers via their digital wallet.
About FWD Insurance
FWD started operations in Singapore in April 2016, providing employee benefits insurance to corporate customers. In September, FWD launched its direct-to-consumer business and currently offers a suite of life and general insurance products including Term Life, Car, Home, Travel, International Health and Maid Insurance. Leveraging technology, FWD provides insurance that is world beating in its simplicity and customer focus for connected people to take control. By doing so, FWD will change the way Singapore feels about insurance.
FWD is the insurance business arm of Pacific Century Group (PCG). PCG, established in 1993, is an Asia-based private investment group with interests in financial services, technology, media & telecommunication, and real estate. Besides Singapore, FWD provides life and general insurance in Hong Kong & Macau, Thailand, Indonesia, Vietnam, Japan and the Philippines. For more information, please visit https://www.fwd.com.sg/
Inmediate is a Singapore based ecosystem for insurance on the blockchain. Launched by the founders of Insurance Market in 2018 as a collaboration with Deloitte, FWD and four more phase one insurance partners, it aims to connect insurers, distributors, and consumers for an all-encompassing end-to-end Insurance experience.
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