I wonder how good is FWD insurance

@scheng1 (24742)
Singapore
September 11, 2016 3:52am CST
FWD insurance is a very new insurance company backed by the richest family in Hong Kong. There are many unique features for this company. One is that they do not have insurance agents (at least in the case of Singapore) and they aim to sell direct to the customers. Another feature is that they do away with paper documentation and they have instant approval for many types of insurance policies. That means they save cost on insurance agent commissions, and the salary of underwriters. However, FWD is too new in Singapore being just a few days into the insurance business here, and so far they offer only travel and car insurance. I wonder how good is it in other countries.
6 people like this
6 responses
@jstory07 (69728)
• Roseburg, Oregon
11 Sep 16
I never heard of FWD insurance before. I do not think they have it here,
2 people like this
@scheng1 (24742)
• Singapore
11 Sep 16
No, it is still in Asia. For a new company, they are expanding very fast. They buy small existing insurance companies so that they do not have to apply for license from the government. Once they can buy a small insurance company in US, they will set up shop there.
@MattMeng (3269)
• Hangzhou, China
11 Sep 16
Yes, I have never heard it before.
1 person likes this
@youless (93496)
• Guangzhou, China
11 Sep 16
I checked FWD insurance via the net and I went to its website. However, this is still very new for me. I haven't heard that before. At least it is not a famous insurance company so far.
1 person likes this
@scheng1 (24742)
• Singapore
11 Sep 16
I am sure you have heard of Li Ka Shing ??? This company is set up by his son through one of his companies. It is very new and the way it expands is by buying existing insurance companies in other countries. However, it changes the business model to cut out the middlemen.
1 person likes this
@youless (93496)
• Guangzhou, China
12 Sep 16
@scheng1 Of course Li Ka Shing is famous but I am not sure whether his son will run the business as well as him
1 person likes this
@scheng1 (24742)
• Singapore
12 Sep 16
@youless His son has a few listed companies in both Singapore and Hong Kong. There is no doubt that his son is doing well too.
@MattMeng (3269)
• Hangzhou, China
11 Sep 16
There are also so many insurance companies in China.
1 person likes this
@scheng1 (24742)
• Singapore
12 Sep 16
But there is only one Li Ka Shing in Hong Kong. This insurance company belongs to one of his sons.
1 person likes this
@MattMeng (3269)
• Hangzhou, China
13 Sep 16
@scheng1 Yes, I have heard that before.
1 person likes this
• Philippines
11 Sep 16
Not sure about it. Philam life is probably the last insurance I joined in. I stopped paying because of financial problems.
1 person likes this
@scheng1 (24742)
• Singapore
12 Sep 16
If you have the money in future, you can buy insurance again. Just make sure you buy a small policy so that you can afford the premium,
@simone10 (21647)
• Louisville, Kentucky
11 Sep 16
I have never heard of FWD insurance before. It does seem like cutting out the middle man, so to speak, would save a lot of money.
1 person likes this
@scheng1 (24742)
• Singapore
11 Sep 16
It is very new even here in Asia. It has not expanded worldwide. The family is the richest in Hong Kong. There is no doubt that they have very solid financial clout to start an insurance company. I think instant underwriting, and cutting out the middle man is a good idea.
1 person likes this
@skysnap (18033)
11 Sep 16
looks like new company in the market.
1 person likes this