FWD Singapore launches industry-first cover

Believed to be a first for a major APAC market, online insurer launches innovative new product

FWD Singapore launches industry-first cover

Insurance News

By Jordan Lynn

FWD Singapore, the only fully direct and online life and general insurer in the country, has announced an innovative new cover type as it looks to establish its presence in the country.

The firm has launched the first policy in Singapore that covers outpatient medical expenses related to personal accident and illnesses for domestic workers.

Called maid insurance, the cover is aimed at domestic workers and has been launched following research conducted by the firm which found that 68% of employers in Singapore bought their current foreign domestic worker insurance through a maid agency.

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The research found that 70% of respondents would buy the cover from an insurer’s website in the future if such a service were offered.

“We have listened to the needs of employers in Singapore and created a product that helps employers cope with the outpatient medical expenses of their foreign domestic workers,” Abhishek Bhatia, chief executive officer of FWD said of the launch.

“No other insurer offers this benefit currently.”

The cover also provides zero excess for the mandatory security bond in its base plan and will offer three plans with premiums starting at $188.

With a full refund offered if the plan is cancelled within three months, and coverage for theft by a foreign domestic worker also on offer, the cover has an all-round hospitalisation, accidental death and disability limit of up to $50,000.

FWD entered the Singaporean market in 2016 and announced a further expansion to Vietnam in December 2016.

Related stories:
FWD opens its doors in Vietnam
FWD Singapore launches travel and motor insurance businesses

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