FWD Singapore has announced a new partnership with Income Insurance, commencing on 2 July 2024, to offer vehicle insurance coverage to its customers.
Under this collaboration, FWD Singapore will distribute car and motorcycle insurance products underwritten by Income Insurance. The partnership is expected to bolster FWD Singapore’s digital insurance offerings in the vehicle insurance sector.
By leveraging Income Insurance’s expertise and market presence in vehicle insurance, FWD Singapore aims to maintain competitive premium rates for its customers.
As part of the agreement, FWD Singapore will launch a year-long campaign aimed at providing competitive premium rates to customers during policy renewals. Existing motor policyholders with FWD Singapore will experience no changes to their current policies, ensuring continuity of service.
Adrian Vincent, CEO of FWD Singapore, expressed optimism about the partnership, stating, “Through this collaboration, we aim to expand our footprint in the competitive vehicle insurance market, offering our customers attractive online deals.”
Sean Yang, General Manager for Consumer Distribution at Income Insurance, emphasized continuity for current FWD policyholders, noting, “Existing FWD policyholders will maintain their No-Claim Discount (NCD) when renewing and purchasing motor insurance with Income Insurance in the first year.”
A notable benefit of the partnership includes access for FWD Singapore’s customers to Income Orange Force, an Accident Response Team dedicated to providing swift assistance to motorists during emergencies.
FWD Singapore operates as part of the FWD Group, a Hong Kong-based pan-Asian life insurance company serving over 13 million customers across 10 markets.
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