SINGAPORE and HONG KONG,Nov. 21,2024 -- FWD Group Holdings Limited ("FWD Group" or "FWD") today announced at an on-campus event in Singapore that its strategic partnership with PT Asuransi BRI Life ("BRI Life") will become a case study at INSEAD,one of the world's leading graduate business schools.
The case study is expected to be introduced in INSEAD's Master in Business Administration (MBA) curriculum in 2025. It examines the strategic considerations which led to FWD Group's initial minority investment in BRI Life in 2021 and the evolution of the partnership since then. The role of digital transformation is also explored as a key factor in reaching BRI's customer segments at scale,to boost financial inclusion in Indonesia.
Binayak Dutta,Managing Director,FWD Group said,"A bancassurance partnership is incredibly powerful when two distinct entities – a bank and an insurance company – come together to leverage their respective strengths for customer convenience and satisfaction and execute it at scale. We look forward to sharing our journey and insights with future business leaders at INSEAD."
Viviana Dyah Ayu R.K,Director of Finance,Bank BRI said,"The alignment of products,customer requirements,and sales processes was crucial in meeting the insurance needs within BRI's vast customer base. By leveraging FWD's digital insurance expertise and proven risk management capabilities,we achieved significant market penetration with proper insurance governance. We are delighted to have the opportunity to share a successful example of boosting financial inclusion at scale to the next generation of business leaders during their MBA studies at INSEAD."
Sameer Hasija,INSEAD Dean of Executive Education and Dean of Asia Campus said,"This partnership provides students with a real-world example of how strategic investments are conceptualised,executed,and managed in significant,fast growing emerging markets like Indonesia. It exemplifies how traditional insurance business models can be transformed through strategic partnerships and digital innovation."
Through its 44 percent minority investment in BRI Life,FWD Group collaborates with Bank BRI,one of Indonesia's largest banks which prioritises serving micro,small and medium enterprises as a champion of financial inclusion. The initial FWD Group investment in BRI Life of 29.9 percent was completed in March 2021. In the first two years of the partnership,BRI Life became the third largest life insurance company in Indonesia and ranked number one in bancassurance[1].
[1] Indonesian Life Insurance Association
About FWD Group
FWD Group is a pan-Asian life and health insurance business with more than 12 million customers across 10 markets,including some of the fastest-growing insurance markets in the world. The company was established in 2013 and is focused on changing the way people feel about insurance. FWD's customer-led and digitally enabled approach aims to deliver innovative propositions,easy-to-understand products and a simpler insurance experience.
For more information,please visit www.fwd.com
