FWD Singapore has formed a partnership with Income Insurance to provide customers with vehicle insurance coverage with effect from 2 July 2024.
Under the arrangement, FWD Singapore distributes car and motorcycle insurance underwritten by Income Insurance. This partnership enhances FWD Singapore’s online insurance offering in the vehicle insurance space.
By leveraging Income Insurance’s extensive expertise in vehicle insurance and its scale in the segment, FWD Singapore aims to continue providing customers with competitive premium rates.
As part of this partnership, FWD Singapore will be running a year-long campaign to continue offering its customers competitive premium rates during policy renewal. Customers with existing motor policies at FWD Singapore will not be affected by the transition. There is no disruption to their current policies.
Mr Adrian Vincent, CEO of FWD Singapore, said, “We can expand further into the competitive vehicle insurance space through this partnership allowing our customers to get attractive deals online.”
Mr Sean Yang, general manager for Consumer Distribution, Income Insurance, said, “To support the transition, current FWD policyholders will continue to enjoy the same No-Claim Discount (NCD) when they renew and purchase motor insurance for the first year with Income Insurance.”
A key highlight of this partnership is the access FWD Singapore’s customers will have to Income Orange Force, the Accident Response Team. This dedicated team will provide assistance to motorists, ensuring policyholders receive prompt support during unforeseen situations on the road.
FWD Singapore is part of the Hong Kong-headquartered FWD Group, which is a pan-Asian life insurance business with more than 13m customers across 10 markets.