FWD Singapore marks 10 years with profitable growth

FWD Singapore has marked its 10th anniversary in the city-state, following profitable growth in FY2025.

Over the past decade, the insurer has expanded from a direct-to-consumer model into a broader business spanning financial advisory, bancassurance and high-net-worth insurance. It attributes that shift to investment in distribution, digital systems and customer service.

Advisor shift

A major turning point came in 2020, when FWD increased its investment in the financial adviser channel. The move reflected its view that customers in Singapore were looking for broader financial planning rather than buying insurance on a one-off basis.

Industry figures cited by FWD show the financial adviser segment increased its share of total weighted new business premiums from 29% in 2021 to 35.7% in 2025. It was the largest distribution channel for a second consecutive year.

The broader general insurance market also expanded in FY2025, based on General Insurance Association data referenced by FWD. The market grew 8% year on year, pointing to continued demand for protection products as households and businesses faced economic pressure and higher costs.

Its early focus on adviser support included digital adviser processes, automated underwriting and API-based integration with partners. FWD now works with more than 40 financial advisory partners and two bancassurance partners.

At the same time, it remains one of Singapore's larger digital travel insurers, issuing more than 600,000 travel policy transactions each year. The business continues to rely on a mix of direct online sales and intermediary distribution.

"Our first decade in Singapore has been defined by intentional choices. We recognised that as planning needs become more sophisticated, customers would need advice, not just access. Our investment in strengthening advisory enablement and expanding capabilities to support customers was a strategic pivot, and the industry's evolution since then has reinforced that conviction," said Adrian Vincent, Chief Executive Officer, FWD Singapore.

Customer measures

Service standards and customer retention remain central as distribution channels become more fragmented. An independent Net Promoter Score benchmarking study by Qualtrics in 2025 placed FWD at the top in selected customer experience pillars and within the top quartile across other measured pillars in Singapore, according to the insurer.

The anniversary also follows broader change at group level. In July 2025, FWD Group listed in Hong Kong, giving the parent company access to public capital markets.

FWD Group serves about 34 million customers across 10 Asian markets. In Singapore, it began operations in 2016 and was among the early insurers to sell life and general insurance products directly online.

Growth areas

In its next phase, the Singapore business is focusing on three areas where it sees structural demand: retirement and longevity planning, critical illness cover, and legacy planning for wealthy clients.

On retirement products, FWD pointed to rising life expectancy and living costs, which are increasing concern among Millennials and Generation X over whether savings will be sufficient. In response, it offers investment and savings products aimed at different life stages and retirement needs.

For critical illness insurance, the insurer said medical inflation and widening protection gaps are driving demand for products that sit within broader financial planning. It added that it plans to work with industry experts on products tailored to the needs of Singapore's ageing population.

The high-net-worth segment is also becoming more important. FWD cited projections that Asia's private wealth could reach USD $99 trillion by 2029, while the number of single-family offices in Singapore has passed 2,000. It said those trends are increasing demand for succession and legacy planning, addressed through FWD Private, its dedicated platform for wealthy clients.

That unit was established under a second insurance licence in Singapore in 2024, extending the company's reach beyond mass-market and advisory-led products. The move placed the insurer in a more specialised part of the market as Singapore continued to strengthen its position as a regional wealth centre.

"As we enter our second decade in Singapore, our priority is to strengthen our retirement, critical illness and high-net-worth solutions, while sharpening our offerings through AI and digital capabilities to help customers navigate uncertainty with greater confidence and clarity," said Vincent.