FWD Philippines and Security Bank Extend Partnership for the next Generation of Filipinos
12 December 2024, Manila, Philippines – FWD Life Insurance (FWD Philippines) and Security Bank Corporation have extended their strategic partnership to bolster financial innovation and inclusion for the next generation of Filipinos. FWD and Security Bank’s successful partnership is rooted from their shared goals of nation-building by leveraging digital technology for exceptional customer experiences and driving sustainable financial solutions.
In less than ten years, the partnership was recognized as the fastest growing bancassurance collaboration in the SEA region. Data-driven strategies rolled-out in 2021 contributed to propelling FWD Philippines from the sixth spot in 2022 to a strong third place ranking according to the Insurance Commission’s (IC).
Binayak Dutta, FWD Group Managing Director, said: “After a decade of trust, shared values, and mutual commitment to empower Filipinos to achieve their financial aspirations, we are continuing our partnership with Security Bank and remain dedicated to delivering accessible consumer-focused products. We will push reshaping the industry by changing the way people feel about insurance.”
Security Bank is one of the Philippines’ leading universal banks serving a diverse group of clients with 334 branches nationwide. With a vision to be the most customer-centric bank in the Philippines, the Bank is actively addressing the Filipino’s evolving needs and investing in what matters to them. Through its partnership with FWD, the Bank seamlessly integrates innovative insurance products and services into its digital tools, making these accessible and convenient for its own customer base.
Sanjiv Vohra, Security Bank's President and CEO, highlighted the significance of the partnership with FWD Philippines. “Our partnership with FWD Life Insurance has always gone beyond business. It is a bond rooted in our shared vision of empowering Filipinos with the tools and protection to lead worry-free, fulfilling lives. Together, we have not only introduced innovations but also touched lives—helping families build a stronger future for themselves and the generations to come.”
Jumbing De Rosas, FWD Philippines President & CEO also underlined both companies’ shared commitment to nation-building and empowering the next generation to achieve financial independence while helping them build their best future. “This renewed partnership with Security Bank is a significant step in our shared goal of nation-building. Combining our expertise in insurance with Security Bank’s trusted banking services, we hope to empower more Filipinos to achieve financial independence and to celebrate living the best way they know how.”
The Philippines offers a significant opportunity for growth in the insurance market, with the current penetration rate below 2% for a population exceeding million. The country’s expanding income per capita, with a growth rate of 3.9% according to the World Bank, provides a promising economic trajectory. Furthermore, the Filipinos have strong digital connectivity with mobile penetration rate at 58.4% and internet penetration rate at 75%. This indicates a vast potential to reach and engage customers through digital channels, both of which FWD and Security Bank have successfully ventured.
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FWD Philippines is regulated by the Philippines Insurance Commission and is legally permitted to provide insurance products and services within the country.
About FWD Philippines
FWD Life Insurance Corporation (FWD Philippines) launched its commercial operations in September 2014. Currently, FWD Philippines is number one in customer experience among insurers in the country1. In just 10 years, FWD Philippines now ranks 3rd and 4th in terms of new business annual premium equivalent2 and premium income3, respectively.
FWD Philippines is part of FWD Group, 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. FWD Group 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 fwd.com.ph.
1 Based on KPMG's Global Customer Experience Excellence Report 2023
2 www.insurance.gov.ph > Data > Statistics > Life Insurance Companies > 2023 > Based on New Business Annual Premium Equivalent
3 www.insurance.gov.ph > Data > Statistics > Life Insurance Companies > 2023 > Based on Premium Income
Want to get in touch?
Reach FWD here, or visit us at our Head Office.
Contact the Insurance Commission Philippines here.
About Security Bank
Established in 1951, Security Bank is one of the Philippines' leading universal banks and is publicly listed with the Philippine Stock Exchange (PSE:SECB) in 1995. The Bank's core businesses are retail, corporate, commercial, and business (MSME) banking, offering a wide range of services including lending, leasing, foreign exchange, stock brokerage, investment banking, and asset management.
Security Bank differentiates itself from other banks as a strong, domestic, independent bank that delivers a superior customer experience in line with its brand promise of BetterBanking. This is based on a deep understanding of customer needs, providing solutions in a professional, hassle-free, personalized, and timely manner. The Bank's strategic alliance with MUFG Bank, Ltd., Japan’s largest bank, provides its customers with access to a broad global network.
The Bank has been recognized by international and local organizations for its constant product innovation, market leadership, and best-in-class management practices.
For more information, visit www.securitybank.com.
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