Security Bank & FWD Philippines: Strategic Partnership Extension

FWD Life Insurance Philippines and Security Bank have decided to extend their strategic partnership, which has now spanned a decade. The two entities are set to continue leveraging digital technology to offer sustainable financial solutions and enhance the customer experience.

Over the past 10 years, their collaboration has proven fruitful. Through this partnership, Security Bank has integrated insurance products and services into its digital platforms, facilitating access for its customers. In 2023, FWD Philippines climbed to the third position in terms of new business annual premium equivalent, as per data from the Insurance Commission.

The Philippine market presents significant growth potential. Despite a relatively low insurance penetration rate of less than 2% among its 119 million population, the rising income per capita, growing at 3.9% according to the World Bank, offers ample opportunities. Moreover, Filipinos’ strong digital connectivity, with a mobile penetration rate of 58.4% and an internet penetration rate of 75%, as stated in a joint statement by FWD and Security Bank, further augments the prospects for the expansion of their insurance and financial services.

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