Great things happen – once the Middleman vanishes
Disruption seems to be the buzz word of choice these days. Most disruption focuses on making goods and services cheaper, faster, and better – often by removing the middleman.
We’ve seen this happen time and again across various industries. Transport, travel, and retail have the most easily recognizable disruptions. These have changed how we view and utilize them – sometimes radically.
Uber/Grab made unreliable taxi booking services a thing of the past. It used to be neigh impossible to hail a cab during peak hours in the city without calling a cab. And this incurs extra booking fees – if the booking even came through in the first place. Prior to this, cab companies were happy to chug along with antiquated booking systems and unethical driving practices.
Fancy a trip to the Caribbean? You would likely plan your own trip now than engage a travel agency. Hotel and airfare aggregators let you choose exactly where you want to stay, and how you want to fly. There is more freedom and flexibility – not to mention cheaper trips, all things considered. And we have Trivago, Airbnb, and Skyscanner to thank for this.
The pattern seems quite clear.
Once the middle man is gone, things often work out better for the consumer.
How will Insurance look like, without a Middleman?
That is a superb question to fire up the ole’ imagination engine.
Since there will be no commissions paid out from policy, it will safe to say that it will reduce the overall premiums from policies. This actually happened over the past decade, when travel insurance policies began being marketed solely online – overall prices declined by more than 40%.
Leaving out the middleman means no more information asymmetry, which translates to a higher degree of transparency. Imagine entire policies written in plain English and readable without a dictionary. Or a lawyer.
It should also be a safe bet that there will be more innovative features. Companies that remove the middleman tend to be innovative and creative because they would be bucking the trend followed by all others and setting their own.
For all these imagination and daydreams, it may surprise you that they are already a reality.
FWD Insurance is the first Insurer to come along in decades that operates entirely without agents. After taking the industry by storm in Singapore with their general insurance products last year, they recently launched Term Life insurance.
Let’s take a closer look at how FWD does things differently.
How has FWD made the Term Plan better?
No medical underwriting required – For Cover amounts up to 1.5 million SGD*
Sweet. Who wants to undergo needless medical check-ups just to buy a policy?
FWD is the only insurer to offer up to $1.5 million of life insurance cover without the need to go for a medical check-up. For perspective, some Insurers require medical check-ups starting from just $750k onwards.
*You need to be free of any major health conditions for this to apply
Buy online, from the comfort of your own home
We just crave convenience these days, and the idea of meeting an agent for hours – and then filling in reams of paper forms isn’t exactly our idea of fun. With FWD, you can get insured from the comfort of your own home. FWD lets you buy online, removing the need for long and inconvenient meetings with insurance agents. Plus, you can get a quote in 10 seconds!
Enjoy Coverage up to 3 million SGD
Our coverage needs vary with our Life stage and own personal situation, and FWD knows this very well. FWD is the only insurer to offer a maximum coverage of $3 million for life insurance directly online.
Easy to understand language: Full Transparency
One of our biggest bug bears about Insurance policies is their liberal use of contractual language – great for contracts, terrible for easy comprehension. What we applaud FWD for is also the way they have purposefully used plain English to explain everything.
Here’s how they summarized what their benefits their plan provides:
Term life insurance ensures your loved ones receive financial support if you pass away before the policy ends. From basic coverage for death and terminal illness to comprehensive protection for total and permanent disability, critical illness and premium waiver – you can mix and match the benefits to your needs.
No dictionary required.
But of course! You’ve come to expect this once the middleman is out of the picture, right? We’ve checked and they provide the most price competitive quotes out there in the market, if not THE most price competitive. With premiums starting from less than $1 per day, FWD life insurance truly gives you great value!
www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.
This post is brought to you by FWD. All views and opinions presented in the article are those of www.ClearlySurely.com