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 119 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.
For more information, please visit FWD Philippines
