An estimated 80,000 members across various companies covered by its employee benefits business are affected.
Hong Kong insurer FWD, owned by investment firm Pacific Century Group, is dropping its group medical insurance business in Singapore, according to a «Business Times» report published Wednesday.
Affected clients were informed last month, a spokesperson for the firm confirmed with finews.asia. The company will keep its direct-to-consumer business, which covers home, car, term life, travel, critical illness and more.
The firm, which started operations in Singapore in 2016, has rapidly bought up assets in the region as part of its expansion bid. FWD sets itself apart from competitors by doing away with agents and commissions, instead leveraging technology to reduce complexity and facilitate applications and claims.
