People can now digitally entry and mixture info on their life, accident and medical health insurance insurance policies by taking part insurers, the Financial Authority of Singapore (MAS) and Sensible Nation and Digital Authorities Group (SNDGG) introduced in the present day.
Policyholders can entry the data by way of monetary planning functions or web sites of taking part insurers, banks, and MyMoneySense, a free authorities monetary planning digital service.
Singapore Monetary Information Alternate (SGFinDex) is the world’s first public digital infrastructure that gives people with a secure and safe method to entry their monetary info throughout authorities companies, banks, insurers, and central securities depositories.
They’ll now retrieve insurance coverage information on high of current banking and funding information to make an knowledgeable determination about their insurance coverage safety gaps whereas having an in depth view of their monetary standing.
The enhancement is made potential by way of collaborations with the Life Insurance coverage Affiliation, Singapore (LIA Singapore), the Affiliation of Banks in Singapore (ABS), and authorities companies.
There are 30,000 month-to-month customers and almost 1.2 million information retrievals. SGFinDex provides information safety and privateness controls that solely permit retrievals and updates via the express consent of people by way of Singpass, with the consent lasting for one yr from the primary time the person hyperlinks an account to SGFinDex.
Sopnendu Mohanty
Sopnendu Mohanty, Chief Fintech Officer, MAS mentioned,
“SGFinDex has progressively enabled people to consolidate, entry and look at their monetary holdings. With the addition of insurance coverage information, the comprehensiveness has been enriched additional therefore bettering monetary planning for people.
This has once more demonstrated the significance of public-private sector collaboration in creating an revolutionary answer that brings comfort to people and paves the way in which for additional collaboration in open finance.”
Wee Ee Cheong
Wee Ee Cheong, Chairman, ABS, and CEO of UOB mentioned,
“Insurance coverage is a vital part in a person’s long-term monetary planning. With insurance coverage information now out there in SGFinDex, it’ll give customers a extra holistic view of their monetary place and empower them to make higher selections in constructing a complete and sturdy monetary portfolio.
ABS will proceed to facilitate collaboration throughout the monetary sector and with authorities companies, leveraging expertise to develop the capabilities of SGFinDex to learn our nation and its individuals.”
