The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG), on Nov 2, announced that individuals will now be able to digitally access and aggregate information on their insurance policies on the Singapore Financial Data Exchange (SGFinDex).
The SGFinDex was launched in December 2020. It is the world’s first public digital infrastructure that allows Singaporeans to obtain their financial information from various financial institutions and government agencies just by using their national digital identity.
Accessing the SGFinDex will also require users to provide their consent via a centrally managed online consent system.
Under the enhanced SGFinDex, users can now access their life, accident and health insurance under various insurance providers through one platform, in addition to their existing banking and investment accounts.
This enhancement is made possible through close collaboration with the Life Insurance Association, Singapore (LIA Singapore), The Association of Banks in Singapore (ABS) and government agencies, says MAS and SNDGG in their Nov 2 statement.
SGFinDex is designed with data protection and privacy controls. Financial data can be retrieved and updated only through the explicit consent of the individual through Singpass. The consent will last for one year from the first time an individual links an account to SGFinDex.
In a separate release, DBS said that it welcomed the inclusion of insurance policy data within the SGFinDex, calling it a “significant step forward” for consumers in Singapore to gain a more complete view of their finances.
“SGFinDex has progressively enabled individuals to consolidate, access and view their financial holdings. With the addition of insurance data, the comprehensiveness has been enriched further hence improving financial planning for individuals. This has again demonstrated the importance of public-private sector collaboration in creating an innovative solution that brings convenience to individuals and paves the way for further collaboration in open finance,” says MAS’s chief fintech officer, Sopnendu Mohanty.
“The addition of insurers as part of SGFinDex will provide individuals with a more well-rounded view of their financial portfolio and underscores the importance of protection to achieving financial wellbeing," says Khor Hock Seng, president of LIA Singapore.
Singapore’s life insurance industry will continue our efforts to enhance financial literacy amongst the community to help them bridge their underinsurance gap and better plan for their retirement. This is especially critical today given current inflationary pressures as well as Singapore’s rapidly aging population,” he adds.
“Insurance is an important component in an individual’s long-term financial planning," says UOB CEO Wee Ee Cheong, speaking in his capacity as current chairman of ABS.
"With insurance data now available in SGFinDex, it will give users a more holistic view of their financial position and empower them to make better decisions in building a comprehensive and robust financial portfolio."
ABS will continue to facilitate collaboration within the financial sector and with government agencies, leveraging technology to expand the capabilities of SGFinDex to benefit our nation and its people,” says Wee.
Goh Theng Kiat, chief customer officer of Prudential Singapore says his company is pleased to participate in the SGFindex initiative to provide its customers with easy access to their insurance portfolio through our customer platform.
"Customers will now have a single view of their finances including their insurance policies which will better support them in understanding their protection gaps when planning for their future,” he adds.