Singaporeans will now be able to digitally access and aggregate information on their life, accident and health insurance policies held across different participating insurers, said Deputy Prime Minister Lawrence Wong in his opening address at the recent Singapore Fintech Festival.
The inclusion of information on insurance policies to Singapore Financial Data Exchange (SGFinDex) enables individuals to access this information through financial planning applications or websites of participating insurers, banks, as well as through MyMoneySense, a free government financial planning digital service.
SGFinDex, a joint initiative by The Monetary Authority of Singapore (MAS) and Smart Nation and Digital Government Group (SNDGG) in collaboration with the financial sector, is described as the "world’s first public digital infrastructure that enables individuals to securely access their financial information held across government agencies, banks, insurers, and the central securities depository".
The inclusion of insurance data adds to existing banking and investment data that individuals can retrieve via SGFinDex, making it easier for individuals to identify insurance protection gaps. They will thus have a more comprehensive view of their financial status and be able to make more informed financial planning decisions.
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.
The insurers on the service include AIA, AXA, Great Eastern, Income, Manulife, Prudential and Singlife with Aviva.
There are currently more than 30,000 monthly active users of SGFinDex, with nearly 1.2 million data retrievals. 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.
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “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.”
Mr Khor Hock Seng, President, LIA Singapore, said, “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. 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.”
Mr Wee Ee Cheong, Chairman, ABS, and CEO of UOB, said “Insurance is an important component in an individual’s long-term financial planning. 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.”