Singaporeans Can Now View Their Insurance Data on SGFinDexby Fintech News Singapore November 2, 2022
Individuals can now digitally access and aggregate information on their life, accident and health insurance policies by participating insurers, the Monetary Authority of Singapore (MAS) and Smart Nation and Digital Government Group (SNDGG) announced today.
Policyholders can access the information via financial planning applications or websites of participating insurers, banks, and MyMoneySense, a free government financial planning digital service.
Singapore Financial Data Exchange (SGFinDex) is the world’s first public digital infrastructure that provides individuals with a safe and secure way to access their financial information across government agencies, banks, insurers, and central securities depositories.
They can now retrieve insurance data on top of existing banking and investment data to make an informed decision about their insurance protection gaps while having an extensive view of their financial status.
The enhancement is made possible via collaborations with the Life Insurance Association, Singapore (LIA Singapore), the Association of Banks in Singapore (ABS), and government agencies.
There are 30,000 monthly users and nearly 1.2 million data retrievals. SGFinDex offers data protection and privacy controls that only allow retrievals and updates through the explicit consent of individuals via Singpass, with the consent lasting for one year from the first time the user links an account to SGFinDex.
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.”
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.”