According to a recent announcement from the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG), people will soon be able to access and aggregate information on their life, accident, and health insurance policies held by various participating insurers digitally.
The Singapore Financial Data Exchange (SGFinDex), the first public digital infrastructure in the world that enables people to securely access their financial information held across governmental agencies, banks, insurers, and the central securities depository, will include information on insurance policies.
System makes financial planning easier
The system enables users to obtain information through MyMoneySense, a free government financial planning digital service, as well as through financial planning applications or websites of partner insurers and banks.
The addition of insurance data to the already-existing banking and investing data that people may access via SGFinDex makes it simpler for people to spot insurance coverage gaps. As a result, they will have a more complete understanding of their financial situation and be in a better position to make financial planning decisions.
The Life Insurance Association of Singapore (LIA Singapore), The Association of Banks in Singapore (ABS), and governmental organizations work closely together to make this improvement possible.
SGFinDex is built with protections for data protection and privacy. The only way to retrieve and change financial data is with the person's express permission.
According to Mr. Sopnendu Mohanty, chief FinTech officer at MAS, "SGFinDex has gradually made it possible for people to aggregate, access, and view their financial holdings. The comprehensiveness has been further enriched with the inclusion of insurance data, which has improved financial planning for individuals. This has once again shown how crucial public-private sector cooperation is to developing novel solutions that make people's lives easier and pave the door for more cooperation in open finance.
The addition of insurers to SGFinDex, according to Mr. Khor Hock Seng, president of LIA Singapore, "underscores the necessity of protection to achieving financial health and will give people a more well-rounded perspective of their financial portfolio. The life insurance sector in Singapore will keep working to improve financial literacy among the populace in order to close the underinsurance gap and assist people better prepare for retirement. Given the current inflationary pressures and Singapore's rapidly aging population, this is especially important right now.
"ABS will continue to enable collaboration within the financial industry and with government agencies, leveraging technology to extend the capabilities of SGFinDex to benefit our nation and its people," stated Mr. Wee Ee Cheong, Chairman of ABS and CEO of UOB.
In May 2017, the Singapore Prime Minister's Office established the Smart Nation and Digital Government Group (SNDGG) to lead and coordinate digitalization and Smart Nation initiatives across the Singapore Government.
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