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Singapore

Consolidated view of insurance policies now available on SGFinDex

The inclusion of insurance data adds to existing banking and investment data that individuals can retrieve via SGFinDex.

02:38 Min
Users of the Singapore Financial Data Exchange (SGFinDex) will now be able to see at a glance all their insurance policies from different insurers. The addition of this consolidated data was announced by the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) on Wednesday (Nov 2). Jeraldine Yap reports.

SINGAPORE: Users of the Singapore Financial Data Exchange (SGFinDex) will now be able to see at a glance all their insurance policies from different insurers.

The addition of this consolidated data was announced by the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) on Wednesday (Nov 2).

SGFinDex, a joint initiative by MAS and 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," said MAS and SNDGG. 

"They will thus have a more comprehensive view of their financial status and be able to make more informed financial planning decisions."

Deputy Prime Minister and Minister for Finance Lawrence Wong also announced the move in a speech at the Singapore Fintech Festival on Wednesday.

"Planning for your finances is a step towards having less stress in life, and building a more resilient financial future," he said. 

The inclusion of insurance policy information will allow users to access it through financial planning applications or websites of participating insurers, banks and MyMoneySense, a government-led financial planning digital service.

Mr Wong said it will also "enable Singaporeans to identify potential gaps in their protection more easily, and have a more comprehensive view of their financial positions".

Going forward, he added, the Government hopes to "onboard more financial institutions and a wider range of financial information onto SGFinDex for an even more comprehensive overview and greater convenience in financial planning".

According to MAS and SNDGG, there are currently more than 30,000 monthly active users of SGFinDex, with about 1.2 million data retrievals.

SGFinDex is designed with data protection and privacy controls and the financial data can be retrieved and updated only through the explicit consent of the individual through SingPass, the authorities said.

The consent will last for one year from the first time an individual links an account to SGFinDex.

Mr Wee Ee Cheong, chairman of the Association of Banks in Singapore 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."

How to connect to SGFinDex

1) An individual can connect to SGFinDex via any participating banking, insurance or MyMoneySense platform using their SingPass.

The participating banks are Citibank, DBS, HSBC, Maybank, OCBC, POSB, Standard Chartered and UOB.

The participating insurers are AIA Singapore, AXA, Great Eastern, Income, Manulife Singapore, Prudential and Singlife with Aviva.

2) The individual has to choose the bank, insurer or SGX they want to add and give each institution consent to share information.

3) An individual has to provide consent to retrieve data from selected institutions and Myinfo via SGFinDex.

The consent will last for one year from the first time an individual links an account to SGFinDex.

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Source: CNA/fh(ac)

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