Insurance portal CompareFIRST a hit with consumers

SINGAPORE — CompareFIRST, a one-stop portal for consumers to compare key features of life insurance offerings before purchasing policies, has logged more than 180,000 visits since its launch in April, the Monetary Authority of Singapore (MAS) said today (July 21) at its annual report briefing.

Insurance product summaries have also been downloaded more than 110,000 times on the website, the MAS said. CompareFIRST, which aims to spur competitive pricing of life insurance products, is part of a multi-pronged effort by the MAS to help Singaporeans better manage their personal finances.

The portal, which is a joint effort by the MAS, the Consumers Association of Singapore, the Life Insurance Association and financial education programme MoneySENSE, lists offerings from a dozen insurance companies, such as AIA, Aviva, Great Eastern Life, Manulife, NTUC Income and Prudential. It features five categories of insurance products: Term life insurance, whole life insurance, endowment policies, direct purchase insurance (DPI), as well as investment-linked life insurance policies (ILP).

Pricing is indicated for all categories except ILPs, allowing for comparisons to be made between the various product offerings. For ILPs, only general information is provided. About 10 per cent of the offerings are DPI products that meet individuals’ basic protection needs.

“DPI offers consumers access to selected term life and whole life insurance products sold without commissions or financial advice. More than 200 DPI policies have been sold in the first three months of the launch, with a further 100 applications pending approval by insurers,” the MAS said.