SINGAPORE: Customers of the Singapore Monetary Information Change (SGFinDex) will now have the ability to see at a look all their insurance coverage insurance policies from totally different insurers.
The addition of this consolidated knowledge was introduced by the Financial Authority of Singapore (MAS) and the Sensible Nation and Digital Authorities Group (SNDGG) on Wednesday (Nov 2).
SGFinDex, a joint initiative by MAS and SNDGG in collaboration with the monetary sector is described because the “world’s first public digital infrastructure that allows people to securely entry their monetary data held throughout authorities companies, banks, insurers, and the central securities depository”.
“The inclusion of insurance coverage knowledge provides to present banking and funding knowledge that people can retrieve by way of SGFinDex, making it simpler for people to determine insurance coverage safety gaps,” stated MAS and SNDGG.
“They’ll thus have a extra complete view of their monetary standing and have the ability to make extra knowledgeable monetary planning choices.”
The inclusion of insurance coverage coverage data will permit customers to entry it via monetary planning functions or web sites of collaborating insurers, banks and MyMoneySense, a government-led monetary planning digital service.
In keeping with MAS and SNDGG, there are at the moment greater than 30,000 month-to-month lively customers of SGFinDex, with about 1.2 million knowledge retrievals.
SGFinDex is designed with knowledge safety and privateness controls and the monetary knowledge might be retrieved and up to date solely via the express consent of the person via SingPass, the authorities stated.
The consent will final for one 12 months from the primary time a person hyperlinks an account to SGFinDex.
Mr Wee Ee Cheong, chairman of the Affiliation of Banks in Singapore and CEO of UOB stated: “Insurance coverage is a crucial part in a person’s long-term monetary planning.
“With insurance coverage knowledge now out there in SGFinDex, it should give customers a extra holistic view of their monetary place and empower them to make higher choices in constructing a complete and sturdy monetary portfolio.”
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