Consolidated view of insurance policies now available on SGFinDex

Consolidated view of insurance policies now available on SGFinDex

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.”

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.

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.”