Singaporeans can now access consolidated views of their insurance policies

Deputy Prime Minister Lawrence Wong announced this during the SFF 2022.

Singaporeans can now gain a consolidated view of their insurance policies across various insurers on the Singapore Financial Data Exchange, Deputy Prime Minister Lawrence Wong said during his opening remarks at the Singapore Fintech Festival 2022.

The inclusion of information on insurance policies to the Singapore Financial Data Exchange (SGFinDex ) enables individuals to access this information through financial planning applications or websites of participating insurers, banks, as well as through MyMoneySense , a free government financial planning digital service.

According to Wong, this will enable Singaporeans to identify potential protection gaps more easily and gain a more comprehensive view of their financial positions.

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With the addition of insurance policies to SGFinDex, Singaporeans will be able to identify potential gaps in their protection more easily, and have a more comprehensive view of their financial positions, said Mr Wong, who is also Finance Minister.

This enhancement is made possible through close collaboration with the Life Insurance Association, Singapore (LIA Singapore), The Association of Banks in Singapore (ABS) and government agencies. 

There are currently more than 30,000 monthly active users of SGFinDex, with nearly 1.2 million data retrievals. SGFinDex is designed with data protection and privacy controls. Financial data can be retrieved and updated only through the explicit consent of the individual through Singpass. The consent will last for one year from the first time an individual links an account to SGFinDex.