While most people have a pretty good idea of how much money and savings they have, one area of personal finance that we tend to overlook is insurance. After all, insurance is one of those things we buy and hope not to use, which makes it easy to forget. We are also likely to hold different policies with different insurers, which makes tracking more difficult.
If you want a consolidated view of your insurance coverage or prefer not to engage in an annual review with your insurance agent(s), SGFinDex’s latest enhancement is the personal finance solution you never knew you needed. .
What is SGFinDex?
SGFinDex stands for Singapore Financial Data Exchange. It is a joint initiative of the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG), with support from the Ministry of Manpower (MOM). It is a centralized gateway that uses Singpass for authentication.
Thanks to SGFinDex, Singaporeans can now easily and securely view our consolidated personal financial data. This includes our cash, credit cards, bank loan balances, CDP shares and other investments, insurance policies from insurers, and government CPF balances.
However, SGFinDex is only a data exchange, we will need a financial planning application to access our financial data. This can be done through banking apps such as DBS NAV Planner, OCBC OneView and UOB Mighty. While all of these platforms are secure ways to access SGFinDex, there is also a non-commercial option: MyMoneySense.
Here is a step-by-step guide to accessing your full insurance coverage through SGFinDex using MyMoneySense.
Step 1: Log in with SingPass enabled MyMoneySense
MyMoneySense is a digital financial planning service jointly developed by the Ministry of Manpower (MOM) and the Government Technology Agency and is an initiative of MoneySense.
We can easily login with the Singpass app by scanning the Singpass QR code.
Step 2: MyMoneySense Dashboard
Once logged in, you will see a dashboard. Depending on whether you have used SGFinDex before or not, you can see your last data recovery date. All information displayed in the dashboard will be based on your last recovery.
As you can see, mine was last retrieved in September 2021, which means the data is outdated.
Step 3: Configure SGFinDex connections
Whether we are new users or need a data refresh, we need to configure our SGFinDex connections. The following steps to set up a connection are important because even though we have already connected our bank accounts. Insurers are a new addition to SGFinDex. We will need to establish the links with the insurers before we can see our insurance coverage.
To do this, we need to go to More > Settings. Here we will find the option for Manage SGFinDex connections to banks, SGX CDP and insurers.
Step #4: Check your SGFinDex connections
To connect with insurers (or any other financial institution), just click on the company logos.
From this page you can also see active and expired connections to SGFinDex. Active connections mean that links with financial institutions are still valid and data recovery can be performed automatically. Expired connections mean that the links are no longer active and you will need to reconnect to the individual financial institutions to retrieve the data.
Step #5: Connect to an insurer
As most Singaporeans will have a policy with Great Eastern as it is the sole administrator of the CPF Dependent Protection Scheme, we will link to Great Eastern as an example.
Step 6: Connect to the insurer if necessary
We will be directed to the insurer’s login page. For Great Eastern, we will need to log in to our GREAT account. Some insurers may only require a Singpass login, while others may require username/password logins and mobile OTP verifications.
Step #6: Approve access for SGFinDex binding
Once logged in, we will need to give consent to SGFinDex to access our data with the insurer.
After agreement, we will be redirected to SGFinDex/ MyMoneySense.
We can see that Great Eastern is now added to our active connections for SGFinDex.
Step #7: Retrieve our data from the insurer
Now that we have an active connection, we can retrieve our data. To do this, we return to the dashboard, and click on “Recover”.
We will then have to give our consent for the recovery. As you can see, “life and health insurance information” is now requested from our connected insurer “Great Eastern”. If we have several insurers, we will have to repeat Steps 4 to 6 to connect these other insurers. This will allow us to have a consolidated view of all our insurance policies.
Step 8: Preview our insurance coverage
After retrieving the data, we can see an overview of the policies we have. These are categorized into 3 main types: Life, Accident & Health and Other.
We can also immediately see our total sum insured for death, accidental death, total permanent disability and critical illness. This is very useful to assess at a glance if we are underinsured in any area.
Step 9: View more details about each policy
We may also display more details about each policy, including policy number, sum insured and next premium due date.
Since MyMoneySense also labels each policy according to its type, it is also helpful for us to identify any potential overlap in policy coverage.
SGFinDex helps Singaporeans consolidate our financial information
This latest enhancement of SGFinDex to include insurers is very useful for those of us who have multiple insurance policies with multiple insurers. It’s easy to forget about some policies, especially if we don’t pay them regularly (i.e. the premium is fully paid).
However, only 7 insurers are on board SGFinDex: AIA Singapore, AXA Singapore, Great Eastern, Income, Manulife Singapore, Prudential Singapore and Singlife with Aviva. If you hold an insurance policy with other insurance companies, these policies will not be captured with SGFinDex. This means that you will still have to count them manually.
Still, we can’t deny the convenience of having all of our insurance information consolidated with the ability to use our own favorite financial planning app. MyMoneySense is just one of the financial planning apps available. Then try SGFinDex. You may know more about your own personal finances.