While most people have a pretty good sense of how much cash and savings they have, one area of personal finance that we tend to forget is insurance. After all, insurance is one of those things that we buy and hope not to use, which makes it easy to forget. We are also likely to hold different policies across different insurers which makes it harder to keep tabs on.
If you want to have a consolidated view of your insurance coverage or prefer not to engage in a annual review with your insurance agent(s), the latest enhancement to SGFinDex is the personal finance solution you didn’t know you needed.
What Is SGFinDex?
SGFinDex stands for Singapore Financial Data Exchange. It is a joint initiative by the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG), with the support of the Ministry of Manpower (MOM). It is a centralised gateway that uses Singpass for authentication.
Through SGFinDex, Singaporeans can now conveniently and securely view our consolidated personal financial data. This includes our cash, credit card, loan balances from banks, equities and other investments from CDP, insurance policies from insurers and CPF balances from the government.
However, SGFinDex is just a data exchange, we will need a financial planning application to access our financial data. This can be through bank applications such as DBS NAV Planner, OCBC OneView and UOB Mighty. While all these platforms are secure ways to access SGFinDex, there is a non-commercial option as well: MyMoneySense.
Here’s a step-by-step guide to accessing your full insurance coverage via SGFinDex using MyMoneySense.
Step #1: Log In With SingPass On MyMoneySense
MyMoneySense is a financial planning digital service jointly developed by the Ministry of Manpower (MOM) and Government Technology Agency and is an initiative under MoneySense.
We can easily login with the Singpass app by scanning the Singpass QR code.
Step #2: MyMoneySense Dashboard
Once you have logged in, you will see a dashboard. Depending on whether you have used SGFinDex before, you can see your last date of data retrieval. All the information displayed in the dashboard will be based on your most recent retrieval.
As you can see, mine was last retrieved in September 2021 which means the data is outdated.
Step #3: Setup SGFinDex Connections
Whether we are new users or someone who needs a data refresh, we need to set up our SGFinDex connections. The following steps to set up a connection are important because even if we have previously connected our banking accounts. The insurers are a new addition to SGFinDex. We will need to set up the linkages to the insurers before we can see our insurance coverage.
To do so, 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 to the insurers (or any other financial institutions), just click on the company logos.
From this page, you can also see the active connections and expired connections to SGFinDex. Active connections means that linkages to the financial institutions is still valid and data retrieval can be done automatically. Expired connections means that the linkages are no longer active, and you will need to re-login to the individual financial institutions to retrieve the data.
Read Also: Complete Guide To Understanding CPF’s Dependants’ Protection Scheme (DPS)
Step #5: Connect To An Insurer
As most Singaporeans will have a policy with Great Eastern because it is the sole administer of CPF Dependants’ Protection Scheme, we will connect to Great Eastern as an example.
Step #6: Login To The Insurer If Needed
We will be directed to the insurer’s login page. For Great Eastern, we will need to login to our GREAT account. Some insurers may only require Singpass login, while others may require username/password logins and mobile OTP verifications.
Step #6: Approve Access For The SGFinDex Linkage
Once we logged in, we will have to give the consent for SGFinDex to access our data with the insurer.
After we agree, we will be redirected back 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 so, we return to the dashboard, and click on “Retrieve”.
We will then need to give consent for the retrieval. As you can see, “Life & Health Insurance Information” is now requested from our connected insurer “Great Eastern”. If we have multiple insurers, we will have to repeat Steps 4 to 6 to connect these other insurers. Doing so will allow us to have a consolidated view of all our insurance policies.
Step #8: View An Overview Of Our Insurance Coverage
After retrieving the data, we can see an overview of the policies we have. These are categorised into 3 main types: Life, Accident & Health, and Others.
We can also see immediately, our total sum assured for Death, Accidental death, Total permanent disability and Critical illness. This is very helpful to assess at a glance, whether we are underinsured in any area.
Step #9: View More Details About Each Policy
We also can view more details about each policy including the policy number, sum insured and the next premium due date.
As MyMoneySense also tags each policy by its type, it is also helpful for us to identify any potential overlaps in policy coverage.
SGFinDex Helps Singaporeans Consolidate Our Financial Information
This latest enhancement of SGFinDex to include insurers is very helpful for those of us who have multiple insurance policies across multiple insurers. It is easy to forget about certain policies especially if we are not paying them on a regular basis (i.e. the premium is fully paid up).
However, only 7 insurers are onboard 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, those policies would not be captured with SGFinDex. This means that you will still have to account for them manually.
Yet, we cannot deny the convenience of having all our insurance information consolidated with the option of using our own preferred financial planning application. MyMoneySense is only one of the available financial planning applications. So try out SGFinDex. You may find out more things about your own personal finances.
The post Step-By-Step Guide To Check Your Full Insurance Coverage Using SGFinDex appeared first on DollarsAndSense.sg.
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