Deputy Prime Minister Lawrence Wong announced at Singapore Fintech Festival that SGFinDex will include information on insurance plans now.
So I went to try it. Would it be like comparefirst which is useful but has it's own sets of limitations or will it revolutionise the insurance industry?
#1 DATA IS SECRET
SGFindex is NOT AN APP! You can see it more like a "fetching data" service.
For now, it requires you to use one of the platforms (bank/insurer/moneysense log-in) to use it.
Maybe that's why the institutions are willing to collaborate and why they are vying to be your chosen SGFinDex partner?
I think the common suspicion is if we sync the preferred platform, they will be able to see all your information and exploit it!
If that is your concern, then maybe go with the moneysense log-in route since they have nothing to "sell"?
But I've chosen OCBC for this demonstration below.
Basically, it's a syncing process and nothing is stored.
How I sync on OCBC
The bank interface is really simple to sync SGFinDex.
DBS even integrates it's NAV PLANNER (their financial planning tool) with SGFinDex service.
For OCBC it's just a button away and a SINGPASS log-in to approve
I sync my ALL MY policies (ok maybe not...)
You'd next see how to choose which insurer to be in.
The list contains all the BIG insurers.
Do note, as of now, smaller insurers like Tokio Marine, China Life, China Taiping are not in yet.
General insurance focused insurers like HLAssurance and MSIG are also not there yet.
I have policies with AIA, INCOME and SINGLIFE and from one glance my total premiums are there.
Even my dependent policies are there.
See your details
An example is this wholelife plan I have.
You will find the plan name, policy number and basic coverage all in one glance.
HOWEVER, the plan multiplier is NOT reflected... these days... wholelife plans have multiplier factors.
Overall, still pretty useful...
I also found GIRO payment mentioned and policy due date which is good to know!
I hope this is not a one-off project and continuous upgrading will be done to the policy consolidation.
Such as a auto tabulation of total sum assured, a map on premium due dates... etc
Really make it a one-stop summation of policies that replaces an adviser's tabulation work which is not the highest value of work.
But who will have the incentive to continuously develop this moving forward? After all, COMPAREFIRST still looks the same as when it was first launched...