The bank has taken additional steps to include oft-overlooked miscellaneous expenses
DBS welcomes the inclusion of insurance policy data in SGFinDex, which marks a significant step forward for consumers in Singapore to gain a more complete view of their finances, as they can now easily access information on their life, accident and health insurance policies held with seven major insurers.
DBS/POSB customers will be able to view their life insurance policy information conveniently on one single tab, once they give consent to integrating the insurance data via SGFinDex through DBS digibank. To further differentiate its offering to customers, the bank is introducing several features, such as a summary dashboard, on which customers can see the total number of policies they hold, and total annual premiums due. They are also served reminders on upcoming premiums payable, and for the first time, will be able to see and track when their policies mature, and payouts come due (based on guaranteed maturity value) via a personalised timeline.
Thereafter, DBS NAV Planner’s insurance advisory feature will assess a customer’s insurance adequacy and provide tailored recommendations to help close any gaps. Akin to a financial advisor, it will also help customers to objectively calculate their protection coverage based on the number of declared dependents, a process that is aligned with industry benchmarks set by Life Insurance Association (LIA). The bank has, however, taken additional steps to include oft-overlooked miscellaneous expenses (such as the cost of engaging a helper during recovery) and built in an extra option for customers to adjust the inflation rate, to help users more accurately estimate their coverage needs.
“The move to avail insurance data via SGFinDex is an important milestone to complete the financial planning journey for some 2.8 million DBS NAV Planner customers. It is especially timely given today’s rising inflation and interest rates environment, where more people are actively engaged in reviewing their financial plans,” said Evy Wee, Head of Financial Planning and Personal Investing, DBS Bank. “Even as consumers brace for inflation and tighten their belts, it’s equally crucial that they do not neglect their protection needs and put their insurance coverage on hold, especially amid rising healthcare costs in Singapore.
“Insurance policy data is key to holistic financial planning, and we are laser-focused on helping our customers obtain the right amount of insurance coverage to cover all their needs. On the back of this data integration, we will next look at integrating existing AI/ML models into our insurance advisory feature to sharpen protection adequacy, retirement projections, financial health insights, and the recommendations we serve.”
In designing DBS NAV Planner’s new insurance journey extension, the bank had conducted several customer immersions workshops and research studies. These revealed that customers desire to have all their policy information “in one place” for easy access. Others found it challenging to assess their coverage needs gaps on their own, even as most prefer to “self-serve”. Respondents also found it a hassle to keep track of pertinent information regarding policy maturity and payouts via traditional paper records.
DBS NAV Planner is available to everyone in Singapore – including non-DBS/POSB customers. DBS/POSB customers can log into their internet banking or digibank accounts to access NAV Planner, whereas new-to-bank customers can sign up for a digibank account in four steps with MyInfo. Today, some 2.8 million customers have used DBS NAV Planner to date, with the majority between the ages of 21 and 50.
Since November last year, users have been able to pool their Central Depository (CDP) investment holdings data via SGFinDex. This is in addition to being able to consolidate their data account balances, credit cards, loans, and investments across seven participating banks, and retrieve data from the Central Provident Fund, the Housing Board, and the Inland Revenue Authority of Singapore, also via SGFinDex. Customer consent via SingPass is required for the consolidation of data through SGFinDex.