Thursday, October 19, 2017

Singapore launches insurance comparison site

A new web portal lets consumers compare premiums and features being offered by insurers in the Lion City.

Singaporeans looking for the best insurance products will soon be able to compare different products offered by insurance companies online, as the Monetary Authority of Singapore (MAS) has announced that a new web portal called compareFIRST will be launched on April 7.

The site will allow consumers to compare the premiums and the features of products offered by different insurance companies.

MAS said the website was a collaborative effort by the Consumers Association of Singapore, MAS, the Life Insurance Association Singapore as well as MoneySense.

While the website features the different products of insurance firms in Singapore, MAS advised consumers still to approach their financial advisers or life insurance firms should they decide to purchase life insurance products.

In addition, from April 1, consumers will be able to buy a new type of simple life insurance product, called Direct Purchase Insurance, which will be sold without commissions and financial advice, with lower premiums than comparable life insurance products, MAS said.

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