The COVER platform presents a dashboard for users to assess their insurance coverage across multiple products and providers. Users can manage their insurance contract by making claims and cancelling policies. They can also monitor policy payments both as insured and beneficiary.
The platform includes basic features so users can plan for unexpected events. Key contacts like Power of Attorney and Will Executor can be recorded and easily accessed during key events.
The COVER platform aims to be the trusted one-stop national platform for Singaporeans to manage their insurance policies and unexpected events throughout their lifetime.
Most Singaporeans have, as part of their citizenship and/or national service obligations, some forms of insurance coverage. These may include:
This is in addition to those provided by their employers and individually bought.
With a growing middle-class and higher levels of education, Singaporeans have grown financially sophisticated and turn to insurance to meet various needs. However, insurance policies are complicated contracts which are particularly difficult to track in the long term. Furthermore, not all Singaporeans have access to or can afford financial planners to understand their insurance needs. As a result, we observe:
The COVER platform can address these and other problems plaguing the insurance industry by tracking all MAS-approved insurance policies sold to Singaporeans, PR and residents. This is similar to how the Central Depository Fund (CDF) tracks share ownership on SGX transactions.
The platform is user-centric, summarising all policies bought based on risk-event (eg. death, critical illness). This is a great starting point for financial planners to fact-find instead of trawling through pages of policy documents.
The COVER platform attempts to be transparent by tracking premiums and benefit payments between various parties, thereby reducing the risk of fraud and unclaimed policies.
Change in the policyholder circumstance can be propagated to all affected parties (eg. insurers, agent) at once, for instance, a change in home address.
This is a prototype website to demonstrate various functionalities.
From the 'Select User' drop down menu, you can view two user examples:
For enquiries, please email to: justinchanuk [at] gmail.com