Forum: Digital nomination process for policyholders being studied

We thank Ms Benardine De Britto for her feedback (Time to change cumbersome nomination process for insurance policies, July 17).

We acknowledge that the current paper-based process for the nomination of beneficiaries by policyholders can be improved.

The Monetary Authority of Singapore (MAS) and Life Insurance Association, Singapore have been exploring providing policyholders with the option of nominating their beneficiaries via an electronic process, taking into account the need to strike the right balance between giving additional convenience to policyholders and establishing safeguards to protect their interest.

To this end, MAS is reviewing the legislative amendments required to facilitate the inclusion of this option.

Once the relevant amendments are effected, insurance companies will look to provide policyholders with this option.

Pauline Lim

Executive Director

Life Insurance Association, Singapore

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