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The web service which leverages Singpass’ digital signing service makes it simpler for policyholders to finish their nominations
SINGAPORE – Media OutReach Newswire – 22 March 2024 – Ranging from 15 March 2024, Prudential Singapore (“Prudential”) policyholders are in a position to nominate their beneficiaries on-line. Prudential is the primary insurer in Singapore to roll out an internet nomination of beneficiaries (“on-line NOB”) service utilizing Signal with Singpass, which makes it simple and extra handy for policyholders to appoint their beneficiaries.
Beforehand, Prudential policyholders needed to submit a tough copy of their nomination types to Prudential through publish or in particular person on the customer support centre. With on-line NOB, they now have the choice to submit their nomination types and digital signatures on-line.
Beneficiary nomination is essential in guaranteeing that the supposed recipients obtain the coverage advantages in response to the policyholder’s needs. Whereas it isn’t obligatory to make a nomination, doing so will enable beneficiaries to obtain the payout with none pointless delays or potential conflicts.
This on-line nomination service leverages Signal with Singpass[1] and generates Safe Digital Signatures (SES)[2]. These signatures could be verified and traced again to the signer, which confirms the authenticity and integrity of the signed paperwork. Signal with Singpass is a product developed by Authorities Know-how Company (GovTech) Singapore.
On-line NOB was launched following the Financial Authority of Singapore’s (MAS) announcement in July 2023 that amendments had been made to the Insurance coverage (Nomination of Beneficiaries) Laws 2009, to allow insurers to offer on-line nomination of insurance coverage beneficiaries from 2 January 2024.[3]
Mr Vikas Sinha, Chief Operations Officer, Prudential Singapore, stated: “With on-line NOB, we needed to make it easy, handy and safe for our policyholders to take the vital step of finishing their beneficiary nomination. This helps forestall any potential delays or disputes in distributing the coverage proceeds and offers clients larger peace of thoughts figuring out that their family members are cared for sooner or later.”
How on-line Nomination Of Beneficiaries works
Prudential policyholders might want to:
- Log in to PRUaccess, the corporate’s on-line buyer portal, to provoke an internet nomination for his or her chosen coverage.[4]
- Present particulars of their nominees and two attestors.
- Carry out digital signing through Signal with Singpass. Appointed attestors will obtain an e mail notification to make their on-line declarations.
- Submit the nomination.
The nomination will then be processed by Prudential and the policyholder will likely be notified on the standing of the nomination.
Quote from a Prudential policyholder
Ms Yeo Sook Kuan, 38 years previous.
“I’ve been laying aside the nomination of beneficiaries for my insurance coverage insurance policies as filling out paper types and getting somebody to witness the signing in particular person is known as a trouble. Now that we are able to do it on-line, it makes it a lot simpler for everybody, and it saves me a number of effort and time.”
[1] Policyholders are reminded to stay vigilant when performing digital transactions with Singpass. This contains checking that the area of the Singpass login web page is “singpass.gov.sg”, in addition to to keep away from sharing their Singpass credentials (e.g. Singpass ID, password) with others.
[2] Safe Digital Signatures (SES) are ruled by Singapore’s Digital Transaction Act.
[4] On-line NOB is just accessible for revocable nominations.
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The issuer is solely liable for the content material of this announcement.
About Prudential Assurance Firm Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Firm Singapore (Pte) Ltd is without doubt one of the high life insurance coverage corporations in Singapore, serving the monetary and safety wants of the nation’s residents for 93 years. The corporate has an AA- Monetary Power Ranking from main credit standing company Commonplace & Poor’s, with S$49.4 billion funds beneath administration as at 31 December 2022. It delivers a set of well-rounded product choices in Safety, Financial savings and Funding by a number of distribution channels together with a community of greater than 5,200 monetary representatives.
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