Prudential is the first insurer in Singapore to roll out an online nomination of beneficiaries ("online NOB") service using Sign with Singpass, which makes it easy and more convenient for policyholders to nominate their beneficiaries.
Previously, Prudential policyholders had to submit a hard copy of their nomination forms to Prudential via post or in person at the customer service centre. With online NOB, they now have the option to submit their nomination forms and electronic signatures online.
Beneficiary nomination is crucial in ensuring that the intended recipients receive the policy benefits according to the policyholder's wishes. While it is not compulsory to make a nomination, doing so will allow beneficiaries to receive the payout without any unnecessary delays or potential conflicts.
This online nomination service leverages Sign with Singpass[1] and generates Secure Electronic Signatures (SES)[2]. These signatures can be verified and traced back to the signer, which confirms the authenticity and integrity of the signed documents. Sign with Singpass is a product developed by Government Technology Agency (GovTech) Singapore.
Online NOB was introduced following the Monetary Authority of Singapore's (MAS) announcement in July 2023 that amendments had been made to the Insurance (Nomination of Beneficiaries) Regulations 2009, to enable insurers to provide online nomination of insurance beneficiaries from 2 January 2024.[3]
Mr Vikas Sinha, Chief Operations Officer, Prudential Singapore, said: "With online NOB, we wanted to make it simple, convenient and secure for our policyholders to take the important step of completing their beneficiary nomination. This helps prevent any potential delays or disputes in distributing the policy proceeds and gives customers greater peace of mind knowing that their loved ones are cared for in the future."
How online Nomination Of Beneficiaries works
Prudential policyholders will need to:
- Log in to PRUaccess, the company's online customer portal, to initiate an online nomination for their selected policy.[4]
- Provide details of their nominees and two attestors.
- Perform digital signing via Sign with Singpass. Appointed attestors will receive an email notification to make their online declarations.
- Submit the nomination.
Quote from a Prudential policyholder
Ms Yeo Sook Kuan, 38 years old.
"I have been putting off the nomination of beneficiaries for my insurance policies as filling out paper forms and getting someone to witness the signing in person is really a hassle. Now that we can do it online, it makes it so much easier for everyone, and it saves me a lot of time and effort."
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About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country's citizens for 93 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor's, with S$49.4 billion funds under management as at 31 December 2022. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,200 financial representatives.
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