Jonathan Chua

Nielson has recently published a report titled Global Survey of Saving and Investment Strategies aimed at understanding how residents from all over the world view their current and future finance expenses. 35% of Singaporeans are reported to have expressed their pessimism in meeting their future financial goals.  This is higher than the global aggregate of 28%. This pessimism may be alleviated if the goals are clearly defined and managed from as young as possible. With these, we have short-listed the top financial goals that Singaporeans should aim for. Short-term Gain control over every day expenses A wise saying teaches us the importance of mastering the little before being responsible with much. Similarly, the management of one’s own personal finances is crucial. Some of the pointers to look out for include budgeting for one’s day to day expenses to ensure that there are savings. Be debt-free A shift towards a knowledge-based economy would mean a higher proportion ...

Similar to how FinTech reshaped financial services in 2015, it is now InsurTech’s turn to switch up the elements of the insurance industry. Using new technology advancements such as cloud computing, smartphone hardware and apps, InsurTech is set to transform old processes and enable new ways for customers to obtain and remain insured, while allowing insurers to connect digitally with customers. In the past year alone, this growing segment has increased three-fold – from US$800 million in 2014 to more than US$2.6 billion in 2015. The upward trajectory has continued into 2016, during which the first quarter has witnessed more than 45 deals worth over $650 million in funding. The Main Drivers of InsurTech So, what exactly does InsurTech cover? Contrary to popular beliefs (and misconceptions), InsurTech is more than the mere provision of insurance plans through technology. According to Startup Bootcamp, it comprises of up to seven major components: Data Management Peer-to-P...

The insurance world is one that is easy to grasp when it comes to its fundamentals, but is riddled with various terms that can confuse many policyholders when it’s time to make a claim. We take a look at the essential tool that is health insurance by explaining the most commonly used terms in this multi-billion dollar industry. Premiums and Claims These have been grouped together as they cover the basic functions of the industry. Premiums are the amount that a policyholder has to pay to an insurance company for the coverage. A claim is when a policyholder submits a request for the insurance company to reimburse them for a payment that falls under the agreed stipulations within their policy. Deductibles While most people usually only look at their plan’s upfront costs (premiums), the policy’s deductible should also be factored into the overall cost of your health plan. The term refers to the amount of money you have to pay every year to cover eligible incidents before your insu...

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Many of the people who engage the services of a financial planner tend to do so as retirement approaches. This is natural; retirement is a big step. Here is a financial planning to-do list if you are within 10 years of retirement. Sock Away as Much as Possible For many retirement savers, these are the highest income years of their careers. This is the time to contribute the maximum amounts possible to your employer’s retirement plan, IRA accounts and the like. While these contributions will not have the years to compound as those made in your 20s and 30s, every bit helps. (See also: Financial Planning: It's About More Than Money.) Check Social Security While there is some discussion as to the future solvency of Social Security, it's likely that those currently in their 50s will receive their benefits. You can get your statement and check your benefits here. The Social Security Administration has also indicated that they will resume mailing statements, so keep an eye out f...