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PolicyPal

Protect and Grow your Wealth

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AMA PolicyPal

PolicyPal

Are you willing to share what your financial portfolio look like? Or if not so specifically, maybe can share what percentage of it is being made up by different financial asset classes?
1. Endowus (39%) +7.29% (in SGD) - Cash Advised Portfolio (100% Equities) - Dimensional Pacific Basin Small Companies Fund - Dimensional Emerging Markets Large Cap Core Equity Fund - Dimensional Global Core Equity Fund - LionGlobal Infinity US 500 Stock Index Fund - Fund Smart (100% Equities) - FSSA Regional China Fund (50%) - FSSA Dividend Advantage Fund (20%) - Nikko AM Shenton Global Opportunities Fund (10%) - LionGlobal Infinity Global Stock Index Fund (5%) - PineBridge Asia ex Japan Small Cap Equity Fund (5%) - Schroder Global Emerging Markets Opportunities Fund (5%) - UOB United Global Quality Growth Fund (5%) 2. US Stocks (23%) +31.34% (in USD) - Tesla (TSLA) - Nio (NIO) 3. AutoWealth (21%) +11.71% (in USD) / +7.81% (in SGD) - Level 4 (80% Equities, 20% Bonds) - Vanguard Total Stock Market Index Fund ETF Shares (VTI) - Vanguard European Stock Index Fund ETF Shares (VGK) - Vanguard Pacific Stock Index Fund ETF Shares (VPL) - Vanguard Emerging Markets Stock Index Fund ETF Shares (VWO) - iShares 7-10 Year Treasury Bond ETF (IEF) - SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) 4. SG Stocks (17%) -1.84% (in SGD) - SATS (S58) I bought SATS in January before the March crash, looking forward to offloading it once it reaches $4.50. For US stocks, some stocks on my watchlist are Alibaba, Sea Ltd, ARKK ETF, and a couple of others. My plan is to exit the SG market, use both Endowus and AutoWealth for passive investment, and allocate a small portion to the US market where I do individual stock picking (for growth).

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AMA PolicyPal

PolicyPal

Fresh Graduates

Entrepreneurship

Career

What's your recommendation for a business graduate who wants to build a tech startup?
Hi Anon, The most important thing to remember as an entrepreneur is that it is never easy. As many other successful entrepreneurs would share, you are bound to encounter setbacks and failures. The key thing is to always keep going and never lose the desire and belief. When I first started, I made an effort to speak to as many people as possible. Never be shy to share your idea. You will be surprised by the insights you can gain by speaking to more people. Another important thing is to find a mentor. Finding a good mentor can help a founder feel less lonely. A good mentor can help to provide sound input as you grow your startup. As with all relationships, it can't be forced. While finding good mentors is never easy, it is something that will help you in the long run.

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AMA PolicyPal

Insurance

PolicyPal

Fresh Graduates

Hi Val, I am a fresh grad and looking to start buying insurance gradually since I don't have any now and am looking to pay for my own insurance. What are the different types of insurance plans?
Hi anon, If you have already settled your emergency funds, then in order of importance, here is what you should be looking at: 1. Hospitalization plan. This covers any hospital bills and associated pre/post hospitalization costs. This would be from an integrated shield plan, with a rider to take care of the deductible/co-insurance. Depending on your budget, you can take a private hospital plan and downgrade later, or just go for Goverment A ward. 2. Critical Illness coverage. This provides a sum of money for you to cover your expenses and other out of pocket costs should you fall critically ill and are not able to work. Usually recommended to cover at least 5 years of expenses and an additional sum to cover out of pocket. This is usually via a limited payment life plan, or a term plan, depending on your budget/needs 3. Death coverage. This provides a lump sum of money should something happen to you. Not mandatory if you have no dependents or liabilities. Usually takes the form of a term plan. For the coverage amount, you could use a multiple such as 10 x of your current income, or calculate based on your current liabilities. 4. Personal Accident. For the minor stuff like TCM claims, etc. Generally, you should not have to spend more than 10% of your income on coverage. You can work with an independent financial advisor who can provide multiple options and explain in detail what you will need to know about the types of insurance as well as the options from various insurers before you come to a decision, especially with respect to cost effectiveness as well as the minor differences between the plans. You will want to be comfortable to share your fiinancial details with your advisor as that will be important for the advisor to consider your current situation before suggesting suitable solutions.

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AMA PolicyPal

PolicyPal

Insurance

What are your thoughts on female insurance premiums are more expensive than males because the former statistically live longer. Is it fair?
Hi anon, For death/TPD, statistically women live longer and thus premiums on death/TPD will be lower than that of males, regardless of whether you are talking about term or whole life. However, this also means that the chances of contracting a CI are higher and thus CI premiums tend to be higher for women. For long term care, women's premiums will also tend to be higher as they are likely to live longer than men if they are severely disabled. Since insurance is a transfer of risk from the insured to the insurer, and the risks are higher for some categories and lower for others, it makes sense that the insurance premmiums are adjusted accordingly.

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AMA PolicyPal

PolicyPal

Insurance

CPF

Hi Val, do you use your CPF for investment? If yes, how much is allocated and what is the portfolio like?
Hi HB Tan, I use Endowus for CPF investment. I allocate 30% of the funds for investment on stocks and bonds. Do make sure that you should evaluate the individual risk appetite based on your life stage and any liabilities before making any financial commitment on investment.

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AMA PolicyPal

PolicyPal

What's next on PolicyPal's radar?
Hi Anon, We are looking forward to our expansion into Hong Kong next. Also, we are excited to be part of AMTD-led consortium, Singapore-based digibank will be named Singa Bank includes Funding Societies, SP Group, and Xiaomi that is subject to approval from the Monetary Authority of Singapore. PolicyPal is now part of AMTD Digital to develop and expand in the region's insurtech sector, along with the overall goal to build an insurtech platform across Asia.

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AMA PolicyPal

PolicyPal

AMTD Digital acquires insurtech startup PolicyPal. How has this acquisition impacted PolicyPal and how have things changed since the acquisition?
Hi Anon, From this new partnership with AMTD, we are the world's digital insurer who gets bank partners, SME lending and payment distribution partners with a new investor coming on board. As we say, we are the new kid in the block and this model of scaling up inorganically is a unique model developed by us and we look forward to proving our state of the art Digital Insurer across Asia. Insurance companies pay a huge amount to become partners with banks, DBS got over 1.2 billion from Manulife, UOB got over 1.15 billion from Prudential. Instead of trying to serve customers through traditional bancassurance channels, we have embarked on this journey to co-create it with our Digital Bank partners from scratch without any legacy and shackles. We call it the Bancassurance 2.0 model - the future of collaboration between Digital Banks and Digital Insurers to help customers receive the best products and experience. We will be unlocking a lot of new distribution channels through our new banking, SME lending and payment partners. In the coming 12 months, we expect to grow at least 10x on our current distribution base so it will be a great opportunity for all partners to scale with us. We have the largest number of insurance partners in Singapore platforms today and we are thankful to each of these partners for believing in us.

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Financial Planners

Insurance

Fresh Graduates

Career

AMA PolicyPal

PolicyPal

What advice would you give budding financial planners who are just starting out?
Hi Anon, It is important to remember to remain curious and make a constant effort to learn about what consumers want. As a financial advisor, you should have a strong passion and desire to help individuals achieve their financial goals. Being in the industry that serves the people, it is important that you be genuine and be open to show showing vulnerability to others.

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PolicyPal

AMA PolicyPal

With the younger generation being more well-informed on different insurance policies, how do you think this could affect the future of PolicyPal?
Hi Anon, With the younger generation being educated on financial literacy, they are definitely more informed on different insurance policies. Here at PolicyPal, we are helping all our consumer to better buy manage and claim their insurance here. As the younger generation can better understand the importance of insurance, naturally, Policypal would be able to better assist them in making informed choices. This can be done by helping them to make the right choice for their protection needs and provide affordable financial products to them.

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AMA PolicyPal

PolicyPal

MoneyOwl

How is PolicyPal different from MoneyOwl? Are both of you considered competitors?
Hi Anon, At PolicyPal, we are the only platform that enables you to get the support and advisory services from all the insurers in Singapore, providing you with an end-to-end service throughout your insurance selection journey is what make us different. At PolicyPal, we adopt three strategic initiatives to serve our customers better than the traditional insurance experience. 1. We’ve digitized our entire paperwork process, seeking to make it a seamless experience for you whenever you engage with us. Our 24/7 customer support is there for everyone who can reach us anytime should they need help for queries or claims. 2. We’ve built an internal dashboard to give us a comprehensive overview of our customers’ relevant information. This allows us to handle manual tasks such as crediting P$ credits and processing customers’ policies with incredible efficiency. 3. At PolicyPal, our customer support team is all in-house. Everyone you talk to is part of The PolicyPal family; we do not outsource or hire any external team to handle any of your queries. Everyone at PolicyPal is trained to do customer support, and every new joiner shadows a team member for a week to learn the ins and outs of how PolicyPal handles customer support. We set ourselves the ambitious goal of offering a one-hour response time to all queries, around the clock, every single day of the year. It sounds like a lot of work, and to be fair it is, but we feel it’s worth it. We also offer PolicyPal credits, also known as P$ credits, is a loyalty programme for PolicyPal’s members. To start earning PolicyPal credits, all you need to do is download the PolicyPal app and sign up as a member. Both are free! Unlike other loyalty programmes that do not allow you to cash out your rewards points, PolicyPal members can turn their P$ credits into cash. Once you reach P$1,000 in your account, you can withdraw $1,000 cash into your bank! - Participate in PolicyPal challenges - Complete PolicyPal quizzes - Buy general insurance through the app - Refer your friends & family - Play the MoneyBag virtual savings game

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