Singaporeans use genAI to research insurance but balk at personalised advice

Nearly half have used gen AI in choosing financial products.

Over 1 in 2 Singaporeans who use generative AI chat tools do so to compare financial products, including insurance, according to a survey by Million Dollar Round Table (MDRT).

More than a third (35%) of the 2,000 Singaporeans surveyed in April 2026 said that they use gen AI tools. Of the gen AI users, 51% said that they use it to compare financial products such as loans, credit cards, and insurance.

Almost half (47%) have used gen AI when choosing or switching financial products, such as loans, credit cards or insurance plans.

Two in five (40%) say it has informed major financial decisions, including large investments or property purchases.

Of those that use AI tools, 29% use AI chat tools such as OpenAI's ChatGPT and Google's Gemini, while 14% turn to AI-powered chatbots offered by banks or financial institutions.

For gen AI users, the appeal lies largely in convenience (57%) and cost accessibility (52%), alongside the ability to simplify complex information (40%) and the freedom to ask follow-up questions (37%), according to MDRT.

Most Singaporeans (81%) said that they use the tools to build knowledge and explore options rather than replace professional advice.

For those not using AI, lack of human oversight or reassurance (45%) was named as the top reason for not using the tools.

Other top concerns were the fear of bias or errors (36%), and the risk of generic or automated responses (36%), MDRT found.

Only 37% of Singaporeans who use AI tools are comfortable using them for personalized financial advice.