APRA/ASIC pilot claims-handling reporting regime

9 May 2017
| By Mike |
image
image
expand image

Australia’s two major financial services regulators have begun the pilot phase of their project to improve public reporting of life insurance claims.

The pilot project was confirmed by both the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) and is aimed at collecting and publishing life insurance claims data on an insurer basis.

According to the two regulators it will include data on claims handling timeframes and dispute levels intended to allow for meaningful comparisons of insurer performance and more effectively inform consumers.

The pilot program comes at the same time as the Insurance in Superannuation Working Group has come up with a set of proposals intended to better inform members of their insurance benefits and entitlements.

Commenting on the pilot program, APRA member, Geoff Summerhayes said it represented an important milestone to establishing a consistent public reporting regime for claims data and claims outcomes.

"Our intention is to collect and publish credible, reliable and comparable data on an insurer-level basis,” he said. “Such information will enable consumers to better understand insurance products and more confidently engage with insurers.”

For the pilot phase, life insurers are requested to complete the data reporting template by 30 June 2017.

APRA said data would be accepted on a ‘best endeavours’ basis, recognising that insurers may need time to adjust their systems to enable them to capture and provide reliable data.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

3 days 19 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

3 days 19 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

3 days 20 hours ago