Life insurers are likely to take over the task of collecting and analysing claims and dispute data from ASIC and APRA, after the two regulators gave their support to a data gathering project presented by the FSC.<\/p>\n
Under the project, life insurers would fund an independent data expert to collect and analyse claims and disputes data, and help insurers pass on relevant data to ASIC and APRA when required as part of their joint Claims Handling Data Collection scheme (see:Regulators Begin Collection of Claims Data<\/a>).<\/p>\n The two regulators announced in-principle support of the industry driven project as part of the recent release of the second round of claims and dispute data, which confirmed advised insurance had higher levels of successful claims (see: Advised Insurance Best for Claims<\/a>).<\/p>\n \u201cThe agencies consider that robust reporting offers the life insurance industry an opportunity to better understand and communicate claims performance to the community,\u201d ASIC and APRA stated.<\/p>\n \u201cThe industry has acknowledged this by approaching the agencies via the Financial Services Council with a proposal to engage and fund an independent data expert to collect and analyse claims and disputes data,\u201d the two regulators added.<\/p>\n ASIC and APRA stated the project would lift the data gathering and reporting capabilities of the life insurance sector as well as its ability to communicate its performance around claims and dispute management.<\/p>\n“…robust reporting offers the life insurance industry an opportunity to better understand and communicate claims performance to the community…”<\/h6>\n