Australia is at the forefront innovation amongst insurance regulators.
Through the joint program established last year by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) they have developed the Life Insurance Reporting Standard LRS 750.0.
According to APRA, this standard will force insurers to report their data claims and disputes. This approach will help to enhance the transparency and accountability.
The prudential regulator said that the first public release of data under the new standard is due in ‘early 2019’.
“This new standard, based on more than 18 months of engagement with industry and consumer groups, codifies life insurers’ reporting obligations and provides greater clarity around definitions and claims processes. The introduction of a legally binding reporting standard will improve the consistency and reliability of the data we receive, and guarantee it continues to be made available to regulators and consumers,” APRA Commissioner Geoff Summerhayes.
He said that the publication of this data puts Australia ahead when it comes global innovation amongst insurance regulators.