The FSC and a number of superannuation industry bodies have released their best practice guidance for group insurance data in a bid to improve industry sustainability.
The AIST, FSC, IFF, ISA Guidance Note 33, Best practice for group insurance data, was developed to improve the quality and availability of group insurance data for use in the tendering process, renewal pricing and reserving, and more generally by super funds and insurers, according to a joint statement.
The guidance note suggested that, for insurers, claims data should be updated on a monthly basis and each monthly census extract should be accessible at all time.
It also said that, on a 12-monthly basis, the insurer or their delegate should provide written confirmation that the data supplied has been validated and checked for accuracy.
Further, auditing should take place on a periodic basis to check for and protect against corruption of data.
“The new guidance note is proof that industry bodies are continuing to work to improve consumer outcomes and industry sustainability,” FSC chief executive Sally Loane said.
AIST executive manager for policy and research David Haynes added, “This guidance note recognises that improving the quality of data is a key step towards ensuring best practice in the insurance complaints handling experience.”