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Guidance release on group insurance data
Life insurance and superannuation bodies have released best practice guidance for group insurance data to improve the quality and availability of group insurance data.
The group comprising of the Australian Institute of Superannuation Trustees (AIST), the Financial Services Council (FSC), the Industry Funds Forum (IFF), and Industry Super Australia (ISA), said it would improve the data for use in the tendering process, renewal pricing and reserving and more generally by super funds and insurers.
The guidance was designed to result in more accurate and fair pricing, improve industry sustainability and increase regulator confidence in the industry.
AIST executive manager, policy and research, David Haynes said: “This guidance note recognises that improving the quality of data is a key step towards ensuring best practice in the insurance complaints handling experience”.
Also commenting, IFF chair, Sandy Grant said the guidance note would strengthen the life insurance system.
“Group insurance in superannuation has been a successful policy for Australia, resulting in better risk protection for Australians from all walks of life and providing a safety net to millions of people who would have otherwise not have life and disability insurance individually,” Grant said.
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