Australian regulatory bodies APRA and ASIC have begun the pilot phase of a new project which is set to make it simpler for Aussies to compare life insurance companies.
The new collaboration between the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) comes after a report from the latter found, “a clear need for better quality, more consistent and more transparent data about insurance claims.”
The project aims to improve reporting on life insurance claims across the industry by collecting and publishing data on Australian life insurers. The data will cover areas such as how long it will take for a claim to be handled and dispute levels.
APRA Member Geoff Summerhayes said the data collection phase of the project was an important start to establishing a consistent public reporting mechanism for life insurance claims information and outcomes.
“Our intention is to collect and publish credible, reliable and comparable data on an insurer-level basis. Such information will enable consumers to better understand insurance products and more confidently engage with insurers. Transparency will assist with accountability and drive improved performance in the sector, which should ultimately improve trust and confidence,” he said.
For Aussies taking out life insurance policies, the project stands to make it simpler to compare life insurance options and find the best one to suit their needs.
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“This is definitely a welcome development,” said Mozo Data Manager Peter Marshall.
“The insurance industry can be tricky for people to navigate at the best of times. Anything that makes it easier for them to effectively compare policies, not only on price, but on how effective cover is and how claims are handled will be beneficial.”
Until the project is underway, you can find some of the top life insurance deals right here at Mozo.