The Insurance in Superannuation Working Group has turned its attention to ways to use data to improve insurance in superannuation.
The Insurance in Superannuation Working Group (ISWG) – comprised of superannuation industry bodies – has been working on ways to improve the outcomes of insurance in super. The working group has now released the forth in a series of discussion papers, this one on ways to improve insurance in superannuation for fund members using data management.
“The paper, Data Management, outlines proposals that seek to enhance member insurance outcomes by improving access to timely and relevant information,” said ASFA, a member of the ISWG.
“Proposals include that superannuation funds develop an Insurance Data Strategy and supporting Framework; that a data standard and supporting network be developed for the transmission of data between administrators, trustees and insurers; and the development of mechanisms to allow relevant data to be shared (with appropriate controls) for the purpose of improving members’ retirement and insurance outcomes.”
ISWG Chairman Jim Minto said that improved data sharing would help members make better decisions about insurance and help super funds to better determine the appropriate insurance arrangements for members.
“The wider superannuation industry is working collectively on key insurance issues that are very important for members of superannuation funds. While superannuation delivers valuable insurance benefits very efficiently and effectively there are some issues that need resolution and there is broad commitment to addressing these,” Mr Minto said.
Submissions in response to the data management discussion paper are due no later than 18 August 2017. Details on how to make a submission can be found here.
The ISWG plans to release further discussion papers in coming months, ahead of an Code of Practice and Good Practice Guidance for super fund trustees later in 2017.
The ISWG is comprised of AIST, ASFA, Industry Super Australia, the Financial Services Council (FSC) and Industry Funds Forum (IFF).