A new discussion paper by the the Insurance in Superannuation Working Group (ISWG) has proposed the development of an 'insurance data strategy' and supporting framework to be adopted by all super funds.
The ISWG is a joint initiative of competing retail and industry super lobby groups and is chaired by former TAL managing director Jim Minto.
This is the fourth discussion paper released by the working group. Previous paper topics have been Account balance erosion due to insurance premiums, Claims handling and Member communication and engagement.
According to a statement by the working group, the data management paper "outlines proposals that seek to enhance member insurance outcomes by improving access to timely and relevant information".
Mr Minto said improved data sharing would help members make better decisions about insurance and also help funds to better determine appropriate insurance arrangements for their members.
"The wider superannuation industry is working collectively on key insurance issues that are very important for members of superannuation funds," Mr Minto said.
"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."
Submissions on the ISWG discussion paper on data management are due by 18 August 2017.
