APRA has identified a number of areas, where superannuation trustees and life insurers can improve their claim handling processes. APRA has provided a letter to RSE licensees and life insurers which coincides with a report released by ASIC on an investigation into the treatment of insurance claimants.
Regulators to focus on claim handling processes during 2017
During 2017, APRA and ASIC will work closely with the industry to provide a consistent public reporting regime for claims data and claims outcomes, including claims handling time-frames and dispute levels across separate policy types. The data will be available on both an ‘industry’ and ‘individual insurer’ basis.
Insurance Risk
A number of superannuation trustees and insurers have projects underway to improve their claims processes. APRA will monitor the progress of these activities, and expects key risks to be recognised and actively addressed by insurers and trustees.
