Life insurance claims and disputes data collected under a new six-month compulsory reporting standard will be released from early next year.

The Australian Prudential Regulation Authority (APRA) last week published the standard after working with the Australian Securities and Investments Commission (ASIC) and industry and consumer groups over the past 18 months.

“The introduction of a legally binding reporting standard will improve the consistency and reliability of the data we receive, and guarantee it continues to be made available to regulators and consumers,” APRA Member Geoff Summerhayes said.

Insurers voluntarily participated in two pilot releases of claims and disputes data, which were made with a looser approach to reporting requirements. The standard codifies reporting obligations and provides more clarity around definitions and processes.

The new arrangements were triggered by an ASIC review of claims handling that highlighted inadequate data availability.

“Access to reliable and comparable data will help consumers make informed decisions about their life insurance,” ASIC Deputy Chairman Peter Kell said last week.

Regulators expect the data will be published on a six-monthly basis, with the first release based on information submitted by December 28.

It will provide data on both an industry level and individual insurer level.

The APRA standard is available here.