The Financial Services Council (FSC) has established a project to improve the life insurance industry’s collection and analysis of aggregate data and design more efficient products.

It will allow insurers to show customers how much is paid in claims per impairment, broken down by dollar value and the number of people who receive the benefit.

The FSC believes the number of mental health claims revealed will further the development of public policy on mental illness.

It has worked with the corporate and prudential regulators over two years on the data reforms.

The FSC has also extended its voluntary Life Insurance Code of Practice to cover superannuation trustees. The FSC’s 15 trustee members represent $500 billion across more than 12 million super accounts.

It will publish a draft version of the combined code later this year for public consultation. It is expected the revised code will accepted by July next year.