Regulators have started the pilot phase of a project to improve public reporting of the life insurance industry’s claims performance.

Life insurers will be asked to complete a reporting template by June 30 in the first of three rounds of data collection.

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) said the initiative aimed to eventually publish data on claims handling timeframes and dispute levels, better informing consumers and allowing for improved performance comparisons.

“Our intention is to collect and publish credible, reliable and comparable data on an insurer-level basis,” APRA Member Geoff Summerhayes said.

“Transparency will assist with accountability and drive improved performance in the sector, which should ultimately improve trust and confidence.”

Mr Summerhayes says there is still some way to go before data is “sufficiently robust” for publication, but the pilot collection is an important first step.

The regulators have released a discussion paper on the proposal, setting out its objectives and rationale and the process to be undertaken.

Responses are due by August 11.