The Insurance in Superannuation Working Group (ISWG) is calling for comment on plans to improve data sharing for group life policies.

A discussion paper says a single insurance matter may be recorded on multiple systems that are not integrated, hindering timely access to information.

It warns the industry risks performing in a “suboptimal” manner.

ISWG Chairman Jim Minto says improved data sharing would help super fund members make better decisions about insurance, and assist funds in better determining arrangements.

“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,” he said.

The discussion paper suggests developing agreed standard insurance data definitions and file formats, and taking steps to prevent unnecessary doubling up of premium payments under multiple policies.

“While generally the data management of superannuation is highly controlled, the aspects associated with insurance have not received the same attention,” the paper says.

The paper is the fourth is a series from the ISWG as it moves towards developing an insurance code of practice for superannuation trustees.

Mr Minto says an enforceable code and good practice guidance for trustees will be published by the ISWG later this year, with further documents and discussion papers due in coming months.

Submissions on the data management proposals are due by August 18.

The ISWG includes a range of super industry organisations, the Financial Services Council and representatives from life insurers and consumer advocates.