The Competition Policy Review says consumers should have greater access to their data, in a proposal that would see insurers provide information on customer behaviour.

Insurers have invested heavily in collecting data and “mining” it for insights on their customers so they can anticipate needs and tailor offerings, but the review led by Ian Harper says “not only businesses but also consumers should be able to benefit from information collected on individuals”.

Under the Privacy Act consumers can request access to personal data held by businesses, but the law does not specify how it is provided to them.

The review panel says the information must be accessible in a useable format.

“The panel considers that the Australian Government and state and territory governments, together with businesses, consumer groups and privacy experts, should establish an agenda for developing a partnership agreement that facilitates new markets for personal information services and allows individuals to access their own data for their own purposes.”

The review’s chapter on “informed choice” says globalisation, competition and technological innovation have expanded consumer choice. This can drive innovation but also present consumers with greater complexity, such as through offerings on comparison websites.

It is important that the “right” information is provided and is accessible, that consumers can assess offers available and that they can – and want to – act on the information.

The report says comparison websites can benefit competition by reducing barriers to entry but comparing offerings can be “tricky”.