The Australian Prudential Regulation Authority’s (APRA) proposed new data collection tool is more efficient and user-friendly than the present system, the Insurance Council of Australia (ICA) says.

In a submission on the proposal, ICA says it supports the new web-based platform, which will not require installation on computers by reporting entities.

“APRA’s existing data validation process could be significantly enhanced with its new data collection solution. Feedback from our members is that APRA’s existing cross-check validations are unnecessarily complex.

“In this regard, APRA’s new data collection solution should enable a greater number of inconsistencies between prudential reporting forms to be identified prior to their submission to APRA.”