For superannuation funds with Group life insurance, managing data can be a complex proposition. Product variability, a reliance on third parties to provide data and a history of data transitions increase the risk of data being inaccurate or incomplete.
For superannuation funds with Group life insurance, managing data can be a complex proposition amidst high regulator expectations. APRA assessed data management as the weakest area during their 'SPS 250 - Insurance in Superannuation' thematic review. They expect more frequent and thorough programs of data verification, testing and cleansing and a degree of independence in this process. To assist Trustees to meet their responsibilities around the accuracy and completeness of insurance data, PwC have developed a set of pre-configured data analytics. These are designed to diagnose common problems and anomalies observed in the industry, and highlight areas of heightened risk in terms of inappropriate claim denial, the erosion of superannuation by insurance premiums, and potential conduct concerns.
For providers of Group life insurance, managing data can be a complex proposition amidst high stakeholder (Trustee) and regulator expectations. Trustees expect more thorough and frequent programs of data verification, testing and cleansing. To assist providers of life insurance to meet stakeholder expectations, PwC have developed a set of pre-configured data analytics. These are designed to diagnose common problems and anomalies we have observed in the life insurance industry, and highlight areas of heightened risk or potential conduct concerns. PwC are also able to customise the analytic to facilitate a risk-based approach to your review of withdrawn/denied claims, informing your response to ASIC’s industry-wide life insurance claims review. We would be happy to work with you and explore your data further to design a more customised analytic-enabled approach to the sampling of claims.
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