The Department of Health is the first Agency to make use of the Australian Prudential Regulation Authority’s (APRA) new Data Collection Solution which is to replace the Direct to APRA (D2A) system next year.
In a statement, APRA said its new system would be easier to use, require less maintenance and be as adaptable as reporting requirements, data analytics and technology evolved.
“The new Data Collection Solution will enable APRA to collect more granular data into the future, which will hone and strengthen its data-enabled decision-making,” the Authority said.
“The new solution will provide APRA and industry with a modern interface that will bring enhanced data submission capabilities.”
It said the Data Collection Solution was scheduled to become fully operational in the second half of next year.
APRA said that as the central statistical collection Agency for the financial sector, it had been asked by Health to collect data related to the private health insurance reforms that came into effect from 1 April last year.
“The data will be aimed at helping the Department assess the reforms’ impact on insurers, policyholders and other stakeholders, and for use in future policy planning,” APRA said.
It said that acting on the Department of Health’s request, it had released a new Reporting Standard for consultation with private health insurers, which, once adopted, would make reporting the data a legal requirement for the insurers, increasing its consistency and reliability.
The four-week consultation period closes on 11 October and the finalised reporting standard expected to be in force early in 2020.
APRA’s Executive General Manager of Risk and Data Analytics, Sean Carmody said the new Data Collection Solution would be a modern, efficient and flexible solution which would serve APRA and industry for years to come.
More information on APRA’s new Data Collection Solution can be accessed at this PS News link.
