TAL CEO rejects data indemnities
Australia's major life insurers need to jointly develop a dictionary of common data terms and descriptors, according to the chief executive of major insurer, TAL Limited, Jim Minto.
Speaking on a panel of life insurance company chief executives at the Financial Services Council conference, Minto said data integrity was crucial to risk management.
He said the task could not be left to the superannuation funds and had to be the responsibility of the major insurers.
Minto was also scathing of the acceptance of the practice of life companies signing indemnities with respect to the existence of bad data in the context of major group life tenders.
"If you sign an indemnity you're placing yourself on a hook," he said.
"We can't tolerate this and we have to lift standards," Minto said.
"To be asked to sign an indemnity is downright ridiculous," he said.
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