New APRA Data Collection Requirements

Currently insurance brokers are required to submit reports to APRA using the existing data collection tool Direct to APRA (D2A) system which will be replaced next year.

Executive General Manager Risk & Data Analytics, Sean Carmody says, “The new Data Collection Solution will be a modern, efficient and flexible solution which will serve APRA and industry for years to come.”

The new data collection solution is currently being built, and is expected to be rolled out in 2020. This will affect all insurance broking firms who currently submit data to APRA. To learn more about the new project and how it will operate, APRA is hosting two webinars – on 14 and 15 August 2019.

NIBA CEO Dallas Booth has urged all Member Principals to arrange for a staff member to participate in the webinar so they can start to learn what will be required when the new system is introduced. The webinars will highlight aspects of the APRA Implementation Plan which will be relevant to all.

Registration for the webinars can be made through the following links:

Option 1: Wednesday 14 August 2019, 11.00am – 12.00pm AEST

Option 2: Thursday 15 August 2019, 11.00am – 12.00pm AEST

Booth said, “NIBA will continue to meet with APRA as the new data collection project continues, and we will provide further information to Members as it comes to hand. Please let us know if you identify any key issues during the implementation of the new data project by APRA.”

D2A is a bespoke system built in-house in 2001 and more than 4,500 reporting entities use it to submit data to APRA. The new Data Collection Solution will enable APRA to collect more granular data into the future and will provide the industry with a modern interface that will bring enhanced data submission capabilities.

The data and forms submitted into the new Data Collection Solution will not change on day one, and current reporting obligations and current reporting schedules will also not change.