“Big data” could provide a sound basis for future policy decisions, Australian Institute of Superannuation Trustees (AIST) chief executive Tom Garcia has told a JP Morgan round table.
“Often policy decisions seem to be made at the drop of a hat but it would be nice to have what’s the basis for these decisions and why are we moving there and what are we actually trying to fix,” he said.
“If we have all that data building up over time we’ll have a better idea of how we can make the system better.”
Garcia said looking into the next 30 years, big data collected through enhanced data reporting requirements could give insight into longevity issues, cash flow, consumer behaviour and engagement which could feed into policy decisions.
He said AIST’s work with industry mental health service SuperFriend had highlighted how big data could provide consumer information which could have flow-on effects for the industry.
“If there’s all this fantastic information coming out of insurance – how it’s being paid and who it’s being paid to – then this notion of big data, that you could put something together to say there’s an issue with mental health in these sectors, we need to be at the front of it,” Garcia said.
