Take the 5-Step detox for healthy pension scheme data

Take the 5-Step Detox for Healthy Pension Scheme Data

Pension schemes can expect the details they have for members to change by 16.5% each year, or 17.5% if you factor in errors at input.

Book Free Data Audit

Is your pension scheme ready for a data health boost?

According to publicly sourced data, pension schemes can expect the details they have for members to change by 16.5% each year, or 17.5% if you factor in errors at input. That’s more than 1 in 6 member records that are likely to contain outdated or inaccurate data every year, which then compounds over time, creating more severe data challenges further down the line.

This can lead to:

Wrongly addressed mail that can cost schemes thousands of pounds
Late mortality notifications resulting in potentially substantial overpayments
Inaccurate or incomplete details which impact timely payments
Missing or outdated beneficiary details delaying pay-outs and impact actuarial valuations

Book Free Data Audit

Our 5-step approach helps keep your scheme data in tip-top condition, to save you time and money whilst improving the service for your members:

Step 1:
Reflect

Just like a detox starts with self-awareness, your data journey begins with understanding the quality of your existing data. We’ll help you take stock of your data quality with a quick and easy Data Audit and will help you see how your vital statistics benchmark against others in the industry.

Book Free Data Audit

Step 2:
Cleanse

Cleanse your member data by screening against our comprehensive reference data on 56.5 million UK adults and correct inaccuracies.

Book Free Data Audit

Step 3:
Boost

As part of the data screening exercise, supplement your data by appending missing data such as middle names, mobile and email addresses, using our extensive public record and credit bureau data.

Book Free Data Audit

Step 4:
Simplify

For providers offering multiple different policies or trying to merge member databases following a merger or acquisition, we can help you integrate disparate data sources to gain a holistic view, consolidating duplicate member records to achieve a single, more reliable, customer view using our world-class proprietary linking technology.

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Step 5:
Maintain

Maintain the health of your member data. Make monthly screening of records part of your ongoing process. Identify changes in member circumstances automatically and confidently, without any required action from the member. Such enduring data management will significantly reduce both the likelihood of lost contacts as well as the costs associated with reconnecting with ‘gone away’ scheme members. It will also help protect your scheme against the risk of regulatory repercussions due to holding inaccurate member data.

Book Free Data Audit

Step 1:
Reflect

Step 2:
Cleanse

Cleanse your member data by screening against our comprehensive reference data on 56.5 million UK adults and correct inaccuracies.

Step 3:
Boost

As part of the data screening exercise, supplement your data by appending missing data such as middle names, mobile and email addresses, using our extensive public record and credit bureau data.

Step 4:
Simplify

Step 5:
Maintain

Just like a detox, data cleansing, appending, and enrichment are ongoing processes. Continuous care and vigilance ensure your data remains in optimal condition, ready to support the health of your pension scheme.

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