Effective digital pension platforms, whether a pensions dashboard or a scheme-specific service, require accurate common data at their heart. Poor quality data will ultimately lead to inaccurate information, weak security and poor outcomes for scheme members.
How accurate is your common data?
Research conducted by LexisNexis® Risk Solutions and Professional Pensions, indicates that trustees have a high level of confidence in the completeness and accuracy of their scheme common data. In contrast, less than half (48%) of UK consumers notify their pension schemes every time they move.^
^ Pensions: The Digital Dilemma – A report from LexisNexis® Risk Solutions and Professional Pensions
…is the average score trustees give their common data for completeness and accuracy^
…less than half of UK scheme members always notify their pension scheme providers of a house move^
While home moves will be a major cause of data decay, there are many other reasons your common data will degrade.
Poor-quality common data doesn’t just prevent schemes from providing digital services, it also has a significant impact on day-to-day administration:
The first step is to understand the current state of your common data. LexisNexis Risk Solutions will conduct a complimentary audit** of your pension scheme’s common data to identify accurate data records and flag those individuals that have moved home and those that have passed away.
Next, you need to locate new addresses for those members who have moved. Our tracing solutions start from batch tracing, then progress to researcher-driven forensic tracing services (both UK and international). When a new address is found, we verify it is correct by contacting the member directly. We can also manually verify the identity of the member for added security assurance.
If supplementary evidence, such as death certificates, probate checks or marriage certificates are required, or if you need to trace the next of kin, our team is ready to support you.
Now that you have improved the accuracy of your data, key additional information can be appended to enrich your data further with insights sourced from our industry leading UK data capability. Each record is assigned a unique identifier – a LexID® – enabling it to be automatically updated in future, as the individual’s circumstances change. Records are then enhanced with additional contact details, such as email addresses and mobile numbers, enabling you to improve your digital communications.
Find out how LexID® is helping Aviva to proactively stay in contact with its customers.
“Because we have an early view of someone potentially going away, we can actually initiate action sooner...we can digitally engage with them...and that saves us a lot of money.”
Peter Wilton – Aviva’s Master Customer Data Lead and Chief Data Office Product Owner, PersonID and LBI Data Use