** Subject to terms and conditions
Discover the importance of enhanced data accuracy in effective digital pension platforms
The power of cleansed data
Nearly 4 in 5 members prefer accessing their pension information digitally^.
Effective pension platforms, whether a dashboard or a scheme-specific service, hinge on accurate common data. Poor quality data leads to inaccuracies, weak security, and poor member outcomes. Is your data up to par?
We are so confident that our data cleansing solutions will enhance your consumer database, we offer a free no-obligation data audit – claim yours today.
^ Pensions: The Digital Dilemma – A report from LexisNexis® Risk Solutions and Professional Pensions
Are schemes over-confident in the quality of their 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, giving it an average score of 8/10. However, less than half (48%) of UK consumers notify their pension schemes every time they move.
How does your data management compare?
Pensions: The Digital Dilemma
Discover how the UK pensions industry is navigating digitalisation challenges and opportunities. Our comprehensive report surveys pension professionals and scheme members to reveal key insights on digital platform readiness, data accuracy, and member engagement.
Why does common data quickly become inaccurate and out-of-date?
Approximately 4.8m1 individuals move home annually
Around 600,0002 people pass away each year
Approximately 900,0003 people get new mobile phone numbers annually
Over 240,0004 marriages and more than 105,0005 divorces each year
All statistics generated by analysis of the LexisNexis® Risk Solutions UK consumer dataset are indicative and for reference purposes only
The cost of poor-quality common data
High volumes of returned mail
Lost contact with members
Increased risk of fraud
Payments to deceased members
“Holding good-quality data will undoubtedly drive greater engagement and a more positive experience for pension scheme members. Not only will it enable a more customised offering for the individual and a smoother customer journey, leading to positive member sentiment, but it also helps the scheme to better protect its assets and those of its members.”
How can I improve the quality and accuracy of my common data?
Step 1:
Know where you’re starting from
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 help you to identify accurate data records and flag those individuals that have moved home and those that have passed away.
Step 2:
Locate movers and verify identities
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.
Step 3:
Supplementary evidence
Step 4:
Update and append
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.
Step 5:
Address new data at onboarding
Step 6:
Establish regular reviews
Do you trust the data you hold?
Discover the power of data with a free audit. We welcome the opportunity to provide a comprehensive audit along with its findings and recommendations.
Improving member data is crucial in combating fraud and enhancing your operations. We're offering a free data audit to showcase the strength of our data solutions and demonstrate how they can elevate your business.
Ensure you have the correct information about your members to fortify your security measures.