Experts in tracing missing beneficiaries for the pensions and insurance industries
For the insurance and pensions industries, tracing missing beneficiaries is vital to the efficient running businesses.
At ITM, our primary goal is to ensure your data is up to date and accurate, keeping you compliant with all current legislation. To do this, our experienced and highly trained professionals cross-reference the newest and most extensive range of UK databases. And we regularly achieve over 90% success rates in tracing missing beneficiaries. We can provide a quick electronic trace as well as in depth full tracing.
You’ll take confidence in knowing that traces are fully verified before reporting and include full addresses in UK or abroad, contact telephone numbers, email addresses and forenames if not known. We realise how important this is to you, especially, considering 10% of the UK population moves every year and 33% every 4 years.
KEY DATA SETS:
– “10% of the UK population moves every year and 33% every 4 years…”
Mortality Screening reduces scheme overpayments and facilitates Good Governance
Over half a million mortalities are registered in the UK each year. It’s estimated that a staggering £200 million per annum is paid out to deceased pension scheme members.
Our Mortality Screening service effectively and thoroughly checks your pensioners’ information against data on the UK death registers. Our process is reassuringly comprehensive and conducted discreetly and sensitively, without dispatching life certificate or any other member contact. The results are then provided in a timely, efficient and secure fashion. Enabling you to reduce scheme overpayments.
As a matter of course, we also clean your databases using Royal Mail’s Postcode Address File (PAF) and the current Electoral Roll. This corrects addresses, adds forenames wherever possible while trying to verify continued residence. In fact, we check and verify all high-matched output. Screening can be carried out from 1984 onward for England and Wales and 2007 for the whole of the UK.
A standard approach to this service is to do a 10 year historical check and then go onto our monthly monitoring programme. This helps to demonstrate Good Governance.
KEY DATA SETS:
– “Screening protects you from potential deliberate or inadvertent pension fraud. Our screening is reassuringly comprehensive and conducted discreetly and sensitively…”
Data Cleansing, reduces overpayments, limits fraud and keeps you tPR compliant.
The last 40 years have changed the profile of members. They are more mobile – both in jobs and homes as well as living longer.
Data Cleaning can reduce risks to your scheme caused by poor or incomplete records. Equally important, it will keep you compliant with tPR (the Pensions Regulator) record keeping guidelines and also with the Data Protection Act.
Our service is comprehensive and includes PAF (Royal Mail’s Postcode Address File) to cleanse and append missing address data. This is important given the impact on databases caused by marriages, members moving and mortalities. An ITM cleaned database limits the risk of any overpayment of benefits and helps to eliminate fraud and inefficiencies which will negatively impact actuarial calculations and funding in the future.
KEY DATA SETS:
– “An ITM cleaned database limits the risk of any overpayment of benefits and helps to eliminate fraud and inefficiencies.”
Regular Mortality Monitoring can identify deceased members in days
Monthly Mortality Monitoring of your pensioner database can save you time and money by eliminating fraud and the risk of Impersonation of Deceased (IOD).
We are screened and approved for direct access to the Disclosure of Death Registration Information (DDRI) data from the GRO (General Register Office). So we are able to disclose deceased members in one to six weeks, and in some cases, literally within days.
Our monthly mortality screening service is handled safely and securely in house, and covers the whole of the UK including Northern Ireland. It begins with a Historic Mortality Screening that cleans your databases using Royal Mail’s Postcode Address File (PAF) and the current Electoral Roll. This corrects addresses, adds forenames wherever possible while trying to verify continued residence. Once data has been screened, we check and verify all high-matched output. Your databases are monitored quickly and discreetly without the need for member contact. You’ll then receive a monthly, timely, efficient and secure report of our findings. What’s more, additions to your database can be entered quarterly. This helps demonstrate Good Governance.
KEY DATA SETS:
– “We are screened and approved for direct access to the Disclosure of Death Registration Information (DDRI) data from the GRO (General Register Office)…”
If you have received a letter recently from us asking to update your details, it’s nothing to cause worry, but it is important and to your advantage that you respond right away. Keeping your information current, for example, will ensure you receive confidential pension documents and other correspondence quickly and without delay. It could also mean that you are entitled to a payout from a pension, insurance policy or investment. So it makes sense to complete the information and return it to us as soon as possible.
WHAT TO DO NOW… Please contact us if the person highlighted on the letter you received from FTB no longer resides at the address and then provide a forwarding address (if available). Also, please contact us if the person is deceased. Keeping our records current will prevent posting further correspondence which could cause upset.
Call us on 020 8667 2444 Please have our letter in front of you when you call – we will require the reference number written on the top of our letter. This is simply a verification process and we appreciate your help.
t / 020 8667 2444
©2018 ITM LIMITED