What do members want and are you ready to deliver?
Nearly 4 in 5 members prefer to access their pension information via digital services, where they are available.^
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?
** Subject to terms and conditions
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. 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
8/10
…is the average score trustees give their common data for completeness and accuracy^
VS
48%
…less than half of UK scheme members always notify their pension scheme providers of a house move^
Why does common data quickly become inaccurate and out-of-date?
While home moves will be a major cause of data decay, there are many other reasons your common data will degrade.
Approximately 4.8m1 individuals move home annually
1. Based on analysis of the LexisNexis® Risk Solutions consumer dataset in the 12 month period to 08/05/2022
Around 600,0002 people pass away each year
2. Based on analysis of deceased records held by LexisNexis Risk Solutions in the 12 month period to 08/05/2022
Approximately 900,0003 people get new mobile phone numbers annually
3. Based on analysis of the LexisNexis Risk Solutions consumer dataset in the 12 month period to 08/05/2022
Over 240,0004 marriages and more than 105,0005 divorces each year
4. 2009-2018 average of 245,504 marriages each year – Office of National Statistics
5. 2011-2020 average of 107,505 divorces each year– Office of National Statistics
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
Poor-quality common data doesn’t just prevent schemes from providing digital services, it also has a significant impact on day-to-day administration:
High volumes of
returned mail
Lost contact with members
Increased risk of fraud
Payments to deceased 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 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
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.
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.
LexID® – helping Aviva to maintain contact with its 13 million UK customers
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
Free common data audit**
Stress test the quality of your common data, with a complimentary data audit** from LexisNexis Risk® Solutions