Because it is Costing The Scheme Money.

What is Bad Data?

Where customer data fields such as Address and Date of Birth (DOB) are incorrect.

Addresses may be historic the customer has moved. DOB could have been transposed erroneously
when transferred from manual records to digital or between spreadsheets or even have been given
incorrectly Customers may have married and/or divorced or changed their name by deed poll.

Why does this Matter Financially?

Because you or your’ outsource supplier are using this data to monitor Death Registers to become
aware when your customers die. Bad Data no death match. How many customers do you have over
90 years of age? Does this seem possible?

If you pay out interest from date of death you have an investment mismatch if you are not invested
in cash exposing you to adverse marketing movements.

You may be under or over reserved where the DOB is incorrect where age is a key variable in
calculation of reserves.

Why Does This Matter, The Customer will get in touch eventually?

Not if they are unaware of the existence of your Product. The ‘loved ones’ of the Life Assured? The
Vulnerable?
And you still have the Financial Exposure.
And there is a Regulatory risk. If you don’t know where your customers live or aren’t sure that they
live at the address you have on file, how can you provide sufficient information so that you can make
informed decisions eg:
• Apply appropriate procedures for Vulnerable customers
• Make policyholders aware of options or guarantees in a timely manner
• Prepare Policyholders for retirement from age 55
• Pay out on a funeral plan policy before the funeral takes place

These could have financial consequences- backdating guarantees, options or payments, dealing with
complaints, meeting the Regulator’s expectations.

The Pension Dashboard will help?

OR It will shine a public light on your bad data inflicting a tsunami of queries and complaints and
reputational damage.

Why Does this Matter for Annuities, the Banks will inform us as to a closed account due to Death?

• The account is not closed where it is joint account.
• They do not tell you if the second life predeceases the first
• They may not tell you if the ain life dies first and the annuity should reduce or cease.

Result:
You are paying out annuities to the dead and holding reserves unnecessarily.

How Vestigium can Help?

Vestigium ‘raises the bar’ on tracing and provides an holistic solution

Visit our website www.vestigium-services.com

Talk to our CEO Paul Aggett 07990 570203

paul.aggett@vestigium-services.com