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Our Solutions

Living As Stated

Is an automatic tool which confirms if the member is living as stated or has changed address.This allows funds, administrators, insurers and tracing companies to connect with a member at their new address.

Financial organisations inevitably lose contact with their members leading to increased costs, operational overheads and non-compliance with regulations.

A pension member book will gradually become inaccurate due to changed or outdated addresses. MM Residence is an automated service which will discover home movement and trace a member to a new address.

Some interesting stats that will cause database inaccuracy:

  • 14% of people move home annually
  • 8 average home moves per lifetime
  • 53% of home moves are renters
  • Over 650K deaths per annum in the UK
  • Over 300K emigrations per annum from the UK
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Living As Stated constantly scans, compares and analyses each member’s circumstances using billions of records. This includes property purchases and rentals to ensure pensions data is compliant and up-to date.

Living As Stated categorises each member with a status of their circumstances, including the following:

Living as Stated Gone-Away New Address Emigrated Third Party Mandate Deceased

 

 

 

Reduce hidden costs of out-dated member data

Schemes are required to maintain accurate and current member details. Data degrades as circumstances change and the organisation is not informed. Managing this challenge in an unstructured way results in uninformed decisions, increased internal resource and regulatory non-compliance. Living As Stated is a comprehensive tool which verifies and amends’ pensions data, including a members new address.

Seamless Implementation

Living As Stated is offered as a managed service and is applied to a bulk data set.

Input data requirements

Living As Stated can process ambiguous data and is configurable based on requirements. As a minimum MM requires a member’s DOB & Postcode. More granular data improves results.

Process & Analysis

Process and cross reference data with billions of records to identify if a member is living as stated. For members who have moved home, MM will append new address details if possible.

This solution does not include Mortality Screening, however, if there is a requirement to identify deceased members to prevent fraud, then MM’s Mortality Screening service can be included as an additional product.

Overview Report

Living As Stated will produce a boardroom-ready report which explains the key headline outcomes of the data processing.

MM is a trusted data enrichment and de-risking partner.
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